TORONTO, May 30, 2023
/CNW/ - Fintech Select Ltd. ("Fintech Select" or the
"Company") (TSXV: FTEC) is pleased to announce financial
results for the quarter ended March 31,
2023, wherein the Company achieved a net profit of
$454,600. In addition, while
anticipating some revenue ebbs and flows on account of ordinary
seasonality, management remained confident in continued
profitability for the Company for the foreseeable future. To the
Company, this robust financial performance reflects the next stage
of its growth, which follows on a concerted effort by management to
cleanse its balance sheet and to renegotiate supplier and other
contracts in efforts to better streamline costs and liabilities.
Among the catalysts for the Company's financial growth was its
business customer service center, which the Company feels is
capable of continuing to deliver consistent and stable recurring
revenues.
"Our latest quarterly financial results are a testament to our
persistent mantra that starting with a laser focus on cleansing and
maintaining a healthy balance sheet will then pave the way for
strong opportunities in sustainable growth and business
development. We feel these financial results serve as a true
testament to our philosophy in action," said Mohammad Abuleil, CEO and President of the
Company. "We are proud of the milestones we have reached, and it is
gratifying to see our efforts translate onto the bottom line."
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive
Pre-Paid Card programs and e-wallet payment solutions. Fintech
Select has enabled these core assets, which operate through
separate divisions to work together harmoniously, to create a new
and ubiquitous environment for consumers and businesses
alike. Fintech Select also operates an international
call centre that provides fulfillment and customer service support
to customers across all the company's platforms. Our mission is to
provide customers with choice, convenience and cost-effective ways
to facilitate traditional and crypto financial
transactions.
Follow us on:
https://www.facebook.com/FintechSelect
https://twitter.com/fintech_select
https://www.instagram.com/fintechselect
https://www.linkedin.com/company/fintechselect/
Neither 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.
Forward Looking Information:
This news release contains "forward-looking information"
within the meaning of applicable securities laws. Readers are
cautioned to not place undue reliance on forward-looking
information. Actual results and developments, such as the Company's
ability to sustain net profits based on actual recurring revenue,
may differ materially from those contemplated by these statements.
The statements in this press release are made as of the date of
this release. Fintech undertakes no obligation to comment on
analyses, expectations or statements made by third-parties in
respect of its securities, financial or operating results (as
applicable) or prospects as to the effective implementation of
strategies or initiatives or future revenue levels. Fintech
disclaims any intent or obligation to update publicly any
forward-looking information, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.
SOURCE Fintech Select Ltd.
