SAN FRANCISCO, CA -- (Marketwired) -- 06/13/17 -- VinCompass® Corp. (OTC: VCPS) reported on their 10-K Annual Report an operating loss of $941,244 for the year ending February 28, 2017 as compared to a loss of $493,557 in the same year ending on February 28, 2016.
Company Updates
VinCompass® continues to invest heavily in its core IP with the company's development expenses totaling $410,505 as of year ending February 28, 2017. This represents a growth of 116% as compared to $189,363 for the same year ending February 28, 2016. By investing in the further enhancement of its core technology, VinCompass™ seeks to expand the total number of restaurants under management from 10,000 to 25,000 in 2017. Founder & CEO Peter Lachapelle said, "Our development expenses since inception have accounted for 62% of the total expenses of the Company, supporting the long term strategy of investments in core technology for competitive advantage. One such advantage is the pending Patent for Recommendation as it uniquely anticipates the VinPrint® (wine DNA preferences) of members and individually optimizes the recommendation for them. This eliminates the guesswork of selecting wines, trial and error experience as well as the lack of personalization that might happen with simple expert ratings. Additionally, a major refresh of our website and apps (iOS and Android) is underway that will provide our customers updated and broader content coverage, enhancing customer engagement as well as leveraging alternative member authentication, such as LinkedIn."
Financial Updates:
VinCompass® continues to focus raising capital to support the company's IP investments and growth plans. During the year ending February 28, 2017, a total of $379,500 was secured from third parties convertible notes and common stock purchases. Additionally the Company had stock based compensation for third parties of $130,765 for the year ending February 28, 2017.
VinCompass® continues to have term sheet negotiations with various third-party Family Offices, Financial Institutions and Private Individuals. The Company's operating plan proposes a minimum capital injection of $1,000,000 for the year ending February 2018, and is also evaluating all equity and debt financing options; and/or a registration statement for up to $5,000,000. The additional new capital will be used for go to market, accelerate monetization such as the Digital Information and Insight business and increasing working capital.
VinCompass® plans to participate in multiple financial events in 2017 in order to increase investor awareness and to provide updates on the business and monetization plans. Lachapelle said, "There is significant leverage in building investor awareness, because many potential investors are wine consumers who we can help to enjoy more wine. Having confirmation of this premise with members that have invested in VinCompass® only emphasized the importance to broaden the conversations. These combined opportunities are part of VinCompass' go-to-market plan for both Investor and client acquisition." New materials will be presented and posted at these events the Company will announce its participation via press releases and further information including any materials presented will be available for download from our website under the Investor Relations section (www.vincompass.com/investor_relations).
About the Company
VinCompass® (OTC: VCPS) -- guiding your wine journey with personal curation starting in the restaurant -- is a wine e-commerce business that offers a mobile solution designed to guide users through the wine selection process while providing the convenience of a personalized wine club and access to private label wines. Users create a digital blueprint of their wine preferences (VinPrint®) to overcome the fear and anxiety of selecting wine. In social settings, VinCompass® matches consumers' wine preferences with a database of over 1 million wines and wine lists at more than 10,000 restaurants. No other solution solves the annual $12 billion+ restaurant angst sometimes known as "Fear of the Wine List" (FoWL™). With the consumer's VinPrint® on hand, the VinCompass® e-commerce solution is a one-to-one wine club that tailors its monthly offering based on the preferred quality and tastes of its subscribers on an individual basis. Private label wines are also available to both corporations and individuals via VinCompass's e-commerce solution. In the $4 billion annual wine club and private label business, VinCompass® is the first to apply predictive analytics to fulfill consumer e-commerce purchases. VinCompass's mission is to use its patent pending data engine technology to help everyone enjoy wine more with less effort, starting in the restaurant and shipping wine to your office or home in over 40 states.
Safe Harbor Statement
Statements in this press release may be "forward-looking statements". Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "optimizing," "potential," "goal," and similar expressions, as they relate to the Company, its business or management, are forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission.
Contact Information
Investor Relations
Email: IR@VinCompass.com
Phone:415 - 817 9955 ext 8
Web: http://www.vincompass.com/investor_relations
