JEMTEC INC.TSX- V: JTC
VANCOUVER, BC, Nov. 26, 2021 /CNW/ - JEMTEC Inc. (TSXV: JTC)
(the "Company") is pleased to provide an update on its
performance for the year ended July 31,
2021 and the Companies improving financial situation, with
no debt, strong liquidity and net worth.
Y/E Revenues
Revenues have increased by 8% during
the year ended July 31, 2021 compared
to for the year ended July 31, 2020
primarily due to increased revenues from CSC. 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.
Y/E Expenses
During the year ended July 31, 2021, expenses increased by 6% compared
to the year ended July 31, 2020
primarily due to the fluctuations in depreciation, directors' fees,
foreign exchange, monitoring and activation fees, office, repairs
and maintenance, salaries and benefits and travel.
Y/E Income Tax
For the fiscal year ended
July 31, 2021, the Company recognized
a current income tax expense of $166,000 (2020 - $170,000) and a deferred income tax recovery of
$51,000 (2020 - $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.
Y/E Net Income
For the year ended
July 31, 2021, the Company recorded a
net income of $561,610, compared to a
net income of $408,730 during
the year ended July 31,
2020. This increase in net income is primarily due
to increase in monitoring
and activation revenues and deferred income
tax recovery.
Y/E Liquidity
As at July 31, 2021, the Company had cash and cash equivalents of $1,662,606 and working capital of
$1,738,595. 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 Year End 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 serv ices 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.