Martello NEWS : 2019

Jul 17, 2019

Ottawa’s Martello Technologies (TSX-V:MTLO) saw its revenues grow more than 100 per cent in the past fiscal year as acquisitions and the deepening of a fruitful relationship paid off in spades.

The Ottawa-based communications software firm reported revenues of $10.4 million for the 12 months ending March 31, an increase of 103 per cent year-over-year. The firm’s fourth quarter revenues also effectively doubled, coming in at $3.4 million compared with $1.7 million over the same period a year ago.

At the same time as revenues were growing, Martello, which went public last September on the TSX Venture exchange, saw its losses balloon. The firm reported a net loss of $5.4 million in fiscal 2019, compared with $924,000 the year previous.

Martello CEO John Proctor pointed to both organic growth and the boost from two acquisitions over the course of the year as reasons for the company’s explosive revenue growth.

This past quarter, Martello signed an extended agreement with Kanata neighbour Mitel to provide additional support services for the communications giant’s products. Both firms have roots in Wesley Clover’s technology portfolio.

Shares of Martello have been on a ride the past couple of weeks as the company’s co-chairman Bruce Linton spotlighted the company during exit interviews from his post with cannabis giant Canopy Growth. From its steady point of roughly 19 cents before Linton’s comments, Martello’s stock price hit as high as 94 cents in recent weeks before dropping back down to 61 cents at the end of the day on Tuesday.

Proctor said the extra attention allowed Martello to prove why it was an attractive buy. He told OBJ, “What Bruce did was shine a searchlight on us – and people liked what they saw.”

Read the Article.

Annual revenues grow more than 103% year over year, while quarterly revenues of $3.4 million represent a 99% increase over the same period of 2018.

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OTTAWAJuly 17, 2019 – Martello Technologies Group Inc., (“Martello” or the “Company”) (TSXV: MTLO), a leading provider of technology solutions that deliver clarity and control of complex IT environments deployed in thousands of locations around the world, today released financial results for the fourth quarter and fiscal year ended March 31, 2019.

Q4 and FY2019 Highlights

  • Martello had an active year, completing its second acquisition and integrating the two acquired companies, closing a $7.5 million private placement, and going public on the TSXV. The Company has developed a core competency to target, acquire and integrate revenue extending assets, and continues to onboard these acquired businesses onto Martello’s technology platform to accelerate revenue growth in the future.
  • The Company reported annual revenues of $10.4 million in F2019, representing an increase of 103% compared to the 2018 fiscal year.
  • Revenue in the fourth quarter of F2019 was $3.4 million, an increase of 99% over the same period in F2018.
  • Recurring revenue was 78% in the fourth quarter of fiscal 2019 and 78% for the year ending March 31, 2019.
  • Organic revenue from sales of Martello’s UC performance analytics software to the Mitel channel grew 33% in F2019 compared to F2018.
  • The Company’s revenue base continued to expand and diversify, with sales of unified communications (UC) performance analytics software contributing 46% of revenues in Q4 F2019, compared to 69% in Q4 F2018.
  • Gross margin as a percentage of revenue was 93% for fiscal 2019 and 92% for the three months ended March 31, 2019, compared to 94% in fiscal 2018 and 93.5% for the three months ended March 31, 2018.
  • The loss from operations in Q4 F2019 was $1.3 million compared to a loss of $613,395 in Q4 F2018. For the year ending March 31, 2019, the loss from operations was $4.3 million compared to $927,678 for the year ending March 31, 2018.
  • Adjusted EBITDA, a non-IFRS financial measure which assesses operating performance before the impact of costs associated with acquisition activity and other non-cash costs, amounted to a loss of $827,238 for the three months ended March 31, 2019 and $1.7 million for the twelve months ended March 31, 2019. This compares to losses of $205,650 and $22,120 respectively for the three and twelve months ended March 31, 2018.
  • Martello made significant investments in fiscal 2019, certain of which were non-recurring and non-cash, increasing the Company’s operating expenses as a result. These investments, which included people and systems, have established a strong platform for responsible growth, both organically and in a capacity to target and acquire revenue extension assets in the future.
  • Martello is an increasingly global company, with triple digit year over year growth (fiscal 2019 compared to fiscal 2018) in EuropeAsia and Latin America driven by acquisitions, expansion of the Mitel channel and growth of the Company’s sales and marketing team.

