VANCOUVER, BC, Nov. 28,
2023 /CNW/ - JEMTEC Inc. (TSXV:
JTC) (the "Company") is providing
an update on its
performance for the year ended July 31, 2023 and the Companies
financial situation, with no debt, strong liquidity and
net worth.
Y/E Revenues
Revenues have decreased by 47% during the
year ended July 31, 2023 compared to
for the year ended July 31, 2022
primarily due to the loss of Ontario contract. The Company earned revenues
on its agreements with the Provinces of Saskatchewan, Nova
Scotia as well as the CSC. 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, 2023, expenses decreased by 16% compared
to the year ended July 31, 2022
primarily due to the fluctuations in consulting fees, equipment
rent and installation, monitoring and activation fees, and
shipping.
Y/E Income Tax
For the fiscal year ended
July 31, 2023, the Company recognized
a current income tax (recovery) expense of ($52,000)
(2022 - $219,000) and a deferred
income tax expense of $40,000 (2022 -
$11,000). The current income tax
(recovery) expense was related to income tax in Canada. The deferred income tax was related to
unrecognized deferred tax assets/liabilities.
Y/E Net Income
For the year ended July 31, 2023, the Company recorded a net loss of
$201,382, compared to a net
income of $550,957 during
the year ended July 31,
2022. This decrease in net income is primarily
due to loss of the Ontario
contract.
Y/E
Liquidity
As at July 31, 2023, the Company had cash and cash equivalents of $2,131,728 and working capital of
$2,236,853. 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
continue the process of reorganizing our business model with a
greater awareness on non-government contracts, we expect the
results should show positive returns going forward and we continue
to see the Company well positioned to grow its core business.
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
SOURCE Jemtec Inc.
