JEMTEC INC.TSX- V: JTC
VANCOUVER, BC, Dec.
17, 2021 /CNW/ - JEMTEC Inc. (TSXV: JTC) (the "Company")
is pleased to provide
an update on its Third
Quarter performance for the period ended October
31, 2021 and the Companies improving financial
situation, with no debt,
strong liquidity and net worth.
Q1 Revenues
Revenues have increased by 26% during
the quarter ended October 31, 2021
compared to the quarter ended October
31, 2020 primarily due to increased revenues from CSC,
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.
Q1 Expenses
During the quarter ended October 31, 2021, expenses increased by 12%
compared to the quarter ended October 31,
2020 primarily due to the fluctuations in depreciation,
directors' fees, monitoring and activation fees, office,
professional fees, repairs and maintenance and travel.
Q1 Income Tax
For the quarter ended
October 31, 2021, the Company
recognized a current income tax expense of $77,000 (October 31,
2020 - $48,000) and a deferred
income tax expense of $2,000
(October 31, 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.
Q1 Net Income
For the quarter ended
October 31, 2021, the Company
recorded a net income of $213,891
compared to a net income of $139,561
during the quarter ended October 31,
2020. This increase in net income is primarily due to
increase in monitoring and activation revenues.
Q1 Liquidity
At October
31, 2021, the Company had cash and cash equivalents of
$2,023,154 and working capital
of $1,958,910. 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 1 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 of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Jemtec Inc.
