ADVANTEGO ANNOUNCES AUDITED 2018 FINANCIAL RESULTS
DENVER, CO, April 01, 2019 (GLOBE NEWSWIRE) -- Advantego Corporation (OTCQB: ADGO) today announced audited financial results for the year ended December 31, 2018.
Revenues increased to $200,061 in 2018, with a net loss of $1,253,340, equal to a loss of eight cents per share, based on weighted average common shares outstanding of 16,334,129 (basic and diluted). This compares with revenue in 2017 of $18,631, with a net loss of $616,798, equal to a loss of four cents per share, based on weighted average common shares outstanding of 14,544,099 (basic and diluted).
“While our revenues increased over last year, it is a modest achievement compared with the great strides made in our business plan, which should translate into rapid growth moving forward,” CEO Robert W. (Rob) Ferguson said. “We increased our library of leading-edge technologies and products, initiated the bundling of our products and services into robust solutions aimed at specific verticals, introduced our first enterprise software product (Convertible Note Disclosure Report) for SEC reporting companies and put in place the necessary capital to execute our plans,” he pointed out.
Ferguson also said: “We moved into the electronic design and manufacturing arena to support current customers and anticipated products. We believe full production on our first products will begin in the second quarter of this year. In May, we plan to roll out additional digital and electronic products into the medical markets where we feel there is tremendous long-term potential.
Audited financials are available on the Company’s website: www.advantego.com.
ABOUT ADVANTEGO CORPORATION
Advantego Corporation (OTCQB: ADGO) is a technical solutions provider that develops stand-alone digital delivery systems, electronic and enterprise software products to capitalize on niche opportunities within a specific market. The Company leverages a proprietary Intelligent Solution Platform, combining leading third-party, cutting-edge technologies with existing data and systems to deliver a turnkey specialized Business Process as a Service (BPaaS) that is both scalable and cost-effective. The Company offers a variety of stand-alone products and services tailored specifically to targeted industries, combining these with multiple software applications for large enterprises, affiliate networks and franchise operators as comprehensive, managed bundled solutions. The Company’s services also include product design, engineering and OEM manufacturing of hardware products. In addition, it licenses and distributes third-party proprietary software and hardware from a host of Strategic Partners. Website: www.advantego.com. Twitter: @Advantego1.
FORWARD LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of the Securities Act. As a general matter, forward-looking statements may reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business.
These statements may be identified using forward-looking terminology such as “may”, “will”, “expects”, “plans”, “estimates”, “anticipates”, “projects”, “intends”, “believes”, “outlook” and similar expressions. The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends.
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