“Steady and strong revenue growth in the 2019 fiscal year, both organically and through acquisitions has created the foundation to accelerate Martello’s business”, said John Proctor, President and CEO of Martello. “Having invested significantly in people and systems, Martello is now well positioned to target and acquire accretive assets and drive responsible growth going forward”.

Business Highlights

During the fourth quarter Martello achieved the following milestones:

Subsequent Activities

Subsequent to March 31, 2019, Martello achieved the following milestones:

Financial Highlights

Note: The information contained in the following tables, including the Remaining balance and Variance calculations, is intended to assist in the year over year comparison and provide additional clarity on the year over year results.

Martello reported revenues of $10.4 million for the year ended March 31, 2019, and $3.4 million in the three months ended March 31, 2019. This represented an increase of 103% and 99% respectively over the same period in the prior year, and can be attributed to both organic growth and the acquisition of Savision in November 2018. Savision contributed $1.9 million in revenue in the 2019 fiscal year.

Financial Highlights

(in 000’s)

March 31

2019

March 31

2018

March 31

2019

March 31

2018

(3 months ended)

     (12 months ended)

Sales

$3,368

$1,692

$10,360

$5,100

Cost of Goods Sold

267

109

707

288

Gross Margin

3,101

1,582

9,653

4,812

Gross Margin

92.1%

93.5%

93.2%

94.3%

Operating Expenses

4,413

2,196

13,922

5,739

Loss from operations

(1,312)

(613)

(4,269)

(928)

Other income/(expense)

95

58

(1,688)

(72)

Loss before income tax

(1,217)

(556)

(5,958)

(999)

Income tax recovery

148

75

546

75

Net Loss

(1,069)

(480)

(5,412)

(924)

Comprehensive loss

$(1,547)

$(480)

$(5,359)

$(924)

EBITDA (1)

$(843)

$(421)

$(5,034)

$(833)

Adjusted EBITDA (1)

$(827)

$(206)

$(1,689)

$(22)

(1)Non-IFRS measure.  See “Non-IFRS Financial Measures”.

Gross margin as a percentage of revenue remained strong at 93% for fiscal 2019 and 92% for the three months ended March 31, 2019. This is only a slight decrease from 94.3% in fiscal 2018 and 93.5% for the three months ended March 31, 2018, and is due to the acquisitions of Savision and Elfiq, which brought the overall margin down slightly.

Sales and Gross Margin

Q4 2019

(in CAD $000’s)

Three months ended

Twelve months ended

March 31

March 31

2019

2018

2019

2018

Sales

3,368

1,692

10,360

5,100

Cost of Goods Sold

267

109

707

288

Gross margin

$

3,101

1,583

9,653

4,812

%

92.1%

93.5%

93.2%

94.3%

Revenue grew 30% between Q4 FY2019 and Q4 2018, excluding Savision. This reflects organic growth of 33% from the Mitel channel, due to an increase in recurring revenue from the number of users for Mitel’s premium software assurance program and an increase in fees from Mitel resulting from the amendment to the Company’s agreement with Mitel. In addition there was organic growth of 26% from SD-WAN and link-balancing sales. The gross margin at 92% is comparable to the same period in FY18.

FY 2019

Sales and Gross Margin – Twelve months ended (in CAD $000’s) 

March 31, 2019

Total

Elfiq

 Savision

Remaining 
balance*

Sales

10,360

2,573

1,853

5,934

Cost of goods sold

707

355

113

239

Gross margin

$

9,653

2,218

1,740

5,694

%

93.2%

86.2%

93.9%

96.0%

March 31, 2018

FY19 v. FY18

Total

Elfiq

 Savision

Remaining 
balance*

Variance

Sales

5,100

650

4,450

1,484

Cost of goods sold

288

62

226

13

Gross margin

$

4,812

588

4,224

1,471

%

94.3%

90.4%

94.9%

1.0%

* To facilitate comparison with fiscal year 2018, the Remaining balance represents the results of the Company’s operations in fiscal year 2019 without contributions from Savision (acquired in fiscal year 2019) and Elfiq (acquired December 15, 2017).  The analysis compares the Remaining balance to the comparable period in FY2018.

For the twelve months ended March 31, 2019 and 2018, the Company earned revenue of $10.4 million and $5.1 million, respectively and had gross margins of $9.7 million (93.2%) and $4.8 million (94.3%) respectively.

