VidWrx Reports Q3 Sales Bookings up 40% Over the Previous Quarter

Press Releases |

VANCOUVER, British Columbia--VidWrx (VID:CA) (“VidWRX” and/or “the Company”), the pioneer of globally scalable video production solutions, today announced that it has filed financial results for the three month period ended September 30, 2015.

The results for the three months ending September 30, 2015 reflect record quarterly sales of $572,843 an increase of 40% over the previous quarter and 72% over the year ago quarter. Reseller Partner sales bookings grew 29% over the prior quarter, and 28% over the year-ago quarter. Sales backlog increased to a record $1.89M, growth of 27% over the prior quarter. Revenue grew 13% over the prior quarter, and 101% over the same quarter in the prior year. Complete financial results for the third quarter of 2015 are available at


  • Record sales posted in Q3 2015 with an increase of 40% over the prior quarter and 72% over the previous year, totaling $572,843
  • Sales backlog continues to grow, now $1.89 million, up $27% over the previous quarter and 124% over the same quarter in the previous year.
  • Revenue up 13% over Q2 2015 and 101% over the year-ago quarter to $156,752
  • Reseller growth continued to strengthen, producing sales of $350,793 - a gain of 29% over the prior quarter and 28% over the year-ago quarter
  • New Reseller Partner sales grew 12% over the prior quarter, and 42% over the year-ago quarter
  • Developed and launched SoMedia Ads and an integrated Facebook advertising program plus completed integrations with more than 10 major SaaS marketing platforms including Marketo (MKTO) , Oracle-Eloqua (ORCL)
  • Deployed significant improvements to outbound sales processes through the development of a sophisticated Revenue Performance Management System (RPM)

Q3 2015 Key Performance Indicators


Quarter ended
September 30, 2015


Quarter ended
September 30, 2014


Quarter ended
September 30, 2013

Value of Backlog (CAD)   1,887,884     842,107     359,943
Value of Sales (CAD)   572,843     332,739     147,809
Average Order Value – Repeat Sale (CAD)   5,039     3,934     1,916
Average Order Value – New Sale (CAD)   7,221     3,574     728


Sales: The dollar value of videos sold during the period. A video is considered sold when a client makes an order and provides a deposit. Revenue is not recognized until the video is completed and approved by the client.

Average Order Value - Repeat Sales: The total of all orders received from repeat clients in the quarter, divided by the number of unique orders made by these clients.

Average Order Value - New Sales: The total orders received from new clients in the quarter, divided by the number of unique orders made by these clients.

Backlog – the value of videos sold to date but still to be completed.


Selected Financial Information

In Canadian Dollars ($)  

Quarter ended
September 30, 2015


Quarter ended
September 30, 2014


Quarter ended
September 30, 2013

Total Revenues   156,752     78,013     49,567
Employment expenses   961,350     744,069     926,079
Other operating expenses   708,357     302,785     545,915
Non-operating expenses   92,676     97,655     68,182
Comprehensive Loss for the Period   1,605,631     1,066,496     1,490,608
Loss per share (basic and diluted)   (0.03)     (0.03)     (0.16)

As at September 30,


As at September 30,


As at September 30,

Total Assets   1,191,952     638,782     534,864
Long term financial liabilities   153,703     549,651     627,863

Note: the foregoing is a summary of certain financial information relating to the Company and should be read in conjunction with the Company’s audited annual Financial Statements for the financial years ended December 31, 2014 and 2013 including the notes thereto.

The Company also announces that it has granted 200,000 incentive stock options, exercisable at a price of $0.12 per share, for a period of five years, to certain insiders of the Company. All options granted are subject to vesting restrictions as set out in the Company’s stock option plan and the policies of the Exchange.

The Company also announces that it intends to seek approval from the Exchange for amendments to existing convertible notes (the “Notes”). The Notes were originally issued to subscribers on November 10, 2014 and convertible into Units consisting of one common share and one-half of one share purchase warrant at a price equal to the average closing price of the common shares during any 10 day period prior to providing the notice of the intent to convert with a minimum price of $0.20 per Unit until November 10, 2015. Each whole warrant is exercisable at a price that is at a 50% premium to the conversion price of the Notes until the date that is 36 months after the date of conversion.

Upon acceptance by the Exchange the maturity date of the Notes will be extended to November 10, 2016, and the conversion price of the Units will be $0.10 per Unit with each whole warrant under the Unit exercisable at a price of $0.15 per share for a period of three years from the date of the conversion and issuance of the warrants.

The Company also announces that it has reached agreement with an arm’s length creditor to restructure certain outstanding indebtedness in consideration for a one-time issuance of 350,000 common shares and certain cash payments to be made over a term concluding on April 30, 2016. The share issuance is subject to the approval of the TSX Venture Exchange, and upon issuance the shares will be subject to a four month statutory hold period.

About VidWrx

Founded in 2006 as SoMedia Networks, VidWRX is an industry pioneer, providing scalable video production services to marketers and digital agencies in any volume, anywhere in North America. Combined with its online platform and proven processes, the Company’s expert production teams ensure exceptional customer service and affordable, high quality videos. To learn more, visit:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding the closing of the Offering, the filing of a preliminary and final prospectus and the use of proceeds of the Offering. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled "Risks and Uncertainties" in the Management's Discussion and Analysis of the Company for its most recent interim financial statements filed with the Canadian securities commissions. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this press release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.


George Fleming, 604-683-5510
Greg Werbowski, 604-683-5510 ext. 590
Corporate Communications
Hotwire PR
Marquise McCoy, 415-840-2790
Investor Relations / Howard Group:
Dave Burwell, 1-888-221-0915

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


Symbol Name Price Change % Volume
MKTO Marketo Inc. n/a n/a n/a 0
ORCL Oracle Corporation 37.93 -0.16 -0.42 13,413,355


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