JEMTEC INC.TSX-V: JTC
VANCOUVER, BC, Dec. 20,
2023 /CNW/ -
JEMTEC Inc. (TSXV: JTC) (the "Company") is
pleased to provide an update on its
performance for the fiscal Quarter ended
October 31, 2023 (2024 Q1) and the
Companies situation, showing a quarterly profit, no debt,
strong liquidity and net worth.
Q1 Revenues
Revenues have increased by 2% during the
quarter ended October 31, 2023
compared to the quarter ended October 31,
2022. The Company earned revenues on its agreements with the
Provinces of Saskatchewan and CSC.
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, 2023, expenses decreased by 5%
compared to the quarter ended October 31,
2022 primarily due to the fluctuations in consulting fees,
equipment rent and installation, foreign exchange, monitoring and
activation fees, repairs and maintenance, and share-based payments,
shipping and travel.
Q1 Income Tax
For the quarter ended October 31, 2023, the Company recognized a
current income tax expense of $2,050
(October 31, 2022 - $nil) and a
deferred income tax expense of $nil (October
31, 2022 - $1,000 recovery).
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, 2023, the Company recorded a net
income of $8,007 compared to a net
loss of $16,627 during the quarter
ended October 31, 2022. This increase
in net income is primarily due to the decrease in expenses related
to the loss of contracts.
Q1 Liquidity
At October 31,
2023, the Company had cash and cash equivalents of
$2,219,999 and working capital of
$2,250,677. 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 pleased to record a profit and 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
release.
SOURCE Jemtec Inc.
