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Independent Reviews for Venture Investors

SIM.V - Going forth.

Siyata Mobile Inc. (SIM.V) is a provider of vehicle mounted mobile communications platform (Push To Talk Over Cellular ("PoC") devices). Coverage was initiated on March 2017 with notes on June 2017, July 2017, October 2017, November 2017. May 2018, October 2018 and April 2019, and January 2020. Below is an update.

New Releases

Jan. 27 - Receives $1.1M Purchase Order for Uniden UV350 In-Vehicle IoT Device.

Feb. 5 - Receives $600,000 Purchase Order for 4G Rugged Push-To-Talk Handsets.

Feb. 13 - Signs UV350 Supply Agreement with Global Land Mobile Radio and Software Vendor. In-vehicle IoT device to the Vendor, for resale to its first responder and commercial fleet customers looking to replace or augment its current in-vehicle communication hardware with next generation IoT solutions.

"We anticipate the agreement will initially impact sales in the United States while opening up opportunities in various worldwide markets, including Canada, Australia, Asia, Europe, South America and many other countries” SIM.V's CEO.

Mar. 2 - Applaud New Jersey’s Recently Signed “Alyssa Law”. Requires all New Jersey public schools to install silent panic alarms that will alert law enforcement during emergencies.

The CrisisGo app combined with the Uniden® UV350 keeps yellow school bus drivers connected to first responders, dispatch, and fleet managers through an instant unified mobile communication solution.

Mar. 9 - Launches Uniden® UV350 In-Vehicle Cellular IoT Device with Verizon.

Mar. 18 - Announces Update on Public Safety Supply Chain. - Company has not been subject to material supply chain disruptions due to COVID-19 and continues to fulfill purchase orders, and has inventory ordered for Q2 delivery.

Mar. 23 - Begins Delivery of $3M to $5M of Rugged and In-Vehicle Push-to-Talk Devices. Commenced delivery on its large government tender for up to 15,000 push-to-talk devices, previously announced on Dec. 2 2019. The majority of the order anticipated to be delivered in Q1 and Q2. The Company recognizes revenue upon delivery of devices.

Apr. 1 - Launches Next Generation Work-from-Home Uniden Cellular Signal Boosters.

Apr. 2 - Receives $400K In Purchase Orders from US Distributors for First Responder Projects.

Apr. 13 - Initial $600K Contract to Supply Healthcare Workers Managing the Battle Against COVID-19. Supply hospitals, healthcare workers and ambulances to help manage the battle against COVID-19.

Apr. 24 - To Release Year End Results, May 29th, 2020. Since the beginning of Q4 2019, the Company has announced over $10M in new purchase orders for delivery, which had been partially realized in 2019 Q4, with the balance expected in H1 2020. This does not include new purchase orders and orders for its cellular booster systems.

Apr. 27 - Launches UR5 Rugged Smartphone Device for the Enterprise and First Responder Mobile Workforce. The UR5 is an ultra lightweight, handheld rugged Android smartphone, with integrated Push-To-Talk (PTT) and the ability to easily switch PTT channels with its unique rotary channel selection knob to navigate various PTT groups.

With the UR5, vehicle drivers can stay connected, in real time to its various designated PTT groups, even while they are outside of the vehicle making this a highly complementary device to Siyata’s in-vehicle portfolio and cellular boosters.

May 4 - Enters Southeast Asian Market with TASSTA Mission Critical Push-to-talk. TASSTA, is a global mission critical push-to-talk (MCPTT) software provider and end-to-end solution for critical communications.

TASSTA has integrated its MCPTT application across the portfolio of Siyata’s in-vehicle (UV350, CP250) devices, and has ordered devices to supply various first responder groups with devices for trials in Southeast Asia.

May 26 -To Release 2019 Year End Results on Wednesday, June 3rd, 2020 and Host a Conference Call on June 4th, 2020.

The company remains an essential services business with sales and large-scale trials for first responders, military and defense contractors which are all very active during this period both in the United States and in international markets.

The Company advises that due to Covid-19 uncertainties, management and board have taken a voluntary salary reduction of 20%, and reduced other staff salaries by 10%, and further reduction in employee headcount.

June 1 - Amends Year End Filing Date and Conference Call to Include Q1 2020 Financial Reporting. Releasing its Q1 Financial Statements on June 11, 2020 and will be including its 2019 year end results on this day.

June 3 - Non-Brokered Private Placement of ~$1.0M USD in Unsecured Convertible Debentures. A reporting insider of the Company has agreed to subscribe for up to 1,400 senior unsecured convertible debentures at an issue price of CDN$1,000 per Convertible Debenture for aggregate gross proceeds of approximately USD$1,000,000. Conversion price is $0.30 cents and bear 10% per annum. Accel will also receive one (1) non-transferable warrant.

