USS Uniserve Communications Corporation

Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce third quarter fiscal 2020 financial results.

Q3 and Q3 year to date fiscal 2020 revenues decreased by 23% and 16.5% respectively as compared to the same periods in the prior fiscal year.  Q3 fiscal 2020 Net loss was $1,002K and Q3 year to date fiscal 2020 Net loss was $2,385K, as compared to Net loss of $218K and Net loss of $2,328K respectively for the prior year fiscal periods.  Included in the current quarter Net Loss was $550K of goodwill writedown and a $165K provision for a doubtful account for a large customer for which collections action continues.  During the current February quarter and following, the Company has reduced its number of staff by approximately 30 percent as it continues to focus on cost cutting measures.

Uniserve Communications Corporation
Condensed Interim Consolidated Statements of Comprehensive Loss
(Expressed in Canadian dollars)
	Three months ended						Nine months ended
	February 29			February 28			February 29			February 28
		2020			2019			2020			2019
Revenue	$	2,814,377		$	3,652,248		$	7,898,932		$	9,459,690
Cost of revenues		1,764,540			2,401,670			4,835,437			5,978,133
		1,049,837			1,250,578			3,063,495			3,481,557
Expenses
Operations and service delivery expenses		939,605			912,854			3,355,622			4,052,137
Sales and marketing		318,972			276,051			842,835			917,729
Amortization of property and equipment		181,543			130,062			537,267			377,482
Amortization of intangible assets		33,123			26,341			154,609			90,274
		1,473,243			1,345,308			4,890,333			5,437,622
Operating Loss		(423,406	)		(94,730	)		(1,826,838	)		(1,956,065	)
Other Expenses (Income)
Finance charges		64,126			79,375			202,261			247,789
Loss (Gain) on foreign exchange		2,280			41,772			(22,549	)		99,074
Impairment of Goodwill		550,000			-			550,000			-
Loss (Gain) on settlements and reversals of debts		(37,799	)		2,117			(171,714	)		24,782
		578,606			123,264			557,998			371,645
Net Comprehensive Loss for the period	$	(1,002,012	)	$	(217,994	)	$	(2,384,836	)	$	(2,327,710	)

About Uniserve

Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact.  The unique selling proposition of the business is “SMART” People, Solutions, and Technology with over 13,000 customers spread across residential and enterprise centered around Vancouver, Calgary and Kitchener-Waterloo.

Uniserve prides itself on world class customer service based in Canada.  When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

Learn more at www.uniserve.com or at www.sedar.com.

Michael C. Scholz Chairman of the Board

For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.

Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.