Data Deposit Box Inc. Announces Improved Results of Operations for 2014

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TORONTO, ON – April 23, 2015 — /BackupReview.info/ — Data Deposit Box Inc. (CSE: DDB) (Frankfurt: 2DD) (the “Company”), a global leader and provider of small to medium business backup, recovery and disaster readiness cloud services, is pleased to announce the results of its business operations for the year ended December 31, 2014. The audited financial statements have been filed and can be found on SEDAR (www.sedar.com)

These operations were carried out under the previous corporate name, Acpana Business Systems Inc. which amalgamated with Data Deposit Box Inc. on March 18, 2015 to become a public reporting issuer. The amalgamation occurred in conjunction with a series of private placements resulting in the combined entity raising a total of $2,880,869 CAD. See press release dated April 18, 2015

“2014 was a pivotal year for the Company. We streamlined and revitalized our infrastructure and successfully delivered our disaster readiness and backup and recovery cloud service to one of the largest private computer manufacturers in the world, proving our product to be as robust and scalable as any in the marketplace. We are very proud of our successes in 2014 and believe that they along with our financing and go public transaction have poised us for considerable growth and milestones moving forward.” said Tim Jewell, CEO & Founder, Data Deposit Box Inc.

2014 Highlights
Revenue for the year ended December 31, 2014 was $5,009,764 and the Company had an Adjusted EBITDA (earnings before interest and non-cash expenses – depreciation, amortization and share based payments) which showed the Company generated positive cash flow from operations of $886,112 in 2014 versus a cash loss from operations in 2013 of $(1,246,978).

2013-2014 Comparison
While the current year’s revenue of $5,009,764 was slightly lower than the 2013 revenue of $5,279,454, there was a significant improvement in gross margin percentage from 44% in 2013 to 50% in 2014. In addition, operating expenses declined 28.8% from $5,188,432 to $3,696,127. This resulted in an overall turnaround of $1,648,318 such that the loss in 2014 was $1,171,683, down significantly from the loss in 2013 of $2,836,420.

The positive cash flow from operations, Adjusted EBITDA, shows that based on the number of shares currently issued and outstanding after the recent amalgamation, the Company’s cash flow per common share was $0.031 in 2014 while the loss per common share in the previous year was $(0.044).

About Data Deposit Box
Data Deposit Box, a pioneer of cloud disaster readiness and backup and recovery technology, has set a new industry standard by providing small and mid-sized businesses (SMBs) with the same level of security and protection that is available to large enterprises. Data Deposit Box patented backup technology, known for its Exabyte scalability, advanced data reduction capabilities and ease-of-use, has won prestigious industry awards and has been featured in many key industry publications.

Data Deposit Box technologies and solutions are currently used daily by over 200,000 customers, 1,000 resellers, 25 MSPs and private label partners for online backup and recovery, archiving, disaster readiness, secure file sharing and remote access.

Forward-looking Statements:
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Shares Outstanding: 28,546,306

For further information, contact:
Troy Cheeseman
President & COO
Data Deposit Box Inc.
Telephone: 647-725-0307
Email: tcheeseman@datadepositbox.com
www.datadepositbox.com

Investor Inquiries
W. Clark Kent
Corporate Development
Telephone: 647-519-2646
Email: ckent@currentmca.com

Source: Data Deposit Box Inc.

Tags: DataDepositBox