AAIRF - American Aires Inc. Announces Filing of 2022 Financial Statements and MD&A
Toronto, Ontario--(Newsfile Corp. - April 5, 2023) - American Aires Inc. (CSE: WIFI) (OTCQB: AAIRF) (the "Company" or "Aires"), a provider of scientifically-proven EMF modulation technology, in the follow up with an announcement made on March 20, 2023 when the Company provided a Corporation Update, is proud to announce the filing of Audited 2022 Financial Statements and the MD&A.
The Company reported 2022 revenues of $5.8 million, which was $3.3 million higher than a year ago while the Advertising expense increased $1.1 million to $2.4 million. Gross Margin improved to $3.5 million from $1.1 million last year, or 61% and 45% as a percentage of sales, respectively. The Marketing expense increased $0.1 million Year-Over-Year (YOY) to $2.0 million. Lastly, due to some targeted cost cutting, the Consulting fees decreased $0.2 million to $0.8 million. As a result, the Company reported Net Loss improvement of $2.0 million YOY to $4.1 million, largely due to strong sales growth.
"I am truly energized by the outstanding performance and growth we've achieved at Aires over the past year despite the challenges. But even more than the impressive performance, I am deeply inspired by the extraordinary capabilities and dedication of our operations and financial teams. Over a very short period they have built a robust foundation that will enable us to confidently execute our aggressive growth strategy in the coming years. Our timely and thorough completion of the 2022 audit is a testament to their diligence and expertise. As we continue to innovate, explore new business opportunities, and expand our global presence, I have unwavering faith in our team's ability to drive sustainable and responsible growth, further solidifying American Aires' position as an industry leader," said Josh Bruni, CEO.
"I'm very pleased with how this audit went overall. We were able to gain an in-depth understanding of the company's financials, accounting procedures and the expectations of the auditor in a very short time by working as a true team. Having the right people on our accounting team with significant experience in public company auditing allowed us to re-align the Company's accounting policies and record keeping procedures to ensure timely filing of quarterly and annual results. We have already started preparing for the 2023 audit," commented Vitali Savitski, CFO.
About American Aires Inc.
American Aires Inc. is a Canadian-based nanotechnology company which has developed proprietary silicon-based microprocessors that reduce the harmful effects of electromagnetic radiation (EMR). The technology was developed by a team of highly accredited scientists and confirmed by independent third-party validation including peer-reviewed studies and publications in scientific journals. Aires' Lifetune products specifically target EMR emitted by consumer electronic devices such as cellphones, computers, baby monitors, and Wi-Fi radiation, including the rapidly expanding next-generation high-speed 5G networks. Aires is listed on the CSE under the ticker 'WIFI' and on the OTCQB under the symbol 'AAIRF'. Learn more at www.airestech.com.
On behalf of the board of directors
Company Contact:
Josh Bruni, CEO
Website: www.airestech.com
Email: wifi@airestech.com
Telephone: (415) 707-0102
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. We seek safe harbour.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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