Glance Technologies Previews Hotel Room Service Feature

May 1, 2019 – Vancouver, B.C. Glance Technologies Inc. (“Glance” or the “Company”) (CSE:GET) (OTCQB:GLNNF) (FKT:GJT) today announced its plans for a Hotel Room Service Feature.  Glance plans to upgrade the experience of ordering room service at hotels by leveraging its new ordering and payment technology.

Ordering room service can often be a frustrating experience for hotel guests. Guests must find a paper menu buried somewhere in their room and dial a room service phone number, often waiting on hold for an extended period of time.  Guests must then communicate their order to staff over the phone,  which can present language challenges especially for international guests. Guests frequently wait for long periods of time for their dinner to arrive with no updates on the status of their order.  Upon checkout, guests rarely have an itemized dinner bill as room service usually appears as a bulk charge on their bill.  Since many customers do not officially check out at the front desk when they leave, consumers are often surprised by the room service charges they see after the fact on their credit card. This can also result in hotels experiencing significant chargebacks and fraud as there is no signature or PIN captured with the transaction.

It is planned that Glance’s Room Service product will allow consumers to securely and conveniently order from their room and pay for their meal using the Glance Pay app on their phone.  Users could simply scan or tap a marker  in their room, make their desired selections, and pay from their mobile phone.  Users would be able to see the status of the order on their device until the food and drinks are delivered to their room.  A digital copy of their bill would be available on the user’s device for verification and expense tracking.  Users could also access promotions and offers right from within the App, while benefiting from Glance’s powerful loyalty engine. The payments would be protected using Glance’s proprietary and anti-fraud technology.

Hotel operators in the $570 billion global hotel industry[1] can benefit from reduced staffing requirements, more accurate order collections, reduced fraud, more promotional opportunities, increased loyalty,  and of course better customer experience.

“Glance is planning a room service ordering and payment solution which we believe will significantly improve the experience for hotel guests while improving operations for hotels,” said Desmond Griffin, Glance CEO. “Given the numerous large hotel chains around the world, we believe this product has the potential to scale.”

Glance’s Room Service product will complement its upcoming Order From Table™ and Real-Time Bill™ products which work well for hotel restaurants.  Glance believes there may be other applications of its products in the hotel industry.

On May 1, 2019, Laura Burke, our Chief Financial Officer, notified Glance of her intention to accept an opportunity at another company. “I have been with Glance from a very early stage and have had the satisfaction of watching it grow from strength to strength. However, for my career development I have taken an opportunity to expand my experience in a new domain. While I leave the company at an exciting time in its development, I remain confident that Glance will continue to deliver value for shareholders and customers alike.”

Ms. Burke’s last day will be June 21, 2019. Until that date, Ms. Burke will continue to serve as Chief Financial Officer to assist in the search for a replacement and an effective transition of her duties. “Laura has been fantastic to work with and we thank Laura for her hard work and commitment to excellence through an exciting journey,” says Desmond Griffin CEO, “The Glance team wishes her the best in her future endeavours and the team looks forward to a continued relationship with her.”

About Glance Technologies Inc.

Glance Technologies is the owner of Glance Pay® and Glance PayMe™, a pair of complementary smartphone payment applications that enable merchants to provide their customers with quick secure payments, digital rewards, and better experiences. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging, custom rewards programs, digital receipts, and digital deals.

For more information about Glance, please go to www.glance.tech.

Desmond Griffin, CEO

Investor questions: 

(833) 338-0299

[email protected]

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations, Glance’s plans for a Hotel Room Service feature,  that Glance’s Room Service product will allow consumers to securely and conveniently order from their room and pay for their meal using the Glance Pay app on their phone, that Users could simply scan or tap a marker on in their room, make their desired selections, and pay from their mobile phone, that Users would be able to see the status of the order on their device until the food and drinks are delivered to their room, that a digital copy of their bill would be available on the user’s device for verification and expense tracking; that Users could also access promotions and offers right from within the app, while benefiting from Glance’s powerful loyalty engine; that the payments would be protected using Glance’s proprietary and anti-fraud technology. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, risks that Glance’s software and applications may contain security problems, security vulnerabilities, or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of its software, risks related to the volatility of customer demand for Glance’s products, and the possibility that the expected benefits from the launch of new features will not be realized. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business and technology development objectives. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

[1] https://www.statista.com/statistics/247264/total-revenue-of-the-global-hotel-industry/

Glance Technologies Reports First Quarter 2019 Results

April 17, 2019 – Vancouver, B.C. – Glance Technologies Inc. (CSE:GET / OTCQB:GLNNF / FKT:GJT) (“Glance” or the “Company”) ​today announced financial results for the three month period ended February 28, 2019.

