JEMTEC INC.
TSX- V: JTC
VANCOUVER, BC, June 29,
2022 /CNW/ - JEMTEC Inc. (TSXV:
JTC) (the "Company") is pleased to provide
an update on its Third
Quarter performance for the period
ended April 30, 2022 and the
Companies
improving financial situation, with no debt, strong
liquidity and net worth.
Q3 Revenues
Revenues have increased by 20% during the quarter ended
April 30, 2022 compared to the
quarter ended April 30, 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.
Q3 Expenses
During the quarter ended April 30,
2022, expenses increased by 16% compared to the quarter
ended April 30, 2021 primarily due to
the fluctuations in depreciation, equipment rent and installation,
foreign exchange, monitoring and activation fees, professional
fees, repairs and maintenance, and share-based payments.
Q3 Income Tax
For the quarter ended April 30,
2022, the Company recognized a current income tax expense of
$53,000 (April
30, 2021 - $31,000) and a
deferred income tax expense of $3,000
(April 30, 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.
Q3 Net Income
For the quarter ended April 30,
2022, the Company recorded a net income of $118,347, compared to a net income of
$95,450 during the quarter ended
April 30, 2021. This increase in net
income is primarily due to increase in leasing, monitoring and
activation revenues.
Q3 Liquidity
At April 30, 2022, the Company had
cash and cash equivalents of $2,068,396 and working capital of $2,255,446. All cash and cash equivalents are on
deposit with a Schedule I bank in Canada in current or interest accruing
accounts.
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 of the TSX Venture Exchange)
accepts responsibility for the adequacy
or accuracy of this release.
SOURCE Jemtec Inc.
