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Independent Reviews for Venture Investors

SIM.V - Notable progress.

Siyata Mobile Inc. (SIM.V) is a provider of vehicle mounted mobile communications platform (Push To Talk Over Cellular ("PoC") devices).

We initiated coverage on March 2017 with additional notes on June 2017, July 2017, October 2017, November 2017. and May 2018.

May 8 - Applies for warrant amendment- 8.2M set to expire on June 10, 2018 with an exercise price of $0.50 cents. The application is to amend the expiry date to December 10, 2018. No corresponding amendment to the exercise price, $0.50 cents, is proposed by the Company.

May 17 - Growing demand for 4G devices with multiple purchase orders - totaling $0.5M. The purchase orders come from multiple industry verticals including municipalities, a logistics company, a taxi service, and a bus operator.

May 23 - Warrant deadline from May 8 release is extended to December 11th - 8.2M warrant at $0.50 cents.

May 30 - Q1 Earnings: Revenue for the quarter was $3.0M compared to $4.9M for the same period in the previous year. Negative variance of $1.9M (39%) is due mainly to the decrease in demand for the legacy products as well as sales decline in North America.

May 31 - Receives additional $1M purchase order from Global Two-Way Radio Vendor for 4G devices following a $0.4M order from April 12, 2018.

July 9 - Sales exceed $5M in Q2. Growth seen as roles out of 4G product portfolio and industry moves from two-way radio to cellular based systems. The two previous quarters were focused on shifting new and existing customers from legacy 3G products to the new 4G/LTE portfolio.

Purchase orders were received by cellular operators, two-way radio vendors, and distributors around the globe and sold to first responders, municipalities, hotels, bus and other logistics and transportation companies.

July 16 - Announces additional U.S. Tier 1 Operator for Uniden® UV350 4G/LTE In-Vehicle Device. Carrier streamline launch is expected Q4 2018.

July 24 - Released the technical specifications for its flagship device, the Uniden® UV350.

Aug. 30 - Q2 Earnings: Revenue for the quarter of $5.3M compared to $3.0M in Q1 2018 (77%) increase; working capital is $8.8M.

Sept. 27 - Signs Master Supply Agreement with Canadian Leading Tier 1 Cellular Operator for Uniden® UV350. This agreement is a prerequisite to launching with this operator in Canada and covers all the terms and conditions related to the distribution, pricing, logistics, warranty.

The Company will announce the official launch date of the Uniden® UV350 shortly.

Oct. 1 - Launches Uniden® Link 4G Cradle Style Cellular Signal Booster. Product will be available at in addition to the existing portfolio of Uniden Cellular Boosters. The Uniden® Link 4G works on all cellular operated networks (2G, 3G, 4G/LTE).

SIM.V continued to execute in the last six months. Looking back the extension of the warrant at $0.50 cents were justified. While Q1 earning results were disappointing, the company rebounded in Q2 with sales of over $5M.

Oddly, the additional US Tier 1 one Operator and the recent Canadian Master Supply Agreement had little impact on valuation. This is somewhat peculiar, SIM.V has delivered on what it had planned with the Canadian Tier 1, and over-delivered on the US side (Additional Tier 1).

The next six months should be telling. Should the company achieve another Master Supply Agreement (US) and/or launch in Canada, perhaps the market will notice then? Of note, the recovery in the stock price from early July when a 52 week low ($0.33 cents) was recorded. Interestingly, SIM.V is consolidating around the extended warrant price levels of $0.50 cents.

Should SIM.V eventually break out, we'll look to see if it exceeds the revised target of Beacon Securities of $0.80 cents from early May. While the market is not currently paying much attention, we consider the achievements of the last six months as notable progress.

DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The content of rally is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions - rally cannot take responsibility for your investment decisions.


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