Advantego Announces First Quarter Financial Results

GlobeNewswire |

DENVER, CO, (GLOBE NEWSWIRE) -- Advantego Corporation (OTCQB: ADGO) today announced interim financial results for the first quarter ended featuring continued progress with previously-announced agreements that should record significant revenue in the following quarters throughout the year.

Revenue for the three months ended was $8,325, with a net loss of $600,414, equal to a loss of four cents per share, based on weighted average common shares outstanding of 16,723,323 (basic and diluted). This compares with revenue in the similar 2018 period of revenue of $43,977, with a net loss of $243,836, equal to a loss of two cents per share, based on weighted average common shares outstanding of 15,524,531 (basic and diluted).

“We devoted much management time and made great strides in expanding our previously-announced manufacturing agreements with Shenzhen, Aska Electronics and others during the quarter,” CEO Robert W. (Rob) Ferguson said. “These agreement enhancements benefit all parties leading to even greater overall sales and profitability for Advantego but pushed anticipated revenue from this quarter into subsequent quarters,” he said.

Ferguson also said: “The decrease in product revenue related to a minor sector of digital signage for auto repair shops when comparing new product introductions last year versus a slowdown by our client in signing up new shops this year was unexpected. However, the rollout of our newly bundled ‘Medical Practice Marketing’ package – that includes our digital signage product (eLobby) under our new “ADGO” branding – should more than make up for the temporary revenue lag as we introduce the suite this week at the California Dental Association annual convention,” Ferguson pointed out.

The unaudited 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 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.

CONTACT:
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
(310) 804-7037
mcandrews_pr@hotmail.com

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Source: Advantego Corporation

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