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TORONTO – May 29, 2015 — /BackupReview.info/ — Data Deposit Box Inc. (the “Company”) (CSE: DDB, Frankfurt: 2DD), a global provider of cloud backup and recovery technology reports a loss for the three month period ended March 31, 2015 of $2,438,915 (2014 – $269,707).

The quarterly loss was largely due to the high deemed accounting costs ($1,827,348) associated with the “going public” transaction and the public listing of the Company’s shares on the CSE. From an operational point of view, the Adjusted EBITDA before listing costs showed positive cash flow of $122,351 for the three months ended March 31, 2015 compared with positive cash flow of $164,889 in the same three month period in 2014.

The Company’s OEM channel revenue in Q1 2015 increased by ~250% when compared to the same three month period in 2014. This increase is largely driven by the Company’s OEM partnership with one of the world’s largest PC/Laptop and Tablet manufacturers that launched as an online update in June 2014.

“We are pleased with the results of Q1 2015 and believe it reflects the successful launch of our OEM/MSP enabler strategy. With the promising start to our OEM and Managed Service Provider enabler program, we continue to improve our execution strategy and look forward to the advancement of our OEM and recently announced Caringo Inc. partnerships.” said Troy Cheeseman, President & COO, Data Deposit Box Inc.

These operations were carried out by Acpana Business Systems Inc., which amalgamated with 2441043 Ontario Inc. and became a wholly-owned subsidiary of the Company on March 18, 2015. 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 March 18, 2015.

About Data Deposit Box
Data Deposit Box, a pioneer of cloud backup and recovery technology, has set a new industry standard by providing the SMB market 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.

The 2014 audited financial statements of Acpana Business Systems Inc. were filed on April 22, 2015 and showed $5,009,764 CAD in revenue and adjusted EBITDA of $886,112. These financials can be found on the Company’s SEDAR profile labeled as “Financial statements of RTO acquirer” on www.sedar.com.

Shares Outstanding: 28,546,306

Forward-looking Information
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.

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

Source: Data Deposit Box

 

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