The Company has also entered into an agreement with an existing arm’s-length debenture holder to amend the terms of its outstanding convertible debentures due June 28, 2020 (the “Existing Debentures”) on equivalent terms as the Offering (the “Amendment”) in the amount of CDN$250,000.

Net proceeds of the Offering will be used to fund general working capital and a portion may be used to pay down any Existing Debentures that are not amended pursuant to the Amendment.

June 9 -Receives $685,000 Purchase Order To Supply Ambulances with its UV350 In-Vehicle IoT Device. Won an order for its UV350 and its UV350 Desktop Dispatch Unit (DDU) to supply additional devices to an ambulance company which has previously purchased and installed ~$200,000 worth of devices.

June 12 - Reports 2019 Year End Results and Hosting Year-End Investor Call, June 12th, 2020 at 9:00AM EST.

Revenue $13.02M; Net Loss $10.2M; Working Capital $6.7M in working capital; Cash $3.5M.

The Company further announces that it will be filing its Q1 2020 financials on or before June 30th, 2020 to be followed with an investor conference call and Q&A. Further details on timing will be announced shortly.

June 16 - Launches Uniden® 4G Cellular Booster Portfolio in the United States through

June 18 - Receives $300,000 Purchase Order for UV350 Out of Australia.

June 24 -Receives $625,000 Purchase Order for Uniden® UV350 and Accessories. Two purchase orders valued at $625,000 from a leading distributor servicing US Tier 1 cellular operators for UV350 and additional accessories.

“Growing our sales in the US remains the primary focus for Siyata this year, and we are very pleased to announce this purchase order coming from a leading distributor working with major cellular carriers.” SIM.V's CEO.

June 26 - Closes Non-Brokered Private Placement of CDN$1,330,000 in Unsecured Convertible Debentures:

Accel Telecom Ltd. (“Accel”) subscribed for 1,330 senior unsecured convertible debentures at an issue price of CDN$1,000 per Convertible Debenture for aggregate gross proceeds of CDN$1,330,000.

The Company will also be filing its Q1 2020 financial results on Tuesday June 30th, 2020 and will be hosting a conference call to discuss these results on Thursday July 2, 2020 9:00 AM EST (6:00 AM PST) to facilitate the Canadian holiday.

June 26 - Notice of Special Meetings of shareholders : 1) NASDAQ Listings 2) post-consolidation one for up to 300 pre-consolidation basis, 3) other business as may properly come before the Meeting or any adjournments thereof.

June 30 - Reports $3.06M in Q1 2020, Schedules Conference Call: Net loss of $439,935. Working capital of $5.9MM.

June 30 - Issues Letter to Shareholders to Provide Business Update: "seeking approval from shareholders to make certain changes to our share structure and constating documents which will allow us to list securities on the NASDAQ.

After meeting with numerous relevant US funds and investors over the past several years, we believe this will open up opportunities to buy our securities from the thousands of microcap funds, family offices and retail investors that currently do not trade on the TSX Venture Exchange or OTC.

July 15 - Enters into New Alliance with Hyperion Partners and Receives First Purchase Order for UV350 Devices. As a result of this alliance, Hyperion Partners purchased an undisclosed amount of devices from Siyata.

July 20 -Receives $600,000 Purchase Order from Middle East Customer for its 4G/LTE UR5 device.

July 28 -Closes $1.4M Private Placement: 14,434,200 units at $0.10 per Unit for aggregate gross proceeds of $1,443,420. Each Unit consists of one common share and one-half of a common share purchase warrant ($0.18 cents). The Offering included a subscription from Marc Seelenfreund, CEO and director of the Company, for an aggregate of 360,000 Units.

The Company intends to use the net proceeds of the Offering for general corporate purposes including to bolster working capital to enable an acceleration of growth in the vast United-States market.

Aug. 4 - Closes Second and Final Tranche of Private Placement for a Total of $2,150,000. The Company closed on the sale of an additional 7,065,800 units at $0.10 per Unit for aggregate gross proceeds of $706,580 (the “Second Tranche”). Together with the first tranche, Siyata raised aggregate gross proceeds of $2,150,000.

The Company also announces the appointment of Daniel Kim as Vice President of Corporate Development for Siyata Mobile, effective immediately. Mr. Kim is a seasoned individual in the technology industry with demonstrated roles as a Technology Analyst for numerous firms such as Paradigm Capital and National Bank Financial.

Aug. 17 - Appoints Nicholas Yaeger as VP of Sales for the Company’s Verizon Account.

Aug. 20 - Aligns with Vive Wireless and Receives Initial Purchase Order.


In eight months, SIM.V went from a valuation of $0.30 to $0.11 cents and also hit a new 52 week low ($0.085 cents)!

