Siyata Mobile appoints new director to its board

VANCOUVER - Siyata Mobile Inc. (NASDAQ:SYTA), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets, announced the appointment of Mr. Campbell Becher to its board of directors, effective September 1, 2024. The addition of Becher follows the resignation of former board member Stephen Ospalak.

With the latest appointment, Siyata's board now comprises four directors, three of whom hold independent status. Marc Seelenfreund, CEO of Siyata, expressed confidence in Becher's extensive background in investment banking and his potential contribution to the company's growth. Seelenfreund also extended gratitude to Ospalak for his past service.

Becher brings over two decades of experience in investment banking to Siyata's board. He is the CEO of IberAmerican Lithium and has a history of leadership positions, including founding Byron Capital Markets and serving as its CEO. His expertise extends to the sponsorship of industry conferences such as the Electric Metals Conference and the World Lithium Conference. Additionally, Becher is a board member at Royal Helium Ltd. and Strategic Minerals Europe Corp. and has prior experience as a Managing Director at Haywood Securities Inc.

Siyata Mobile specializes in providing rugged PTT handsets and accessories designed for first responders and enterprise workers to facilitate instant communication over cellular networks. The company's products are utilized by various organizations, including emergency services, schools, and utility companies. Siyata also offers in-vehicle communication solutions and cellular booster systems to support effective communication in various environments.

Siyata's common shares are traded on Nasdaq, and the company operates through a network of North American and international carriers and distributors. This announcement is based on a press release statement, and the information contained is intended for general corporate news purposes.

In other recent news, Siyata Mobile has reported a challenging second quarter in the fiscal year 2024, with a revenue decrease from $2.7 million in the same quarter of 2023 to $1.9 million. This decline was attributed to working capital constraints, which the company has addressed through recent capital raises. Despite these setbacks, Siyata Mobile remains optimistic due to a strong order backlog and potential growth in the latter half of the year.

Siyata Mobile has also secured a new partnership with a leading global mining company based in North America. This partnership includes an initial order of several hundred SD7 handsets and related accessories for deployment at a Canadian mining site. In addition, Siyata Mobile continues to supply UV350 Vehicle Kits to Intellicom, a long-time client in Kazakhstan, underscoring its presence in Central Asia's mining communications sector.

Looking forward, Siyata Mobile expects Q3 2024 revenue to be significantly higher than Q2 2024 and aims for high double-digit growth for the full year of 2024. New product launches planned for the coming months are expected to positively impact 2025 revenue. These recent developments emphasize Siyata Mobile's commitment to growth and expanding its market presence.

InvestingPro Insights

As Siyata Mobile Inc. (NASDAQ:SYTA) welcomes Campbell Becher to its board of directors, investors and stakeholders are closely monitoring the company's financial health and market performance. Siyata, known for its specialized communication devices, is navigating a challenging market landscape. According to real-time data from InvestingPro, Siyata's market capitalization stands at a modest $1.16 million. With a Price/Book ratio for the last twelve months as of Q2 2024 at 1.11, the company's stock is valued above its book value, which could indicate investor confidence in the company's assets relative to its current market price.

Despite a tough year, with a 1-year price total return as of late 2024 showing a steep decline of -99.68%, Siyata holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. This is a critical factor for investors considering the company's ability to weather financial storms and invest in growth opportunities. Moreover, analysts are anticipating sales growth in the current year, providing a glimmer of hope for potential recovery and progress.

For investors looking for more in-depth analysis and additional insights, there are 17 more InvestingPro Tips available, which offer a comprehensive look at Siyata's financial metrics and market performance. These tips can be found at https://www.investing.com/pro/SYTA, a valuable resource for those seeking to make informed investment decisions regarding Siyata Mobile Inc.

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