GetSwift Applied sciences Restricted information Audited Annual Consolidated Monetary Statements, MD&A, and Annual Data Kind for the fiscal 12 months ended June 30, 2021

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NEW YORK — GetSwift Applied sciences Restricted (“ GetSwift ” or the “ Company “; NEO: “GSW”), a number one supplier of final mile SaaS logistics know-how, is happy to announce that it has filed its audited annual monetary statements for its 12 months ended June 30, 2021 and associated administration’s dialogue and evaluation (collectively, the “ 2021 Annual Monetary Statements ”), the Firm’s Annual Data Kind for the year-ended June 30, 2021 (the “ AIF ”), and the CEO and CFO certifications to be delivered in respect of the 2021 Annual Monetary Statements and the AIF (the “ Certifications ”) The 2021 Annual Monetary Statements, the AIF, and the Certifications can be found on the Company’s SEDAR profile at www.sedar.com .

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GetSwift is happy to announce that complete income from buyer contracts for fiscal 12 months ended of 2021 of $19.8 million, a rise of 21% over the prior 12 months whereas complete working bills have been $40.2 million, a rise of two% over the prior 12 months because the influence of the price optimization program was acknowledged. This helped to drive a internet loss earlier than tax of $23.7 million, a 13% enhance over prior 12 months. Money used from working actions was $14.6 million, a discount of 16% over fiscal 12 months finish 2019.

Complete money was $7.3 million, a lower of 68% primarily pushed by the web loss.

The quarter ending June 30, 2021 noticed a 68% enchancment in income from buyer contracts over the prior quarter, coincided with a 28% discount in working prices.

As of the date of the 2021 Annual Monetary Statements, the Company expects income to be $6 million and $15 million for the primary and second quarters of fiscal 12 months finish of 2022 (or the calendar 12 months third and fourth quarters of 2021).

On August 19, 2021 a settlement deed was executed relating to the category motion proceedings in Australia (Raffaele Webb v GetSwift Restricted & Anor NSD 580 of 2018) with no admissions as to legal responsibility. The settlement deed is conditional upon remaining settlement approval by the Federal Courtroom of Australia pursuant to the Federal Courtroom of Australia Act 1976 (Cth). The Company has accrued AUD $1.5 million as of June 30, 2021, which is administration’s greatest estimate of the quantity of to be paid underneath the proposed settlement deed in the course of the first 12 months of the deed. Subsequent to year-end, the Company positioned AUD $500,000 into escrow with exterior authorized counsel in relation to the proposed settlement.

The power of the Company to proceed as a going concern will probably be depending on the Company’s skill to acquire further fairness or debt financing to attain appropriate capitalization for ongoing operations. The administrators have an affordable expectation that the Company will be capable of receive adequate funds from both current shareholders or exterior events with the intention to proceed as a going concern.

If various funding preparations are usually not obtained within the subsequent 2-3-month interval, the Company will pursue additional price optimization initiatives with the intention to guarantee sufficient funding within the brief time period.

The data offered on this information launch must be learn along side the 2021 Annual Monetary Statements. Extra data relating to the Company is offered within the AIF. The Company anticipates that the submitting of the 2021 Annual Monetary Statements, AIF, and Certifications will provoke the evaluate course of by the British Columbia Securities Fee (the “ Fee ”) for a revocation of the stop commerce order issued (the “ CTO ”) by the Fee on October 5, 2021.

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The Company will evaluate its monetary outcomes for the fiscal 12 months ended June 30, 2021 and focus on the Company’s enterprise initiatives throughout a enterprise replace convention name. The date and time for the decision will likely be introduced in a future press launch.

About GetSwift Applied sciences Restricted

Expertise to Optimise International Supply Logistics

GetSwift is a know-how and companies firm that provides a collection of software program services and products targeted on enterprise and logistics automation, information administration and evaluation, communications, data safety, and infrastructure optimization and likewise consists of ecommerce and market ordering, workforce administration, information analytics and augmentation, enterprise intelligence, route optimization, money administration, activity administration shift administration, asset monitoring, real-time alerts, cloud communications, and communications infrastructure (collectively, the “ GetSwift Providing ”). The GetSwift Providing is utilized by private and non-private sector shoppers throughout industries and jurisdictions for his or her respective logistics, communications, data safety, and infrastructure tasks and operations.

GetSwift is headquartered in New York and its frequent shares are listed for buying and selling on the NEO Trade underneath the image “GSW”. For additional background, please go to the Company’s profile on SEDAR at www.sedar.com and the Company’s web site at www.getswift.co .

