Ackroo - AKRFF STOCK NEWS

Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) announced a change in its Board of Directors, with Francis Shen, Jason Donville, and Kristaps Ronka stepping down immediately. CEO Steve Levely emphasized that the board restructuring aims to align with the company's strategic direction for future growth. New board members with relevant skills are expected to be announced soon. Ackroo provides marketing, payment, and point-of-sale solutions to merchants, focusing on enhancing their operational efficiency and customer engagement.

Ackroo Inc. reported audited annual revenues of $5,977,541 for the year ended December 31, 2021, with $5,001,139 from recurring revenue, which reflects stable performance year-over-year. The company achieved a 30% average growth rate since 2012. Key highlights include a fourth consecutive year of positive EBITDA, a reduction in customer saturation risks, and an increase in average revenue per location. The CEO expressed optimism about future growth after navigating challenges related to COVID-19. The full financial results are accessible on SEDAR.

Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) has signed an exclusive reseller agreement with Buz Club Software to market their club management platform in Canada. This partnership aims to enhance product offerings for both companies, combining capabilities from Ackroo's GGGolf platform with Buz’s solutions, which are currently used by over 120 clubs in the U.S. The collaboration focuses on creating a comprehensive solution for golf clubs, featuring integrated accounting and point-of-sale services, intending to capture a larger market share.

Ackroo (TSX-V: AKR; OTC: AKRFF) reported unaudited quarterly revenues of $1,657,915 for Q4 2021 and annual revenues of $5,978,683, maintaining year-over-year performance. The company achieved a 9-year average growth rate of 30% annually and $4,979,357 in annual recurring revenue. Following a challenging start due to COVID-related customer attrition, Ackroo adapted operations and gained a 29% increase in clients compared to Q1. The company also appointed MNP LLP as its new auditor and granted stock options for 900,000 common shares.

Ackroo Inc. (TSXV:AKR, OTC PINK:AKRFF) announced its participation in the SNN Network Canada Virtual Event on December 8, 2021, at 10:30 AM EST. CEO Steve Levely will present for 30 minutes, addressing investor questions and offering one-on-one meetings afterward. Interested investors can join the presentation via the provided webcast link after registering for the event. The company's innovative marketing and payment solutions cater to diverse merchants, enhancing their operations.

Ackroo Inc. reported its financial results for Q3 2021, showcasing an 11% year-over-year revenue growth, reaching $1,567,121. Subscription revenue also increased by 4% to $1,323,794. The company achieved its 15th consecutive positive EBITDA quarter, with Adjusted EBITDA of $179,936, constituting 11% of total revenue. Customer retention improved, reflected by a churn rate below 5%. Ackroo added larger multi-location clients and emphasized its focus on financial and operational discipline moving forward.

Ackroo has achieved a significant milestone by adding its 5,400th customer location, with over 5,000 AckrooMKTG, 300 AckrooPOS, and 130 AckrooPAY locations. The company also reported an 80% increase in clients utilizing digital gift cards, reaching over 300 clients. CEO Steve Levely noted a recovery in organic growth after a challenging start to 2021, emphasizing the success of upselling and cross-selling initiatives, particularly in digital gift cards and payment solutions. The company continues to develop cloud-based marketing solutions to bolster merchant revenues.

Ackroo (TSX-V: AKR, OTC: AKRFF) announced the appointment of Paul Hart as Chief Financial Officer, succeeding Derek Schaaf. Hart brings over 20 years of experience in finance, particularly in technology and payments sectors. He aims to leverage his expertise for Ackroo’s growth and M&A strategies. Schaaf, who served as CFO since 2016, is departing to relocate to the United States. CEO Steve Levely expressed gratitude for Schaaf's contributions during a challenging period for the company.

Ackroo Inc. held its Annual General Meeting (AGM) virtually on September 1, 2021, where shareholders approved all key proposals including the election of directors and the re-appointment of Grant Thornton LLP as auditor. Notably, 99% of votes favored the nominees. The elected directors include Steve Levely, Sam Cole, Wayne O’Connell, Kristaps Ronka, Jason Donville, and Francis Shen. The meeting also ratified the Company’s incentive stock option plan and allowed Shen Capital the potential to become a control person of Ackroo. Further details are available in the management proxy circular on SEDAR.