Overview

Glance realized its first ever net income in Q1 2019. Glance’s net income was $4,816,906 or $0.04 per share in Q1 2019. A significant contribution to this result was an increase in the value of Glance’s investments combined with a decrease in its expenses. Glance’s working capital as at February 28, 2019 was $11,204,000 and it has no long-term debt.

During the quarter, Glance continued to focus on developing its recently announced innovations including Real-Time Bill™ and Order-from-Table™. Glance launched Real-Time Bill™ to the public in the first Quarter of 2019 and anticipates launching Order-from-Table™ soon. Subsequent to the quarter, Glance also announced its upcoming Order-From-Bar™ product.  All of these innovations utilize Glance’s proven anti-fraud technology to protect merchants as well as leveraging Glance’s powerful promotion and loyalty platform to help increase sales and loyalty. Glance has received strong interest from many of its signed merchants and new prospects to adopt these new features and is currently rolling out Real-Time Bill™ to these merchants.  Glance believes these new capabilities significantly improve the value proposition of its platform to both consumers and merchants and thus believes they increase our revenue potential.  Glance has increased its sales team and is focused on signing up new merchants with these products and targeting its marketing efforts around merchants adopting these features.

“We are convinced that products like our Real-Time Bill™, Order-From-Table™, and Order-From-Bar™ are the future of paying and ordering,” says Desmond Griffin Glance CEO. “We believe they have the potential to disrupt the industry, including leapfrogging the adoption technologies such as chip and PIN machines in the US.”

Q1 2019 Financial Highlights

(all figures are rounded to the nearest thousand):

  • Net income increased to $4,817,000 or $0.04 per share, compared to a Comprehensive loss of $4,869,000 or $(0.04) per share in Q1 2018, which was an increase of $9,686,000.
  • Revenue of $43,000 in fiscal 2019 decreased 96% from $1,174,000 in Q1 2018. In the previous year, a $1 million royalty was received. As anticipated, licensing revenues have fluctuated significantly due to changes made to existing license agreements. A review was also carried out over the recognition periods of the licensing agreements.
  • Operating expenses of $1,925,000 decreased 63% from $5,224,000 in Q1 2018, reflecting the efficient spend on operations this quarter.
  • Working capital at February 28, 2019 was $11,204,000 (November 30, 2018: $6,962,000) and no long-term debt ($nil at November 30, 2018).
  • Overall, the Company continues to work to reduce costs in many categories and has made significant changes to better utilize its cash resources going forward. Costs incurred on operating activities were approximately $1.7m in Q1 2019, compared to $4.9m in Q1 2018. We have continued to focus on spending efficiency and we expect some of the recent changes we have adopted to be reflected in further cost reductions in future quarters.

Q1 2019 Highlights:

  • Launched the Real-Time Bill™ feature.
  • Previewed its new Order-From-Table™ feature.
  • Filed a provisional patent for Blockchain Technology with USPTO.

The Company’s complete financial results for the first quarter of 2019 are available in its Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis, each of which are filed with Canadian securities regulators at www.sedar.com.

 Outlook

Management intends to pursue a number of technology, product, sales and marketing initiatives to continue to drive growth in 2019.  The Company’s strategic priorities include:

  • Grow monthly recurring revenue through a tiered “Software-as-a-Service” (SaaS) subscription model by adding new merchants and consumers, and generate new revenue from advertising, promotions and consumer fees for premium features;
  • Rollout Glance’s new Real-Time Bill™ feature broadly to existing and new customers;
  • Launch and rollout Glance’s upcoming Order-From-Table™ broadly to existing and new customers;
  • Continue to develop Glance’s Order-From-Bar™ product;
  • Expand our footprint through both direct sales and joint efforts with our business partners; and
  • Investigate new geographic markets for Glance Pay.

