Uniserve Communications Corporation (“Uniserve”) (TSX.V: USS) a provider of IT solutions and services to business and residential customers in Canada wishes to announce third quarter fiscal 2021 financial results. Q3 and Q3 year to date fiscal 2021 revenues decreased by 36% and 33% respectively as compared to the same periods in the prior fiscal year. Q3 fiscal 2021 Net Profit was $24K and Q3 year to date fiscal 2021 Net loss was $294K, as compared to Net loss of $1,002K and Net loss of $2,385K respectively for the prior year fiscal periods. In upcoming quarters the Company will continue focusing on generating recurring revenue through new higher profit margin product offerings while continuing to focus on cost savings.
Uniserve Communications Corporation    
Condensed interim consolidated statements of comprehensive profit and loss  
(Expressed in Canadian dollars)        
         
  Three months ended Nine months ended 
    February 282021     February 292020     February 282021     February 292020  
         
Revenue $ 1,791,308   $ 2,814,377   $ 5,319,410   $ 7,898,932  
Cost of revenues   964,286     1,764,540     3,038,137     4,835,437  
    827,022     1,049,837     2,281,273     3,063,495  
         
Expenses        
Operations and service delivery expenses   506,239     939,605     1,636,314     3,355,622  
Sales and marketing   142,506     318,972     407,256     842,835  
Amortization of property and equipment   94,659     181,543     331,508     537,267  
Amortization of intangible assets   17,322     33,123     56,017     154,609  
    760,726     1,473,243     2,431,095     4,890,333  
         
Operating Income (Loss)   66,296     (423,406 )   (149,822 )   (1,826,838 )
         
Other Expenses (Income)        
Finance charges   55,435     64,126     183,834     202,261  
Gain on foreign exchange   (1,006 )   2,280     (27,797 )   (22,549 )
Gain on settlements and reversals of debts   (6,000 )   (37,799 )   (6,000 )   (171,714 )
Finance Income   (6,138 )   -     (6,138 )   -  
Impairment of goodwill   -     550,000     -     550,000  
    42,290     578,606     143,899     557,998  
         
Net and Comprehensive Profit (Loss) for the period $ 24,006   $ (1,002,012 ) $ (293,721 ) $ (2,384,836 )
                         

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.

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.

Walter Schultz 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.

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