Data Deposit Box Reports Q2 Results

 Email This Post

TORONTO, ON – August 31, 2015 — /BackupReview.info/ — Data Deposit Box Inc. (CSE: DDB) (OTCQB: DDBXF) (FSE: 2DD) (the “Company”), a global provider of cloud backup and recovery technology reports Q2-2015 results.

The Company reported a loss of $3,325,927 for the 6 months ended June 30, 2015. The majority of this loss is attributable to the costs associated with the going public transaction earlier in the year which involved listing costs of $1,827,348 and higher professional fees (legal & audit increased by $316,351 from the previous year). In addition, the Company incurred shareholder information charges of $112,067 which were new this year as a result of being a public company.

The Company has made significant steps as it transitions its business from direct sales to OEM and MSP sales channels. These efforts are reflected in the increase in sales and marketing costs from $69,167 in 2014 to $233,721 in 2015. The results of these efforts are expected to show beginning in late 2015 and in 2016.

In addition, the Company has been directing its efforts towards R&D, and new products/services which it anticipates to be a significant source of its sales growth and revenue in the near future.

The financial results show a slight decline in sales of $294,000 which had been expected given the shift in focus to MSP enabler strategy from direct business and the lag that is anticipated until the revenue from these new efforts is realized.

The Company’s Q2 financials and MD&A can be found on the Data Deposit Box Inc. SEDAR profile.

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.

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

Tags: DataDepositBox