Recurring revenue, which was 78% of total revenues in the fourth quarter of fiscal 2019 and for the year ending March 31, 2019, includes fees earned on a monthly per-user basis, fees earned monthly from device usage and revenue from subscription to software licenses, all from performance analytics for unified communications (“UC”). In addition, recurring revenue includes maintenance programs on hardware and software link balancing and bandwidth management solutions; subscription sales, maintenance and support on the licenses for visualization of IT systems management data; and support for UC enterprise management software.

Excluding Savision and Elfiq, the 33% organic revenue growth is due primarily to an increase in the number of users for Mitel’s premium software assurance program and growth in the fees per user received from Mitel in Q4 resulting from the amendment to the agreement with Mitel. The gross margin at 93.2% is comparable to the same period last year (94.9%).

Cost of goods sold represents the costs of hardware, installation and delivery, sales commissions and web services.

Customer Growth

Sales included subscription-based software sales and renewals, perpetual software and hardware sales, and the sales of maintenance and support contracts.

Martello generates revenue from both new business and the renewal of existing software and maintenance subscriptions. In the fourth quarter of fiscal 2019, the Company earned business from customers including Sonepar Canada, the United States Postal Service, and the Dublin Airport Authority.

Martello has been in business since 2009, with subsidiaries in business since 2003. In this time, the Company has developed longstanding relationships with customers and partners that have continued to renew and grow their Martello solutions over time. These include Frost Bank (8 years), Leiden University Medical Center (13 years), Mandarin Oriental Hotel Group (11 years), 4Sight Communications (6 years) and KPMG NL (12 years).

Martello saw global sales growth in the fiscal year ended March 31, 2019, compared with the fiscal year ended March 31, 2018. Significant growth was seen in Europe (198% increase), Asia (301% increase), Latin America (345%) and the United States (89%). Regional growth has been driven by the acquisition of Savision, which is based in Amsterdam, expansion of the Mitel channel, and the growth of Martello’s sales and marketing team.

March 31, 2019

March 31, 2018

Revenue for the period ended

 $

$

Canada

4,578,349

2,835,845

United States

2,532,936

1,333,892

Europe

2,042,185

683,246

Asia

623,818

155,398

Latin America

267,456

60,002

Australia

247,521

Other

67,287

31,612

Total revenue

10,359,552

5,099,995

Expenses

In fiscal 2019 the Company made investments in people, research and development and sales and marketing activities, and foundational systems which will enable the company to scale. In doing so, Martello has established a core capacity for future organic growth and acquisition activity.

 

Expenses – Twelve months ended (in CAD $000’s)

March 31, 2019

Total

Elfiq

 Savision

Remaining 
balance*

Research and development

4,031

1,052

584

2,395

Sales and marketing

3,292

1,271

944

1,077

General and administrative

4,611

797

429

3,385

Depreciation

104

31

17

56

Amortization

712

712

Acquisition-related costs

1,172

1,172

TOTAL

13,922

3,150

1,974

8,798

March 31, 2018

(Increase)/ 
Decrease *

Total

Elfiq

 Savision

Remaining 
balance*

Research and development

2,330

194

2,136

(259)

Sales and marketing

877

292

585

(493)

General and administrative

1,791

194

1,597

(1,788)

Depreciation

62

14

48

(8)

Amortization

123

123

(589)

Acquisition-related costs

556

556

(616)

TOTAL

5,739

694

5,045

(3,753)

* To facilitate comparison with fiscal year 2018, the remaining balance represents the results of the Company’s operations in fiscal year 2019 without contributions from Savision (acquired in fiscal year 2019) and Elfiq (acquired December 15, 2017).  The analysis compares the Remaining balance to the comparable period in FY2018.

For the twelve months ended March 31, 2019 and 2018, operating expenses totaled $13.9 million and $5.7 million, respectively. Excluding Elfiq and Savision, expenses increased by $3.8 million. As Savision was acquired on November 1, 2018 and Elfiq was acquired on December 15, 2017, the following year over year analysis excludes Savision and Elfiq.

While sales increased significantly in both the three and twelve months ended March 31, 2019, there were also increased expenses due to a variety of factors, including investment in sales and marketing headcount and activities, increased acquisition costs, the complexity of reporting requirements, and increased share-based compensation.

