VANCOUVER, BC / ACCESSWIRE / November 29, 2019 / RESAAS Services Inc. (TSXV:RSS)(OTCQB:RSASF) President and CEO, Tom Rossiter, is pleased to report highlights for the nine months ended September 30, 2019:
- Increased revenue to $675,851, an increase of 52% from the nine months ended September 30, 2018
- Decreased expenses by $2,332,902, or 43% from the nine months ended September 30, 2018
- Decreased net loss by $2,563,433, or 52% from the nine months ended September 30, 2018
The increase in revenue is attributed to existing Enterprise customers continuing to upgrade to new features with enhanced functionality, as well as increases in the number of RESAAS members subscribing to the Company's paid-for Premium tier.
"We are continuing to commercialize and monetize our Platform, setting the Company up for some upcoming strategic opportunities," said Tom Rossiter, CEO of RESAAS. "Our recent launch of a nationwide pre-market listing solution, accompanied by recent policy changes within the American real estate sector, have positioned RESAAS for tremendous growth and strategic opportunities.
The Company also announces the issuance of 139,429 common shares of the Company to a Canadian technology company. The share issuance entitles RESAAS to 50% ownership in a Joint Venture, and is in lieu of cash. The Joint Venture is in the digital identity sector specifically for the real estate industry. The share issuance is subject to the receipt of final approval by the TSX Venture Exchange and will be subject to a four month hold period.
Visit https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00030309 for the Company's public filings.
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About RESAAS Services Inc.
RESAAS is a technology platform that enables real estate brokerages, franchises and associations to bring real-time communication, new business opportunities and unique data to their agents on a global basis.
Visit www.resaas.com for more information.
For further information contact:
Don Mosher
RESAAS Services Inc.
Tel: +1 (604) 685-6465 Email: [email protected]
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from RESAAS Services Inc.'s expectations and projections.
SOURCE: RESAAS Services Inc.