Alliances | Purchase Orders

SIM.V announced a number of alliances for the period. Of note, in February it signed a "Supply Agreement with Global Land Mobile Radio and Software Vendor" for its UV350 . This was noteworthy because SIM.V specified:

"We anticipate the agreement will initially impact sales in the United States while opening up opportunities in various worldwide markets, including Canada, Australia, Asia, Europe, South America and many other countries” -SIM.V's CEO.

In March, SIM.V Launched the Uniden® UV350 with Verizon. In May, it entered the Southeast Asian Market with TASSTA. In July, an alliance with Hyperion Partners and August disclosed another with Vive Wireless.

Overall, eight releases included purchase orders amount from business segments and geographies totaling $4.91M.


In April, SIM.V launched its next Generation Signal Booster and its UR5 Rugged Smartphone Device.


SIM.V completed two private placement. One in June; Non-Brokered Private Placement in Unsecured Convertible Debenture: $0.30 cents for CDN$1,330,000 with Accel Telecom Ltd. which has a "management agreement" with SIM.V.

Also worth highlighting in the agreement: Each Convertible Debenture bears interest at a rate of 10.0% per annum from the date of issue, payable in cash quarterly in arrears.

Also remember that Accel Telecom Ltd. sold a third of its position back in 2017 which it has refreshed at $0.30 cents.


The second non-brokered private placement occurred at $0.10 cents for a total of $2.15M (warrant at $0.18 cents). In this placement, at the first tranche announcement: The Offering included a subscription from Marc Seelenfreund, CEO and director of the Company, for an aggregate of 360,000 Units.

In total SIM.V raised about $3.5M from two non-brokered private placements.


Earnings announcements for FY 2019 and Q1 2020 were postponed multiple times. On Apr. 24, SIM.V announced May 29 for FY 2019. Thereafter May 26, it provided a revised date of June 3. On June 1, it stated June 11 date to include Q1 2020.

At the FY 2019 Earning announcement (June 12) it disclosed that Q1 2020 would be release on or before June 30th.

Overall, there was no growth in FY 2019 compared to FY 2018 but nor the variation in revenue, comprehensive loss, or "cash at the end of the period" explain such a drop in valuation at face value. Similarly in Q1 2020 relative to Q1 2019.

However, SIM.V earnings have certainly not lived up to the anticipated impact of catalyst such as the First Net Launch.

Especially in relative growth. The company reports that its still "transitioning" but markets are forward looking vehicle.

In Short

As evidence by the Alliance and Purchase Orders, the specification from the Supply Agreement with Global Land Mobile Radio and Software Vendor, have come to be materialize as orders from Australia and Middle East were announced. However, it is still unclear to which extent these would impact North American sales in 2020.

In the context of a continually dropping stock price and postponement of the earnings, the proposed consolidation, took investors by surprise because it represents a significant departure from the narrative issued to date.

June 24Growing our sales in the US remains the primary focus for Siyata this year, and we are very pleased to announce this purchase order coming from a leading distributor working with major cellular carriers.” SIM.V's CEO.

Then on Friday June 26 ; "post-consolidation one for up to 300 pre-consolidation basis".

The reason for the precipitous fall in valuation for nearly seven months became evident.

Unfortunately, the rationale in the matter came on June 30. Again, not optimal.

The NASDAQ ambitions could have been made in better times (i.e. $0.40, $0.35, $0.30, $0.25, $0.20, $0.15 cents) but alas.

Recently, SIM.V raised funds at a discount and at near 52 week lows. Both Accel Telecom Ltd. and SIM.V CEO participated in both non-brokered placement. As a reminder SIM.V currently has a number of outstanding warrant at a much higher valuation. Fortunately, there is still time but material changes seems to be required from these levels.

Putting SIM.V's NASDAQ aspirations in perspective, SONM a competitor delivered Q2 2020 Earnings recently ($21.M revenue) closed at $0.91 USD yesterday. Hence, what is the relative premium would a NASDAQ investors want to pay for SIM.V at this junction (Q1 2020; $3.06M revenue)? SONM numbers also provides context for the target price given by both Stonegate Capital Partners: $0.97 ($0.70 to $1.43) and Fundamental Research ($1.14) on the TSX Venture.

At this point, the market is waiting for clarification regarding the timing of this listing. The hiring the VP of Corporate Development prior to the VP of Sales for Verizon (north of four months after launching at Verizon) also reflects poorly and does not help in alleviating concerns regarding potential consolidation.

Moreover, SIM.V has yet to demonstrate material earning growth from either the AT&T's FirstNet, Verizon, and/or its alliance with a Global Land Mobile Radio and Software Vendor it made earlier in the year.

If SIM.V wants a more favorable valuation on the exchange it currently trades on, it will need to clearly articulate, specific consolidation ratios, timing of the NASDAQ listing, and produce significant earnings growth going forth.

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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