Research and development cost increased by $259,115 due to new headcount added during the year in development, innovation and technical support, higher share-based compensation costs (non-cash), general salary increases, and an investment in additional development tools.

The increase in sales and marketing expenses of $492,841 was due in large part to a focus on expanding the Company’s brand awareness and communications and increased presence at industry events. The Company has invested in a new website, increased public relations activity, and conference and trade show sponsorship and attendance. Compensation costs also increased year over year due to growth in the team aligned with the above strategy, new sales resources, general salary increases and non-cash stock-based compensation expense.

General and administrative expenses include salaries for finance, human resources and executive staff, as well as general corporate expenditures including consulting fees, legal and professional fees, insurance and office rent. General and administrative expenses increased by $1.8 million in FY19. This was due to significant investments to enable the company to scale and establish its platform for future growth. Director fees and professional fees for accounting, audit, tax and legal increased due to the additional complexity associated with the reverse acquisition transaction and public company reporting. Costs in the current year also include investment in research and advisory services and in new systems and implementation costs, which were not incurred in the prior year. Salaries and share-based compensation expense increased, relating to additional executive staff, the accelerated vesting of certain stock options as a result of the RTO, and an expanded finance team required for both internal and external reporting needs.

Amortization relates to the amortization of intangible assets identified upon the acquisition of Elfiq and Savision. Given the timing of the acquisitions, costs in FY18 related only to the Elfiq acquisition whereas FY19 includes both Elfiq and Savision.

Acquisition related costs relate to the integration of Elfiq and the acquisition of Savision, including a success fee paid to the M&A advisor for the Savision transaction. Prior year costs related to advisory, due diligence, legal costs and a success fee for the acquisition of Elfiq.

Loss from Operations

The loss from operations for the three months ended March 31, 2019 and 2018 was $1.3 million and $613,395 respectively, an increase of $698,177. For the twelve months ended March 31, 2019 and 2018, the loss from operations was $4.3 million and $927,678, respectively, an increase of $3.3 million.

Excluding the impact of Savision, the loss from operations increased $633,017 year over year for the three-month period ended March 31, 2019. Excluding the impact of Savision and Elfiq, the loss from operations increased $2.3 million year over year for the twelve-month period ended March 31, 2019.

EBITDA and Adjusted EBITDA Summary (Non-IFRS financial measures)

The Company’s “EBITDA” and “Adjusted EBITDA” are non-IFRS financial measures used by management that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. EBITDA is calculated as net loss before interest income, interest expense, accretion of long-term debt, income tax recovery, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA excluding share-based compensation expense, reverse acquisition costs, acquisition-related costs and foreign exchange gain/loss. Management believes Adjusted EBITDA is a useful financial metric to assess its operating performance on an adjusted basis as described above.

Adjusted EBITDA in the three months ended March 31, 2019 was a loss of $827,238, compared to a loss of $205,650 in the three months ended March 31, 2018.

Adjusted EBITDA in the twelve months ended March 31, 2019 was a loss of $1,689,272, compared to a loss of $22,120 in the twelve months ended March 31, 2018.

EBITDA and Adjusted EBITDA

March 31,

2019

March 31

2018

March 31

2019

March 31

2018

(Three months ended)

     (Twelve months ended)

Net income (loss)

$

(1,068,948)

$

(480,314)

$

(5,411,800)

$

(923,985)

Interest income

(2)

(10,422)

(876)

(29,986)

(12,890)

Interest expense

(2)

57,162

20,132

87,400

57,275

Accretion of long-term debt

(2)

16,829

(33,931)

50,347

(63,111)

Income tax recovery

(2)

(147,817)

(75,436)

(545,887)

(75,436)

Depreciation

(2)

32,977

26,116

103,899

62,261

Amortization

(2)

277,577

123,014

712,429

123,015

EBITDA

(1)

(842,642)

(421,295)

(5,033,598)

(832,871)

Reverse acquisition costs

(2)

776,933

Reverse acquisition transaction cost

(2)

1,040,012

Foreign exchange (gain) loss

(2)

39,743

(39,299)

(18,632)

90,469

Other income

(2)

(198,119)

(217,642)

Share-based compensation expenses

(3)

87,957

59,535

591,953

164,148

Acquisition-related costs

(2)

85,823

195,409

1,171,702

556,134

Adjusted EBITDA

(1)

$

(827,238)

$

(205,650)

$

(1,689,272)

$

(22,120)

(1)

Non-IFRS measure. See “Non-IFRS Financial Measures”.