Sure statements contained on this information launch represent forward-looking data throughout the which means of Canadian securities legal guidelines. Ahead-looking data could relate to issues disclosed on this information launch and to different issues recognized in public filings referring to the Company, to the longer term outlook of the Company and anticipated occasions or outcomes and should embody statements relating to the longer term monetary efficiency of the Company. In some instances, forward-looking data could be recognized by phrases similar to “could”, “will”, “ought to”, “count on”, “plan”, “anticipate”, “imagine”, “intend”, “estimate”, “predict”, “potential”, “proceed” or different related expressions regarding issues that aren’t historic details. Ahead-looking Statements on this press launch embody statements associated to the method and timing of the Fee’s evaluate in respect of a revocation of the CTO, the timing, attendees, agenda, and content material of the convention name at the moment to be scheduled, future steerage relating to income forecasts for the primary and second quarter.

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Ahead-looking Statements contain numerous dangers and uncertainties and are based mostly on sure components and assumptions. There could be no assurance that such statements will show to be correct, and precise outcomes and future occasions may differ materially from these anticipated in such statements. Vital components that would trigger precise outcomes to vary materially from the Company’s expectations embody, with out limitation, the Fee’s timing for evaluate in respect of a revocation of the CTO, the supply of administration to attend and take part on the convention name, the character and quantity of questions obtained by administration and the time required to answer such questions, continued use of the Company’s companies, sources of the Company’s income, the potential for added tax bills in future durations referring to historic filings, short- to mid-term expectations relating to the chance of the Company making capital calls underneath the Amended LDA Settlement (as outlined beneath), limitations on the power of the Company to leverage the LDA facility sooner or later, the timing of judgments referring to the civil proceedings in Australia, the incurrence of authorized charges in relation to defending the civil proceedings involving Company or its subsidiaries, judgments referring to any civil proceedings involving the Company or its subsidiaries, the timing of future hearings associated to the civil proceedings involving the Company or its subsidiaries, compliance with any settlement agreements entered into by the Company and the chance such agreements will likely be accepted by courts of competent jurisdiction, estimates of the helpful lives of property, provisions for impairment of inventories, the power of the Company to proceed as a going-concern, the impact of a change of management on the Company’s materials contracts, the Company’s dependence on key personnel, the Company’s skill to attain or keep profitability, the power of shoppers terminating contracts with the Company and the influence thereof, short- to mid-term expectations relating to the sources and quantum of income, ongoing prices and obligations of the Company and its subsidiaries, the Company’s want and skill to acquire further financing, the Company’s skill and intention to develop the GetSwift Providing (as outlined beneath) and different mental property, the Company’s dependence on the GetSwift Providing to keep up operability and performance on third-party working programs and the chance of adjustments to such platforms, the Company’s dependence on suppliers and expert labor, growth-related dangers similar to capability constraints and strain on inside programs and controls, the chance of reputational hurt to the Company and the influence thereof, and the influence of pandemics, together with COVID-19, on the Company, relevant regulation, and world commerce.

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Vital components that would trigger precise outcomes to vary materially from the Company’s expectations embody, with out limitation: shoppers deciding to terminate contractual relationships with the Company, the potential for adversarial or optimistic tax judgments within the jurisdictions by which the Company or its subsidiaries function or adjustments to relevant tax guidelines in such jurisdictions, market situations, the validity of GetSwift’s inter-company transactions, the potential for adversarial or optimistic judgments with respect to the civil proceedings involving the Company and its subsidiaries, the withdrawal or dismissal of claims made towards the Company or its subsidiaries or the initiation of latest claims, the departure of key personnel or different staff of the Company, adjustments in know-how, buyer preferences, or provide chains, adjustments in accounting insurance policies or procedures relevant to the Company’s property, the exacerbation of the COVID-19 pandemic, and the opposite danger components set forth in (i) the 2021 Annual Monetary Statements and (ii) the AIF underneath the heading “Danger Components”. The Company undertakes no obligation to replace or revise any Ahead-looking Statements, whether or not on account of new data, future occasions or in any other case, besides as could also be required by regulation. New components emerge once in a while, and it isn’t doable for the Company to foretell all of them or assess the influence of every such issue or the extent to which any issue, or mixture of things, could trigger outcomes to vary materially from these contained in any Ahead-looking Assertion. Any Ahead-looking Statements contained on this press launch are expressly certified of their entirety by this cautionary assertion.

The steerage included on this part is offered for the aim of offering further data relating to the cyclicality of the Company’s income and administration’s present expectations with respect to income derived from contracts with prospects within the brief and medium time period and might not be acceptable for some other objective. Readers are cautioned that such FLI and future-oriented monetary data is predicated on administration’s present expectations in mild of current market situations and that such statements are topic to numerous dangers described within the danger components set forth within the Company’s Annual Monetary Statements and AIF dated October 15, 2021.

View supply model on businesswire.com: https://www.businesswire.com/news/home/20211015005661/en/

Contacts

U.S. Investor Relations
Chris Tyson
Govt Vice President – MZ North America
Direct: 949-491-8235
GSW@mzgroup.us
www.mzgroup.us

Firm Investor Relations:
investors@getswift.co

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