JEMTEC INC.TSX- V: JTC
VANCOUVER, BC, March 30, 2022 JEMTEC Inc. (TSXV:
JTC) (the "Company") is pleased to provide an
update on its Second Quarter performance for the
period ended January 31, 2022
and the Companies improving financial situation,
with no debt, strong liquidity and net worth.
Q2 Revenues
Revenues have increased by 12% during
the quarter ended January 31, 2022
compared to the quarter ended January 31,
2021 primarily due to increased revenues from SOLGEN and the
province of Saskatchewan. The
Company earned revenues on its agreements with the Provinces of
Saskatchewan, Nova Scotia as well as the CSC and SOLGEN. The
Company also earned revenues from private bail clients by
presenting the release plans for court cases.
Q2 Expenses
During the quarter ended January 31, 2022, expenses increased by 13%
compared to the quarter ended January 31,
2021 primarily due to the fluctuations in depreciation,
directors' fees, equipment rent and installation, foreign exchange,
monitoring and activation fees, professional fees and repairs and
maintenance.
Q2 Income Tax
For the quarter ended January 31, 2022, the Company recognized a
current income tax expense of $54,000
(January 31, 2021 - $45,000) and a deferred income tax expense of
$4,000 (January 31, 2021 - $Nil). The current income tax
expense was related to income tax in Canada. The deferred income tax recovery was
related to unrecognized deferred tax assets.
Q2 Net Income
For the quarter ended
January 31, 2022, the Company recorded
a net income of $153,461, compared to a
net income of $149,396 during the
quarter ended January 31, 2021. This
increase in net income is primarily associated with the increase in
leasing, monitoring and activation revenue.
Q2 Liquidity
At January
31, 2022, the Company had cash and cash equivalents of $1,953,217 and working capital
of $2,124,500. All cash and cash
equivalents are on deposit with a Schedule I bank in Canada in current or interest accruing
accounts.
Eric Caton, President and CEO
said, "We are very pleased with the Q 2 results and we continue to
see a profitable and stable path ahead with the Company well
positioned to grow its core business and increase market share."
Jemtec has provided a full spectrum of monitoring technologies and
services to provincial and federal correctional and border services
across Canada since 1987 and in
doing so has built a reputation for offering the best technological
solutions and support for use in this demanding environment.
FORWARD-LOOKING STATEMENTS
This news release contains
forward-looking statements, which relate to future events
or future performance and reflect
management's current expectations and
assumptions. Such forward -
looking statements reflect management's
current beliefs and are based
on assumptions made by and information
currently available to the Company. Investors are cautioned
that these forward looking statements are neither promises nor
guarantees, and are subject to risks and uncertainties that may
cause future results to differ
materially from those expected.
These forward-looking statements are made as of the date hereof and,
except as required under applicable securities legislation,
the Company does not assume any obligation to
update or revise them to
reflect new events or circumstances.
Neither the TSX Venture
Exchange nor its Regulation Services
Provider (as that term is defined in the
policies ofthe TSX Venture Exchange)
accepts responsibility for the adequacy
or accuracy of this release.
SOURCE Jemtec Inc.
