ProntoForms awarded funding for research and development
OTTAWA, Ont. – October 21st 2019 – ProntoForms Corporation (TSXV: PFM), the global leader in field-focused low-code application platforms (LCAP) for enterprise, is pleased to announce that it will receive funding of up to $750,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to further innovate and advance its product.
“2019 has provided ProntoForms with some landmark highlights, most notably our inclusion in Gartner’s Magic Quadrant (MQ) for Enterprise LCAP,” explains Glenn Chenier, ProntoForms Chief of Product. “The innovation that will stem from this NRC IRAP investment will help ProntoForms continue to develop its platform and become a mainstay in the field-centric enterprise LCAP market.”
Mr. Chenier continues, “Over the next two years, NRC IRAP funding will help grow the ProntoForms research and development team. This bolstered roster of talent will help accelerate the advancement of ProntoForms’ best-in-field platform.”
About ProntoForms Corporation
ProntoForms is the global leader in field-focused low-code application platforms for enterprise. The Company’s solution is used to create apps and forms to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to enterprise systems of record.
The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, the revenues anticipated to be received by the Company from recent contracts referred to above and anticipated market trends are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company’s business and value may not grow as anticipated or at all, revenue anticipated from contracts may not be received due to many risks, including factors specific to the customer, and anticipated market trends may not occur or continue. Historical growth levels and results may not be indicative of future growth levels or results. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Please see “Risk Factors Affecting Future Results” in the Company’s annual management discussion and analysis dated March 9, 2022 found at www.sedar.com for a discussion of such factors. ARR is calculated as the annual equivalent of the recurring elements of our contracts with customers that are in effect at the end of the period. It excludes one-time professional service fees and assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal, unless such renewal is known to be unlikely at period end. Please also refer to the Company’s management discussion and analysis for the year ended December 31, 2022 for a description of how the Company determines and uses ARR. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.