(2)

Per the Statements of net loss and comprehensive loss

(3)

Share-based compensation expense per the Statement of cash flows

Share Capital

The Company had 191,237,568 shares issued and outstanding as of March 31, 2019.

The number of common shares has been retrospectively adjusted to reflect the share exchange in connection with the reverse takeover transaction of 3.2 shares issued in the Company for each share of Martello Corp.

In Q4 2019, the following transactions in the share capital of Martello occurred:

  • 32,000 common shares were issued upon the exercise of options for proceeds of $4,160 (NIL in Q4 2018);
  • 64,000 unvested options were forfeited (96,000 in Q4 FY18);
  • 1,281,500 options were issued with an exercise price of $0.335 and 424,000 options were issued with an exercise price of $0.38.

Cashflow and Capital Resources Summary

At March 31, 2019, the Company had $6.65M of cash and restricted cash on hand, and $4.9M of net working capital to fund operations and growth.

Cashflow Summary

(in CAD $000’s)

Twelve months ended
 March 31

2019

2018

Operating activities

Loss before income tax

(5,958)

(999)

Items not affecting cash

1,642

876

Total cash flows provided by (used in) operations

(4,315)

(124)

Investing Activities

Proceeds from short-term investments

2,024

Cash acquired on reverse acquisition

637

Additions to equipment and leasehold improvements

(161)

(68)

Acquisition of subsidiary

(1,506)

(1,324)

Total cash flows provided by (used in) investing activities

(1,030)

632

Financing activities

Proceeds from issuance of common shares 

7,540

750

Proceeds from exercise of stock options 

82

Proceeds from long-term debt 

2,948

239

Proceeds from line of credit 

100

Repayment of line of credit 

(120)

Repayment of long-term debt 

(602)

(178)

Total cash flows provided by (used in) financing activities

9,848

912

Net change in cash and restricted cash

4,503

1,420

Cash, beginning of period

2,141

721

Effects of currency translation on cash and cash equivalents

5

Cash and restricted cash, end of period

6,649

2,141

For the foreseeable future, the Company expects to continue financing its operations through raising equity capital and long-term debt to strengthen its financial position and to provide sufficient cash reserves for growth and development of the business. In addition, the Company is focused on generating cashflow from operations while maintaining strong investment in research and development to maintain current revenue and drive increased growth.

In June 2018, the Company closed a private placement of $7,585,311, which is being used to fund general working capital, possible future acquisitions and to support the reverse takeover transaction.

In September 2018, the Company entered into an agreement with NRC-IRAP to fund up to $2,000,000 of development costs over three years for certain projects including the hiring of additional staff.

On November 1, 2018, in connection with the Savision acquisition, the company closed the RBC Loan and drew $3,000,000 on the term loan. The RBC Loan also includes a $1,000,000 revolving facility which is undrawn as of the date of this MD&A.

The Company believes that cashflow from operations, the receipt of funds from the private placement, proceeds from the RBC Loan and available cash and working capital will be sufficient to fund organic growth over the next year.

Outlook

Martello intends to continue executing on its strategy of organic growth and growth through acquisition activity. The Company has enough funding for operations for the foreseeable future.

The Company continues to diversify its customer base with the acquisition of Savision in Q32019. This reduces the proportion of Martello’s revenue from the Mitel channel, even as revenues continue to increase from this channel.

In addition, the Company has established a strong platform for future acquisitions with investments to expand the research and development team, enhance sales and marketing activities, and implement new systems to drive efficiencies. As a result, future acquisitions will integrate more effectively, enhancing the Company’s product lines and driving additional revenue and EBITDA.

The financial statements and notes are available under the Company’s profile on SEDAR at www.sedar.com, and on Martello’s website at www.martellotech.com. The financial statements include the wholly-owned subsidiaries of Martello. All amounts are reported in Canadian dollars.

Conference Call Details

Martello will host a conference call and audio webcast with John Proctor, President & CEO and Erin Crowe, CFO at 10:00 AM Eastern Time on July 17, 2019.

Canada/USA Toll Free: 1-800-319-4610

International Toll: +1-604-638-5340

Callers should dial in 5 – 10 min prior to the scheduled start time and simply ask to join the Martello call.

