TORONTO, Jan. 08, 2019 (GLOBE NEWSWIRE) — Snipp Interactive Inc. (“Snipp” or the “Company”) (OTCQB: SNIPF; TSX-V: SPN), a global provider of digital marketing promotions, rebates and loyalty solutions, today announced that it achieved US$4.5MM in sales bookings in the recently concluded 4th Quarter of 2018, the largest quarterly bookings in company history. In terms of annual bookings, 2018 was also a record year for Snipp in other categories, as the Company exceeded US$15MM in annual sales bookings for the first time ever and set a new record for number of programs sold at over 320 with a bookings margin of 75%.
The deals are with 45 different clients for brands in 20 unique industries ranging from CPG, to alcohol, electronics and pharma. In addition, 2018 also marked Snipp’s foray into in a number of new market segments including equine feeds, hospitality, firearms and malls. The programs leverage the entire Snipp suite of technology and marketing solutions from promotions to rewards to rebates and loyalty.
“We are thrilled to have achieved yet another record breaking quarter of sales bookings during a year in which our momentum built in each successive quarter. We are on pace to achieve new milestones in 2019 given we ended the year forecasting a profitable fourth quarter and with over US$1.5MM of cash in the bank with no debt on our balance sheet,” said Atul Sabharwal, Chief Executive Officer at Snipp. “We are particularly proud of the widening variety of industries that we now serve, a validation of the versatility of our suite of technology and marketing solutions. Based on our sales forecasts, we believe that our customer base will grow even more diverse in the coming year. Once again I attribute this success to the passion and talent that drives our team to understand market needs in order to design best-in-class solutions for our customers. I would personally like to thank all our valued customers, partners and investors for their support and look forward to continued support as we enter 2019 with a renewed commitment to deliver greater value.”
While the figures mentioned above reflect the total revenues booked, please note that the projects are spread across multiple time periods and the timing of the revenues will be recognized per Snipp’s established revenue recognition policies.