IFRS

The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS) and with the exception of information on investments and behaviour of markets, quarterly financial statements are reviewed by the Company’s independent auditors.

About Glance Technologies Inc.

Glance owns and operates Glance Pay®, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay® mobile payment system consists of proprietary technology, which includes user apps available for free downloads in iOS (Apple) and Android formats, merchant manager apps, a large-scale technology hosting environment with sophisticated anti-fraud technology and lightning-fast payment processing.

For more information about Glance, please go to www.glance.tech.

For more information, contact:

Laura Burke                                                                            Desmond Griffin

Chief Financial Officer                                                            Chief Executive Officer

778-819-1352                                                                         833-338-0299

[email protected]                                                            [email protected]

 

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations (including advancing its technological roadmap); the expectation that products like our Real-Time Bill™, Order-From-Table™, and Order-From-Bar™ are the future of paying and ordering; that there is strong interest from many of its signed merchants and new prospects to adopt the Company’s new product features; the expectation that Glance will sign up new merchants with its new features and will target its marketing efforts around the launch of new features and merchants adopting those features; that Glance continues to work to reduce costs in many categories and will better utilize its cash resources going forward, the expectation that some of the recent changes the Company has adopted will be reflected in further cost reductions in future quarters; the expectation that Glance will launch its new product features over the coming months, improve its capacity for monetization, the expectation that Glance will grow monthly recurring revenue through a tiered Software-as-a-Service subscription model by adding new merchants and consumers, and generate new revenue from advertising, promotions and consumer fees for premium features; the expectation that Glance will roll out its new Real-Time Bill™ feature broadly to existing and new customers; the expectation that Glance will launch and rollout its upcoming Order-From-Table™ feature; that Glance will continue to develop its Order-From-Bar™ feature; and Glance’s plans to expand into new vertical markets through both direct sales and joint efforts with our licensing partners. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, the risk that Glance is unable to continuously add new merchants as planned, risks related to expansion, both internationally and in North America, risks related to unforeseeable expenses, and risks related to Glance’s licensing partners, and risks that the Company’s software and applications may contain security problems, security vulnerabilities, or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of its software, and risks associated with the adoption and development of blockchain platforms. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business objectives, that Glance will be able to develop proprietary software to implement its plans, Glance will be successful in obtaining and retaining clients and licensees for its software, and that Glance will be able to expand its operations successfully in new markets.  For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

Glance Technologies Targets Western U.S. Market and Exhibits at the Northwest Food Show

April 15, 2019 – Vancouver, B.C. Glance Technologies Inc. (“Glance” or the “Company”) (CSE:GET) (OTCQB:GLNNF) (FKT:GJT) today announced it is participating as an exhibitor at the Northwest Food Show held in Portland, Oregon, April 14th and 15th.

The Northwest Food Show is the largest and most established in the Northwest and draws an eclectic and broad range of food-related vendors, distributors, and representatives from across the United States, with a large percentage of attendees being restaurants, bars and hotels.

Glance has engaged with both the Washington Hospitality Association and the Oregon Restaurants and Lodging Association, as an allied member, to provide a mobile payment solution to their restaurant and hospitality members located in the Pacific Northwest region.

According to the National Restaurant Association, Washington and Oregon combined have a total of more than 26,000 eating and drinking locations and had estimated annual restaurant sales of $23.2 billion in 2018.

The cities of Seattle and Portland are great opportunities for Glance’s expansion: both cities have burgeoning restaurant scenes that are experiencing rising rents, increased competition, a tight labor market and rising labor costs due to minimum wage hikes. Glance’s Real-Time BillTM and upcoming Order from TableTM features present the perfect solution for restaurants looking to leverage in-restaurant technology to reduce their expenses and increase revenue.

“We see the western U.S. region as a great opportunity due to multiple trends coalescing such as rising labor costs, a tight labor market, and the increasing adoption of restaurant technology,” says Desmond Griffin Glance Technologies CEO, “We think apps such as Uber, Starbucks, and PayByPhone have primed consumers for technologies such as Glance in these markets.”

About Glance Technologies Inc.

Glance Technologies is the owner of Glance Pay® and Glance PayMe, a pair of complementary smartphone payment applications that enable merchants to provide their customers with quick secure payments, digital rewards, and better experiences. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging, custom rewards programs, digital receipts, and digital deals.

