Fireswirl Announces Audited Fourth Quarter and Fiscal Year 2017 Financial Results

VANCOUVER, April 30, 2018 /CNW/ - Fireswirl Technologies Inc. (TSXV: FSW), "the Company", today announced its audited financial results for the fourth quarter and full year ended December 31, 2017.  All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Financial Highlights

• For the three months ended December 31, 2017 ("Q4 2017"), total operating revenue was $10,234 compared to $16,108 for the same period in 2016 ("Q4 2016").
• Net loss from continuing operations increased $1,001,549 to $1,156,975 in Q4 2017 compared to $155,426 for the same period in 2016. Included in Q4 2017, there is a goodwill impairment charge of $1,105,248 relating to AMZON acquisition.
• The Company had a total loss attributable to shareholders of the Company of $1,242,371 in Q4 2017 compared to a net loss of $224,206 for the same period in 2016. The increase of loss is mainly because the goodwill impairment charge of $1,105,248 relating to AMZON acquisition.

Subsequent Event

Subsequent to the year ended December 31, 2017, the Company completed a non-brokered private placement, raising $300,000 gross proceeds by issuing 6,000,000 common shares at a price of $0.05 per share.

"The management team will continue with our strategy in executing on the company's new direction," states Henry Au, CEO, "We also welcome our new member of the board, Mr. He who joined the board with his extensive experience in consumer and e-commence markets.   Mr. He will also chair our audit committee. Additionally, our newly appointed VP of Business Development, Mr. Li strengthens our management team who will focus on executing our strategic initiatives and company growth with his comprehensive background in business development.  The company is now well positioned with the expansion of the board and management team."

About Fireswirl

Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multicurrency and multi-language capabilities. Our solutions can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users through internet or wireless applications.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

SOURCE Fireswirl Technologies Inc.

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