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Route1 Inc. (OTCQB:ROIUF) will announce its financial results for Q4 and the full year ended December 31, 2020, on April 29, 2021. The company, known for data-centric business solutions, will hold a conference call at 9:00 AM ET the same day. Participants can join via a toll-free number or through a live webcast. This announcement follows Route1's commitment to enhancing profitability and operational efficiency for its clients while maintaining a strong cybersecurity posture.
Route1 Inc (OTCQB:ROIUF) announced the acquisition of DataSource Mobility for U.S. $1.3 million in cash, enhancing its market presence in Texas and expanding into sectors such as public safety and logistics. The deal includes a profit-sharing agreement, with thresholds set at U.S. $375,000 for 2021 and U.S. $500,000 for 2022. Route1 also reported a gross profit increase from $0.40 million to $0.49 million in the fiscal year 2020, while its revenue rose from $4.21 million to $5.10 million. This acquisition is strategically aligned with Route1's growth objectives.
Route1 Inc. (OTCQB: ROIUF) has announced an increase in its private placement from $2.5 million to $3 million due to strong demand. The company will issue Units at $0.85 each, comprising one common share and a Common Share Purchase Warrant exercisable at $1.00 for 18 months. Proceeds will support growth and corporate purposes, pending necessary approvals. The securities face a four-month hold period. Route1 is focused on delivering data-centric solutions for enhanced profitability and operational efficiency.
Route1 Inc (OTCQB:ROIUF) reported a record quarterly gross profit of 3,013 CAD thousands for Q3 2020, up from 2,781 CAD thousands in Q2 2020. Total revenue reached 9,147 CAD thousands, driven by increases in subscription services and devices. The gross margin decreased to 33% from 40% sequentially. The company expects a full quarter's revenue impact of approximately 375,000 USD from a new government contract. Route1's AGM is set for December 8, 2020, and Q3 financial results will be reported on November 25, 2020.
Route1 Inc. (OTCQB:ROIUF) announced on October 8, 2020, that the Federal Circuit Court of Appeals upheld the decision favoring AirWatch in the Route1 Inc. v. AirWatch, LLC patent infringement case. This ruling also affirms the order for Route1 to pay AirWatch $1,668,839.55 in attorney fees, a payment secured by a cash-collateralized bond posted by Route1 on September 22, 2020. The company is considering further legal options regarding this matter in Canada and the U.S.
Route1 Inc. (OTCQB:ROIUF) announced its intention to proceed with a normal course issuer bid (NCIB) authorized by the TSX Venture Exchange. From September 27, 2020, to September 26, 2021, Route1 may repurchase up to 1,755,980 common shares, approximately 5% of its outstanding shares, at a maximum price of $0.75 per share. This follows the previous buyback of 1,167,500 shares at an average price of $0.53. The company believes its shares are undervalued and aims to enhance shareholder equity through these purchases.
Route1 Inc. (OTCQB:ROIUF) announced that First Community Bank has selected its MobiKEY secure remote work technology over traditional VPN solutions for its 27 branches and staff. The decision was influenced by MobiKEY's robust security and ease of use, particularly in light of increased remote work during the COVID-19 pandemic. With up to 80 employees logged in simultaneously, MobiKEY proved to be effective, mitigating security risks while ensuring seamless access to office resources. First Community plans to maintain MobiKEY as a staple of its IT strategy for enhanced cybersecurity.
On August 26, 2020, Route1 Inc. (OTCQB:ROIUF) reported financial results for Q2 2020. Total revenue increased to CAD $6,969,000, driven by growth in subscription services and device sales. Operating profit rose to CAD $211,000, while net loss narrowed to CAD $60,000. Route1 also announced a significant US Department of Defense contract worth approximately US $1.5 million for 4,000 MobiKEY subscriptions. Additionally, the company granted stock options to directors and employees, enhancing shareholder engagement.
Route1 Inc. (OTCQB:ROIUF) announced the award of a one-year license contract for 4,000 MobiKEY subscriptions by a U.S. Department of Defense agency, valued at about US $1.5 million. This contract could increase user subscriptions by up to 1,000 at a time. Route1 anticipates a monthly subscription revenue of approximately CAD $740,000 for the remainder of 2020. The announcement comes amid an 80% rise in recurring revenue attributed to MobiKEY, emphasizing its security and ease of deployment. Additionally, Route1 is appealing a court decision to pay AirWatch $1.67 million in attorneys' fees.