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Sitoa Global Reports First Quarter 2012 Financial Results(May 09, 2012)
PALO ALTO, CA -- (Marketwire) -- 05/09/12 -- Sitoa Global Inc. (OTCQB: STOA) (PINKSHEETS: STOA) ("Sitoa" or the "Company"), an e-commerce solutions and service provider, reported today financial results for the first quarter ended March 31, 2012. The Company specializes in providing e-commerce solutions and services that facilitate multi-channel B2C (business-to-consumer) and B2B (business-to-business) transactions, enable e-commerce transactions with speed and efficiency, and allow an interactive and engaging customer experience through social media as well as targeted marketing and advertising.
Service Revenues for the first quarter ending March 31, 2012 were $812,530 compared to $0 for the first quarter ending March 31, 2011. Service Revenues were the result of increased revenues generated from hosting e-commerce solutions for its current customers.
Operating Expenses for the first quarter ending March 31, 2012 were $470,875 compared to $155,911 for the first quarter ending March 31, 2011. The increase was due to the development and hosting of e-commerce solutions for its customers which were performed by an outsourced development team and its in-house project management team, and due to stock-based compensation including the Company's former CEO's vesting of stock options in the quarter.
Net loss for the first quarter ending March 31, 2012 was $246,445 compared to $166,685 for the first quarter ending March 31, 2011.
Recent Business Highlights
The Company recently launched ShopShip2PH (www.shopship2ph.com) which is an e-commerce site that targets Overseas Foreign Workers ("OFW's") from the Philippines, living overseas for employment, and allows them to purchase products online and through facebook and then have them shipped directly to the Philippines.
About Sitoa Global Inc.
Sitoa Global provides an easy-to-use and comprehensive platform, the "Focused Social Marketplace" that enables online retailers to deploy a social marketplace e-commerce site. Sitoa's platform allows building marketplaces for online sellers with focused social customer networks to expand their sales channels without the risks of focus dilution, and increased capital and operating costs. Sitoa shares in revenues generated by the site in addition to charging integration and hosting fees. Additional information about Sitoa may be found on its website, http://www.sitoaglobal.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.
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