YDREAMS BRAZIL SALES INCREASED BY 43% FOR THE SIX MONTHS ENDED JUNE 30, 2016
YDreams Global Interactive Technologies Inc.'s (YD.V) wholly owned subsidiary, YDreams do Brasil Servicos e Solucoes Interativas Ltda., had a substantial increase in net sales for the six months ended June 30, 2016, compared with the six months ended June 30, 2015.
Unaudited financial statements released earlier this year show YDreams Brazil realized and recorded net sales of CAD$2,430,609 (6,749,816 Brazilian Real) in Q1&Q2 2016 compared to CAD $1,704,482 (4,733,357 Brazilian Real) in Q1&Q2 2015.
This represents a 43% increase in net sales over the prior comparative six month period (2016 versus 2015). The majority of sales of YDreams Brazil's products and services originated with major corporations including CISCO, Nike, Coca-Cola, Petrobras, Qualcomm, Natura, Audi, Ambev.
Income before income taxes for the six months ended 2016 was CAD$468,465 (1,300,930 Brazilian Real) compared to a net loss of CAD$80,041 (222,273 Brazilian Real) in Q2 2015.
YDreams Global partnered with CISCO Systems on a recent project developing a Smart Digital Neighborhood project. Karina Israel, COO of YDreams stated, "The Company's role is to develop interactive solutions that excel at connecting people with one another and with the city. The integration of Porto Maravilha with the rest of the city, through collaborative technology is the type of challenge that drives YDreams."
The following press release should be read in conjunction with YDreams Brazil's Unaudited Condensed Interim Financial Statements for the three and six months ended June 30, 2016 and the accompanying notes, and with YDreams Brazil's annual Financial Statements for the year ended December 31, 2015, prepared in accordance with International Financial Reporting Standards ("IFRS"), which can be found on SEDAR at www.sedar.com.
In other news, the Company has granted 500,000 incentive stock options to consultants of the Company at an exercise price of $0.40 per share. The incentive stock options will vest over five years and have a five year term, with 20% vesting one year from the grant date, and every 12 month period thereafter. The options have been granted in accordance with the Company's rolling stock option plan.
About YDreams Global:
YDreams Global is a high tech digital agency that combines Virtual Reality Technology, Design, and Intelligence along with a multidisciplinary team of graphic designers, industrial designers, interior designers, computer engineers, mechanical engineers, and electrical engineers, who research and develop proprietary patented technologies in areas such as image processing, augmented reality and gesture-based interfaces.
YDreams has developed over 1,00 projects for clients all over the world, such as Adidas, Vodafone, Nokia, TMN, Barclays, Coca-Cola, Santander, BBC, JCDecaux, Nike, CISCO, Mercedes Benz, Audi, Unilever, Procter and Gamble.