Wellfield Reports Financial Results for the Year Ended December 31, 2021

April 26, 2022
  • The Company's common shares and certain warrants began trading on the TSX Venture Exchange ("TSXV") on November 30, 2021.
  • On March 24, 2022 Wellfield announced the acquisition of New Bit Ventures Ltd., d/b/a Coinmama ("Coinmama"), which generated approximately US$130 million in sales1 in 2021 and brings over 3.5 million registered users to Wellfield.
  • Solid balance sheet with $17.6 million in cash at December 31, 2021.

TORONTO, April 26, 2022 /CNW/ - Wellfield Technologies, Inc. (TSXV: WFLD) (FRANKFURT: K8D) (the "Company" or "Wellfield"), today reported financial results for the year ended December 31, 2021. All currency references used in this news release are in Canadian dollars ($) unless otherwise noted.

Management Commentary

Levy Cohen, CEO of Wellfield commented, "Since the Company's public listing on November 30th, our team has made substantial progress positioning Wellfield to deliver next generation fintech solutions based on blockchain technology beginning later this year. The acquisition of Coinmama, which we expect to close in Q2 of 2022, will add approximately US$130 million in annual sales1 to Wellfield's top line. Even more importantly, Coinmama brings 3.5 million registered users to the Company, a trusted consumer-facing brand and millions of unique visitors per year, beyond its current user base. We will engage with these audiences to enable the rapid launch of our blockchain-based products and services later this year, and have identified several opportunities to grow Coinmama's user base and enhance the monetization of these users, over the next several years."

Summary Financial Information

  • Cash balance of $17.6 million at December 31, 2021.
  • Net loss of $5.3 million in FY 2021 (including non-recurring expense of $2.4 million related to the Company's TSXV listing) compared to $0.1 million in FY 2020.

Summary of Recent Developments during 2022

  • Announced Coinmama acquisition, boosting Wellfield's distribution and reach on a global scale – On March 24, 2022, the Company signed a definitive agreement to acquire Coinmama, an Israel-based digital asset dealer incorporated in 2013 and operating under the name Coinmama. Coinmama has built a global platform for consumers to buy and sell digital currencies using everyday payment methods under local compliance. Coinmama has demonstrated consistent sales growth and has served more than 3.5 million registered users, each of which has undergone regulatory verification and transacted on the platform.

  • Added digital identity layer to portfolio through partnership and strategic investment in Verif-y, a US-based leader in the digital identification sector – On February 28, 2022, Wellfield announced a partnership and strategic investment in Verif-y, a US-based leader in the Digital ID space, that has developed and commercialized Distributed Digital Identity and Credentialing Services that are already in use by established financial institutions and government entities.

  • Expanded engineering development capacity for Seamless Brand with a new hub in Portugal – On January 19, 2022, Wellfield announced a partnership with Exaud, LDA to establish a development hub in Portugal, with a mandate to support the Seamless development pipeline. Headquartered in Greater Porto, with an additional office in Amsterdam, the Netherlands, and a representative office in Düsseldorf, Germany, Exaud is a global software solution provider, across various industries such as Automotive & Manufacturing, Fintech & Financial Services, Software & Hi-Tech, Media & Digital Education and Retail & Logistics.


1 Unaudited fiscal 2021 results

About Wellfield Technologies (TSXV:WFLD; FRANKFURT: K8D)

Wellfield builds advanced technology that uses blockchain to create the next generation of financial solutions for institutions and consumers. The Company has strong academic, business and development expertise in the rapidly growing Decentralized Finance (DeFi) sector, building its branded applications and critical infrastructure solutions directly on public blockchains like Bitcoin and Ethereum.

Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.

Cautionary Notice on Forward-Looking Statements

This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Company's success in launching the protocols and other technologies and utilities discussed herein. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company's business and results of operations; the impact of COVID-19; the decentralized finance industry generally, in Canada and abroad; and general business, economic, competitive, political and social uncertainties. Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the listing application prepared in accordance with the policies of the TSXV and other disclosure documents accessible on the Company's SEDAR profile at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

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