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CommerceTel Announces Preliminary Fourth Quarter 2011 Revenues of $0.98 Million, a 415% Increase Over 2010; Files Extension for 2011 Form 10-K Filing
SAN DIEGO, CA, Mar 30, 2012 (MARKETWIRE via COMTEX) --
CommerceTel Corporation (OTCBB: MFON), an award-winning provider of
proprietary mobile marketing technologies and solutions, today
announced that it filed Form 12b-25 with the Securities and Exchange
Commission on March 30, 2012 to extend the filing of the Company's
Form 10-K for the year ended December 31, 2011. Management expects to
file its 2011 Form 10-K within the 14-day grace period. The Company
also announced preliminary, unaudited revenue results for the fourth
quarter and fiscal year ended December 31, 2011.
Fourth Quarter 2011 and FY2011 Preliminary Revenue Results
CommerceTel expects to report revenues for the fourth quarter, ending
December 31, 2011, of approximately $0.98 million, an increase of
more than 16% from $0.84 million in revenues for the third quarter
ending September 30, 2011. Revenues for the full year 2011 is
expected to be $2.5M, an increase of 272% year-over-year from 2010.
Cash used in Operating Activities in the fourth quarter 2011 is also
projected to improve approximately 44% to an estimated $110,000 as
compared to the third quarter, ending September 30, 2011, of
$194,000.
Restatement of Financials for the First Three Quarters of 2011
On March 26, 2012, management and the Audit Committee of the Board of
Directors of CommerceTel concluded that the Company should restate
goodwill related charges in connection with its three acquisitions
that were completed during the year ended December 31, 2011. The
revisions are expected to result in understated goodwill for each of
the three acquisitions, understated stock based compensation expense,
an understatement of certain derivative liabilities and an
understatement of the related expense related to the Company's
derivative liability, as reflected in its financial statements for
the quarters ended March 31, 2011, June 30, 2011 and September 30,
2011.
Because the Company has re-engaged its valuation experts to advise it
on the proper valuation of the stock issued in the acquisitions, the
exact impact of the restatement on the Company's financial statements
is not known at the present time. The Company expects to include the
restatements in the Form 10-K which is expected to be filed no later
than April 15th, 2012. The Company further expects that the charges,
which are unrelated to the Company's cash flow or operations, will be
non-recurring.
Conference Call
CommerceTel will host a conference call to discuss its full year 2011
financials results by April 20th, 2012 as well as its outlook for
2012. Details for the call will be announced soon via press release.
About CommerceTel
CommerceTel is an award-winning provider of proprietary mobile
marketing technologies and the inventor of Mobivity, a unique,
enterprise-grade platform empowering brands to engage mobile
consumers via multiple channels. The only system of its kind,
Mobivity is a cloud-based solution providing broad mobile
communications and extensive CRM features. It is integrated with
multiple tier-one PSTN/ IP carriers and micropayment processing
facilities as well as with carrier premium SMS billing systems.
Customers include CNN, Disney, Sony Pictures, AT&T, Verizon, USA
Network, numerous professional sports franchises, the Golf Channel,
and NBC Universal. For further information visit www.commercetel.com
or follow us on Twitter @CommerceTelinc.
For additional information, contact:
Company Contact:
CommerceTel Corp.
Dennis Becker
CEO
www.commercetel.com
Phone: 619.725.0990
Investor Contacts:
MZ North America
Mark McPartland
Email: Email Contact
Tel: +1-212-301-7130
Web: www.mzgroup.us
SOURCE: CommerceTel Corporation
http://www.commercetel.com/
http://www2.marketwire.com/mw/emailprcntct?id=4E6FAB794BEAB8B3
http://www.mzgroup.us/
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