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RESAAS Services to focus on lifting sales in 2018, says Rossiter

Proactive Investors Thursday, 17 May 2018
RESAAS Services Inc (CVE:RSS, OTCMKTS:RSASF) says it will focus on increasing sales in fiscal 2018 as chief executive Tom Rossiter updated on  achievements for this and last year. The real estate focused cloud platform boss, said the company would focus particularly on midsize real-estate brokerages with the goal of driving further revenue growth and maintaining the current level of revenue derived from recurring income. It also plans to integrate Real-Block Inc's technology into its existing platform, with the goal of enhancing and expanding referral services. Resaas acquired Real-Block Inc, a Toronto-based company holding a real estate blockchain application in 2017. Resaas is beginning the process of integrating its Ethereum-based blockchain into the former's current workflows with a focus on agent referral applications. Among 2017's achievements, said Rossiter, was  increasing revenue by 50% in fiscal 2017 compared to 2016, 90% of which was, by the fourth quarter, revenue derived from recurring income (compared to 50% in the first quarter of fiscal 2017). Also, reducing the cash burn rate in each month of fiscal 2017 and securing a team of experienced sales personnel to provide new sales and marketing strategies to RESAAS, as well as to begin targeting and selling to the commercial real estate sector. Shares in Toronto were unchanged at C$0.48.

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