PHOENIX, April 11, 2018 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB:QMCI), a leading provider of market data and cloud-based financial applications, announced financial results for the fiscal year ended December 31, 2017. These results reflect a 7% increase in year-over-year revenue, from $8,870,155 in 2016 to $9,491,738 in 2017.

“We are very pleased with what we have accomplished this year.  We experienced another four straight quarters of quarter-over-quarter growth throughout this year, and we are looking forward to an even stronger 2018,” says Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “Revenues across all business lines showed improvement, and we completed a major debt conversion so that the company is now debt free.  2018 should be the strongest year in our company’s history.

“This year saw a significant expansion of all product lines, including our QMod™ series of proprietary HTML5 market data widgets. In collaboration with some of our larger clients, QuoteMedia developed several new QMod products to address specific industry needs, including: in-depth ETF and mutual fund analysis capabilities; responsive, adaptive portfolios; and custom index creation.  We are continuing to experience considerable demand for these products and anticipate that this will remain a major source of revenue growth for QuoteMedia.

“Our Quotestream Trader™ product, featuring integrated trading capabilities, was another important growth area in 2017.  Quotestream Trader interacts with our brokerage clients’ back-end trade execution and reporting platforms and enables synchronous trade execution and tracking of holdings.  Several Quotestream Trader deployments were completed in 2017, and more are scheduled for completion in the coming months.

“QuoteMedia also substantially expanded its data feed offerings in 2017, including the launch of our line of Custom Data APIs, and we released our new industry-leading Quotestream Mobile™ application. 

“Perhaps the most important development for QuoteMedia in 2017, however, is that, on December 28, 2017, we completed a major set of transactions wherein all of QuoteMedia's related party debt, totaling $12,374,100, was forgiven or converted to equity.  This means that the entire debt load of the company has been removed from our balance sheet; and we have eliminated approximately $1.3 million of annual interest costs. The result is a major strengthening of both the Company’s capital structure and its operating cost structure, and will significantly improve QuoteMedia’s operating results in 2018 and beyond.  More detailed information about these transactions can be found in our Form 8-K dated January 2, 2018.

“2017 was a successful year on many levels. We are determined to build on those successes and expect increased revenue growth and a significant improvement to our bottom line results in 2018.

“While we are very pleased with what we have accomplished in 2017 and excited about the year to come, we are saddened by the passing on March 19, 2018 of our longtime CEO, Keith Guelpa.  Keith served as our CEO and Director since 1999, and he will truly be missed by all of his colleagues and friends at QuoteMedia.” 

About QuoteMedia

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the NASDAQ Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CES), FIS, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, JPMorgan Chase, JitneyTrade, Hilltop Securities, HD Vest, Intrinsic Research Systems, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, Regal Securities, Credential Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, Industrial Alliance, TradeKing, Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Vision Financial Markets, Firstrade Securities, Divy Inc., Motif Investing, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, SNN Incorporated and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.

Statements about QuoteMedia's future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings and are subject to change at any time. QuoteMedia's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.

QuoteMedia
Dave Shworan, (877) 311-9911 ext. 101
contactus@quotemedia.com