Upco International Inc. Announces Year Ended 2017 Results

VANCOUVER, British Columbia, April 13, 2018 (GLOBE NEWSWIRE) -- Upco International Inc. (CSE:UPCO) (OTC:UCCPF) (Frankfurt:U06) (“Upco”) is pleased to announce it has filed its audited consolidated financial statements and Management’s Discussion and Analysis for the year ended December 31, 2017. These documents can be accessed from the SEDAR web site at www.sedar.com.

Upco is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco E-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments.

Upco reported revenues US$6,688,138 (2016 - US$12,068,708) and a net loss of US$1,212,152 (2016 - US$608,557) for its fiscal year 2017.

Hightlights for 2017

  • Announced plans to expand its current mobile application to include a payment service using advanced blockchain technologies. The development team for this blockchain payment service will be led by Dominic da Assuncao, senior business systems consultant and full-stack software engineer whose background includes: international business, operations and computer systems management, and computer games programming. Since 1991, Dominic has delivered world-class shrink wrap software, as well as customized ERP systems, multi-media applications, and internet enabled auction and medical systems. At present Dominic is engaged in upgrading a major clinical system, operating at a prominent Canadian hospital, using blockchain technology (see Upco’s November 27, 2017 press release).
  • listed its common shares for trading on the Frankfurt Stock Exchange (Deutsche Boerse AG) under the symbol WKN A2H7JC (U06) (see Upco’s November 29, 2017 press release).
  • Appointed Mr. Don Blackadar as the Blockchain Payment Application Project Lead. He will work closely with Mr. Dominic da Assuncao, who is the head of the Blockchain development team, in handling Blockchain project planning and coordination, documentation and testing / quality assurance activities (see Upco’s December 4, 2017 press release).
  • Upco app available on the Google Play store. Upco’s App is similar to SKYPE and WhatsApp, that will enable fully secure communications, and social media, namely connecting users and sharing pictures, locations, international airtime top up, International and national calls and chatting (see Upco’s December 8, 2017 press release).
  • Commenced development of its E-Wallet to support Cryptocurrencies such as Bitcoin and Ethereum using Blockchain Technology (see Upco’s December 20, 2017 press release).

Outook

  • Upco’s goals for 2018 is to continue to build out its professional sales team in order to market its current services and the Upco App to increase revenues and profitablility.
  • Upco will continue to focus on successfully integrating leading-edge blockchain technologies into its E-wallet payment system as a step towards the development of a full-featured international invoice/payment/exchange/transfer system for hard currencies and invoice/payment/transfer for cryptocurrencies. Upco’s blockchain implementation significantly moves Upco towards demonstrating Upco’s Blockchain technology’s ability to maintain reasonable transaction time and rates as expected from main-streamed payment application, but without the cost of resources associated with bitcoins and other cryptocurrencies. Upco has developed a distributed platform using Blockchain Technology and transactions can be confirmed almost instantaneously on our system, while it can take minutes or hours to confirm Cryptocurrency transactions on current existing systems.

Mr. Jag Sandhu has resigned from the Board of Directors. He will continue to work with Upco as Manager of Corporate Development. The Board of Directors have thanked Mr. Sandhu for his contribution to the Company and look forward to working with him in his new role.

About Upco International Inc.

Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco E-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to securely share account information with their clients.

Please visit www.upcointernational.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Andrea Pagani, CEO and Director
Email: office@upcosystems.com

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward- looking information") within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “will” “may” "believe", "expect", "anticipate", "intend", "estimate", “development”, “forthcoming”, "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements.

Source:UPCO International Inc.