For more information about Glance, please go to www.glance.tech.

Desmond Griffin, CEO

Investor questions: 

(833) 338-0299

[email protected]

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations, that Glance’s Real-Time Bill and upcoming Order from Table feature presents the perfect solution for restaurants looking to leverage technology to reduce their expenses and increase revenue, and that this the perfect time for the expansion of Glance Pay. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, risks that Glance’s software and applications may contain security problems, security vulnerabilities, or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of its software, risks related to the volatility of customer demand for Glance’s products, and the possibility that the expected benefits from the launch of new features will not be realized. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business and technology development objectives. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

 

Glance Technologies Showcases New Products at the Nightclub & Bar Show in Las Vegas

Vancouver, B.C. Glance Technologies Inc. (“Glance” or the “Company”) (CSE:GET) (OTCQB:GLNNF) (FKT:GJT) today announced its attendance at the Nightclub and Bar Show in Las Vegas which started Monday and runs through Wednesday.

The Nightclub and Bar Show is one of the most influential trade shows for bar and nightlife professionals, drawing over 36,000 attendees last year.  From single-unit bar owners to national chain operators to the industry’s largest hospitality groups, Nightclub & Bar Show attracts professionals that work in the bar, restaurant and hospitality industry. They come to the show each year to source the latest products, learn about new technologies and develop mutually beneficial business relationships with the suppliers that move the industry.

Glance will be demonstrating and taking sales orders at the Nightclub and Bar Show for its new product features including Real-Time Bill, Order From Table, & its recently announced Order From Bar. Glance’s upcoming Order From Bar product will allow people to order drinks from anywhere within the bar.  Users then simply pickup their drinks at the end of the bar when they are notified.  The system utilizes Glance’s proven anti-fraud technology to protect the establishment as well as leveraging Glance’s powerful promotion and rewards platform to help increase sales and loyalty. Order From Bar compliments Glance’s previously announced Real-Time Bill and Order From Table features which are also applicable to bars that provide table service.

In addition, at many establishments, the night begins for their customers by waiting in a long line to pay a cash cover charge to then get a stamp on their hand.  Glance’s upcoming cover charge feature accelerates and modernizes this process, enabling quick and easy cover charge payments, with tracking and upselling opportunities for establishments.

“We believe these new features can significantly improve the experience for consumers while improving the bottom line for operators,” says Desmond Griffin Glance CEO, “Customers will be able to skip the throng of people at the bar and enjoy time with their friends while they wait for their order without the stress of leaving their card behind.”

More information about these products can be found at: https://glancepay.com/restaurants-and-bars/

More information about the Nightclub and Bar Show can be found at: https://www.ncbshow.com/show-overview

About Glance Technologies Inc.

Glance Technologies is the owner of Glance Pay, a smartphone application that enable merchants to provide their customers with quick secure payments, innovative ordering capabilities, digital rewards, and better experiences. Glance offers merchants targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging, custom rewards programs, digital receipts, and digital deals.

For more information about Glance, please go to www.glance.tech.

 

Desmond Griffin, CEO

 

Investor questions: 

(833) 338-0299

[email protected]

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations, Glance’s plans to revolutionize the experience of ordering at bars and paying for cover charges, that Glance’s will receive sales orders for its new features at the Nightclub and Bar Show, and that new features will enable bars to get people into their establishments much quicker and can dramatically increase the volume of beverages that can be delivered with the same number of staff, while providing a much better experience to their customers. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, risks that Glance’s software and applications may contain security problems, security vulnerabilities, or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of its software, risks related to the volatility of customer demand for Glance’s products, and the possibility that the expected benefits from the launch of new features will not be realized. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business and technology development objectives. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

Glance Technologies Reports Financial Year 2018 Results

Vancouver, B.C. – Glance Technologies Inc. (CSE:GET / OTCQB:GLNNF / FKT:GJT) (“Glance” or the “Company”) ​today announced financial results for the fourth quarter and fiscal year ended November 30, 2018.

Overview

In our fourth quarter we continued to focus on developing the significant innovations that we recently announced including Real-Time Bill and Order from Table. We launched Real-Time Bill to the public in the first Quarter of 2019 and anticipate launching Order from Table soon.