An audio recording of the call will be available on July 17, 2019.

About Martello Technologies Group

Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides clarity and control of complex IT infrastructures. The company develops products and solutions that monitor, manage and optimize the performance of real-time applications on networks, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello’s products include SD-WAN technology, network performance management software, and IT analytics software. Martello Technologies Group is a public company headquartered in Ottawa, Canada with offices in MontrealAmsterdamParisDallas and New York. Learn more at http://www.martellotech.com

This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the “1933 Act”) as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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

Cautionary Note Regarding Forward-Looking Statements

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

For further information:

CONTACTS:

Tracy King

Vice President of Marketing

tking@martellotech.com

613.271.5989 x 2112

 

John Proctor

President & CEO

jproctor@martellotech.com

613.271.5989

Global IT service integrator consolidates performance data from multiple systems into a single real-time management view from Martello’s Savision iQ, in a three year subscription.

Ottawa, Canada (July 16, 2019) Martello Technologies Group Inc., (“Martello” or the “Company”) (TSXV: MTLO), a leading provider of solutions that deliver clarity and control of complex IT environments, today announced that onepoint, a global IT service integrator delivering digital transformation solutions, has purchased a three year subscription to Martello’s  Savision iQ IT Ops analytics software. Onepoint chose Martello because its Savision iQ solution consolidates performance data from multiple systems into a single management view that is updated in real-time. This helps onepoint deliver continuous service assurance to their customers.

Digital transformation allows onepoint’s customers around the world to work efficiently from anywhere but requires that cloud-hosted applications and services are always functioning and reliable. The company has service level agreements (SLA) with customers in which they are expected to meet uptime and performance targets. Onepoint, which employs more than 2,500 people globally, uses several tools to meet these targets, including PRTG, Microsoft System Center Operations Manager (SCOM), TOPdesk and VMWare. Martello consolidates the critical data from each of these systems and presents it in a single view with data that is updated in real-time.

“The Savision iQ solution adds significant value to our IT service operations, giving us a single service-oriented view of our infrastructure,” said René Eijgenhuijsen, Service Delivery Manager for onepoint NL. “Providing real-time insight into our service level performance around the clock from a single dashboard saves us hours of time and improves the quality of service we can offer our clients.”

“We understand the critical importance of uptime for all of the services and applications that today’s businesses need,” said John Proctor, President and CEO of Martello. “iQ gives managed service providers, like onepoint, a simple and powerful single pane of glass to deliver highly reliable performance to their customers.”

Martello’s solutions have been widely acclaimed in the industry. In September 2018, Martello received a Frost & Sullivan Leadership Award for NPM (Network Performance Management) and ranked as Ottawa’s Fastest Growing Company, at No. 28 on the Growth 500 list of Canada’s Fastest Growing Companies. In June 2019, Martello was recognized for the second consecutive year on the widely respected Branham300 listing of Canada’s top ICT (Information and Communications Technology) companies. The Company has expanded its solution portfolio with several acquisitions, and recently provided a business update on its market and channel expansion, product innovation, acquisitions and capital market activities.

About Martello Technologies Group

Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides clarity and control of complex IT infrastructures. The company develops products and solutions that monitor, manage and optimize the performance of real-time applications on networks, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello’s products include SD-WAN technology, network performance management software, and IT analytics software. Martello Technologies Group is a public company headquartered in Ottawa, Canada with offices in Montreal, Amsterdam, Paris, Dallas and New York. Learn more at http://www.martellotech.com

About Onepoint

Every organization wants to be able to fully focused on the core activities of its organization. We support our clients with Managed Services in the field of Public Cloud, on-premise infrastructures, workplace and Cyber Security. This allows us to offer flexibility, which results in efficient service provision, lower costs and optimisation of the core business.

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation’s control. These factors include: general market and industry conditions, risks related to continuous operations and to commercialization of new technologies and other risks disclosed in the Corporation’s filings with Canadian Securities Regulators.

Forward-looking statements are based on the expectations and opinions of the Corporation’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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.

 

CONTACTS:

Tracy King
VP Marketing

tking@martellotech.com
613.271.5989 x 2112

 

Laurenn Wolpoff
MRB Public Relations
(on behalf of Martello)

732.758.1100 x. 101
lwolpoff@mrb-pr.com