PITTSBURGH, April 18, 2017 /PRNewswire/ -- Geospatial Corporation (OTCQB Symbol "GSPH") reported sales for the 12 months ending December 31, 2016 of $769,671 an increase of 758% over the prior years sales of $89,700. Gross profit for the period was $509,889 compared to a loss of $65,933 in 2015.
Geospatial reported a net loss of $1,191,474, or $0.01 per share compared to a net loss of $796,278 in 2015. Geospatial was able to reduce total liabilities 37% from $4,761,904 in 2015 to $2,978,647 in 2016.
Mark Smith, CEO stated, "Geospatial's focus on providing an accurate, verified 3D depiction of a facility's underground infrastructure on a mobile platform like GeoUnderground is presenting Geospatial with larger facility-wide opportunities that should have a substantial positive impact on future revenue.
"Our revenue derived from the energy markets continues to grow as we introduce our services and continue to qualify as a service provider with additional energy companies. This activity is growing from our Houston operations.
"Finally, as a Google Cloud Technology Partner, we are working toward a marketing launch in conjunction with Google to introduce GeoUnderground and the suite of Geospatial services."
As a Google Cloud Technology Partner, Geospatial is uniquely positioned to provide management capabilities, technology, software and data management processes to owners of critical underground infrastructure located across the USA.
About Geospatial Corporation
Geospatial Corporation utilizes integrated technologies to determine the accurate location and position of underground pipelines, conduits and other underground infrastructure data allowing Geospatial to create accurate three-dimensional (3D) digital maps and models of underground infrastructure. Our website is www.GeospatialCorporation.com. The Company manages this critical infrastructure data on its cloud-based GIS portal called GeoUnderground, our proprietary GIS platform custom designed around the Google Maps API.
GeoUnderground, designed around the Google Maps API, is Geospatial's cloud-based GIS platform that provides clients with a total solution to their underground and aboveground asset management needs. Please feel free to download a free trial from this website: www.GeoUnderground.com. Geospatial is a Google Maps Technology Partner.
Forward Looking Statements
This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those laws. These forward-looking statements, if any, are based upon a number of assumptions and estimates that are subject to significant uncertainties that involve known and unknown risks, many of which are beyond our control and are not guarantees of future performance. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in any such forward-looking statements and any such difference may be caused by risk factors listed from time to time in the Company's news releases and/or its filings or as a result of other factors.
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SOURCE Geospatial Corporation