During the year, Glance increased its number of signed merchants from 282 to 508.  Glance has received strong interest from many of its signed merchants to adopt its new features, in addition to positive responses from new prospects. With our new features, we believe our ability to generate revenue has improved and we have added to our sales team and are focused on signing up new merchants with these features.

The fourth Quarter also saw the launch of our new Glance PayMe application. Glance PayMe offers merchants an unparalleled suite of payment options including payments by photo, QR Code, Bluetooth, and digital invoices for remote payments, as well as Glance’s full suite of features, including powerful anti-fraud technology and a robust loyalty rewards program.

“By adding new products & capabilities to our technology platform, adding new merchants and consumers, significantly reducing costs, removing corporate distraction, and improving our capacity for monetization, we feel we have made solid progress,” says Desmond Griffin Glance CEO, “We are convinced that our new products are significant improvements over conventional ordering, payment, and loyalty experiences and believe products such as these are the future.”

Q4 2018 compared to Q4 2017 – Financial Highlights

(all figures are rounded to the nearest thousand):

  • Investment Assets of $4.7m in Q4 2018 compared to $1.3m in Q4 2017.
  • Changes made to existing license agreements in Q4 2018 and related new license agreements resulted in significant accounting impacts for the quarter.
  • Revenue of $76,000 in Q4 2018 compared to $687,000 in Q4 2017.
  • Net loss of $541,000 in Q4 2018 compared to a net loss of $5,863,000 in Q4 2017. Net loss in Q4 2018 represented ($0.004) per share or $(0.004) diluted, while net loss in Q4 2017 represented $(0.08) per share or $(0.04) diluted.

Fiscal 2018 Financial Highlights:

  • Revenue of $1,695,000 in fiscal 2018 increased 58% from $1,070,000 in fiscal As anticipated, licensing revenues have fluctuated significantly in the last 4 quarters due to changes made to existing license agreements and certain license agreements specifying larger initial payments. A review was also carried out over the recognition periods of the licensing agreements.
  • Operating expenses of $14,501,000 increased 39% from $10,427,000 in 2017, reflecting the scaling up of operations over the past year.
  • Loss from operations was $12,806,000 or $(0.10) per share, increasing 52% compared to $9,356,000 or $(0.12) per share in fiscal 2017.
  • A notable expense item was proxy contest costs, which the Company does not expect to be a regular occurrence as this expense was not in the normal course of business. Glance has gathered publicly available information and reported costs from other Canadian public companies that had proxy contests and completed an analysis of the proxy fees. The results show that, on average, proxy contest costs in 2017 and 2016 for a Canadian public company were approximately $2 million. Glance’s total cost of its proxy contest was $1.45
  • Overall, the Company continues to work to reduce costs in many categories and has made significant changes to better utilize its cash resources going forward. Costs incurred on operating activities were approximately $2.1m in Q4 2018, compared to $2.6 million in Q3 2018, $3 million in Q2 2018 and $4.9 million in Q1 2018. We have continued to focus on reducing costs and we expect some of the recent changes we have adopted to be reflected in further cost reductions in future quarters. We note our working capital at the end of our fiscal year was $6,757,000 (November 30, 2017: $10,355,000) and no long-term debt ($nil at November 30, 2017).
  • The overall net loss was $13,030,000 or $(0.10) per share, compared to $9,756,000 or $(0.12) per share in fiscal

Fiscal 2018 Highlights:

  • Significantly increased the number of signed merchants to 508, from 282 at November 30, 2017.
  • Built system integrations with over a dozen of the largest POS systems, enabling Glance to directly connect to more than an estimated 500,000 different POS installations in North America.
  • Launched Glance Pay and Glance PayMe in the United States.
  • Launched the ability to pay parking tickets – demonstrating the ability to use the mobile payment application in another vertical.
  • Introduced new features built into its upcoming downloadable Glance PayMe application. The new features will allow merchants to accept payments from Glance Pay users via Quick Response (“QR”) Code, Bluetooth and Digital Invoice. These payment options will be offered in addition to Glance’s revolutionary pay by photo capability, which give merchants an unparalleled suite of payment options, as well as Glance’s full suite of features, including powerful anti-fraud technology and a robust loyalty rewards program.
  • Launched a feature which empowers Glance Pay users to pay with Bitcoin. This new feature, Pay With Bitcoin, enables Glance Pay users to pair their cryptocurrency wallet with their Glance Pay account, and then purchase Glance Dollars with Bitcoin. Glance Dollars represent a credit that can be spent instantly at participating merchants within the Glance Pay ecosystem.
  • Amended license agreement with The Yield Growth Corporation (“Yield) and entered into a new licensing agreement with Loop Insights Inc.
  • Reached an agreement with our Co-Founder and amended our agreement with The Yield reducing the risk of another proxy contest, restricting the sale of Glance shares by our Co-Founder, and removing distractions that might have occurred under the previous agreements. Subsequently, Yield completed an initial public offering thereby creating liquidity for Glance’s investment in Yield.
  • Released its Glance Coin Whitepaper which outlines its plans for a blockchain-based rewards platform utilizing smart contracts intended to enable merchants to reward, incentivize, and provide deals to their customers using a cryptocurrency token. These reward tokens are intended to allow users to accumulate rewards across merchants to spend where they prefer.

The Company’s complete financial results are available in its annual audited Consolidated Financial Statements and Management’s Discussion and Analysis for the year ended November 30, 2018, each of which have been filed with Canadian securities regulators at www.sedar.com.

 The Company further announces that Sascha Williams will be stepping down as a company officer effective as of today and returning to his previously held role as Senior Advisor to the CEO. After joining the company to help transition after the exit of our previous President and COO, and during his tenure Glance has decreased costs and extended its runway over. Sascha is pleased to be able to continue to support Glance’s leadership as we launch our new product enhancements over the coming months.

 Outlook

Management intends to pursue a number of technology, product, sales and marketing initiatives to continue to drive growth in 2019.  The Company’s strategic priorities include:

  • Grow monthly recurring revenue through a tiered “Software-as-a-Service” (SaaS) subscription model by adding new merchants and consumers, and generate new revenue from advertising, promotions and consumer fees for premium features;
  • Rollout Glance’s new Real-Time Bill feature broadly to existing and new customers.
  • Launch and rollout Glance’s upcoming Order From Table broadly to existing and new customers.
  • Expand into new vertical markets through both direct sales and joint efforts with our business partners; and
  • Continue Glance Pay’s expansion through the launch of our apps in several new markets.

IFRS

The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS).

About Glance Technologies Inc.

Glance owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in iOS (Apple) and Android formats, merchant manager apps, a large-scale technology hosting environment with sophisticated anti-fraud technology and lightning-fast payment processing.

For more information about Glance, please go to www.glance.tech.

For more information, contact:

Laura Burke                                                                            Desmond Griffin

Chief Financial Officer                                                            Chief Executive Officer

778-819-1352                                                                         833-338-0299

[email protected]                                                            [email protected]

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations (including advancing its technological roadmap), the expectation that Glance will grow its Glance Pay network, the expectation that some of the recent changes the Company has adopted will be reflected in further cost reductions in future quarters, the expectation that Glance will launch its new product enhancements over the coming months, improve its capacity for monetization, the expectation that Glance will grow monthly recurring revenue through a tiered Software-as-a-Service subscription model by adding new merchants and consumers, and generate new revenue from advertising, promotions and consumer fees for premium features, the expectation that Glance will roll out its new Real-Time Bill feature broadly to existing and new customers, the expectation that Glance will launch and rollout its upcoming Order From Table broadly to existing and new customers, Glance’s plans to expand into new vertical markets through both direct sales and joint efforts with our licensing partners; and the expectation that Glance will continue expansion through the launch of its apps in several new markets, and Glance’s plans for a blockchain-based rewards platform utilizing smart contracts intended to enable merchants to reward, incentivize, and provide deals to their customers using a cryptocurrency token. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, the risk that Glance is unable to continuously add new merchants as planned, risks related to expansion, both internationally and in North America, risks related to unforeseeable expenses, and risks related to Glance’s licensing partners, and risks that the Company’s software and applications may contain security problems, security vulnerabilities, or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of its software, and risks associated with the adoption and development of blockchain platforms. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business objectives, that Glance will be able to develop proprietary software to implement its plans, Glance will be successful in obtaining and retaining clients and licensees for its software, and that Glance will be able to expand its operations successfully in new markets.  For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

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