Toronto, Ontario--(Newsfile Corp. - May 28, 2024) - American Aires Inc. (CSE: WIFI) (OTCQB: AAIRF) (" Aires " or the " Company "), a pioneer in cutting-edge technology designed to protect against electromagnetic radiation and optimize human health, is pleased to announce filing of the Company's Financial Statements and Management's Discussion & Analysis (MD&A) for Q1 2024.
Quarterly performance was in line with Aires management's expectations, with a strong 37% YoY increase in sales despite expected Q1 consumer spending weakness due to Q4's traditionally increased seasonal purchases. Management also notes that order volume growth has materially increased in April 2024 to 47% YoY and to date in May 2024 to 132% YoY. The Company improved its balance sheet in the quarter, with cash balance going from $0.
03M in Q4 2023 to $2.3M in Q1 2024, thanks to an oversubscribed $4,000,000 financing in February 2024. Subsequent to Q1 2024, the Company further strengthened its treasury by closing a financing in 2 tranches in May 2024 for gross proceeds of $3,770,465 to Aires.
American Aires CEO, Josh Bruni, commented: "Now that Q1 and our heavy lifting on the IR front are behind us, we're refocusing our efforts on deploying the capital we raised across 3 major fronts: forging prominent new marketing partnerships, building universal brand awareness, and expanding internationally. In other words, continuing to do what's enabled our multi-year trajectory of significant revenue growth so we can m.
