JEMTEC INC. TSX-V: JTC
VANCOUVER, BC, June 29, 2021 /CNW/ - JEMTEC Inc. (TSXV: JTC)
(the "Company") is pleased to provide an update on its Third
Quarter performance for the period ended April
30, 2021 and the Companies improving financial
situation, with no debt, strong liquidity and net worth.
Q3 Revenues
Revenues have increased by 8% during the quarter ended April 30, 2021 compared to the quarter ended
April 30, 2020 primarily due to
increased revenues from CSC. 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.
Q3 Expenses
During the quarter ended April 30,
2021, expenses increased by 9% compared to the quarter ended
April 30, 2020 primarily due to the
fluctuations in depreciation, directors' fees, foreign exchange,
monitoring and activation fees, office and travel
Q3 Income Tax
For the quarter ended April 30, 2021,
the Company recognized a provision for income tax expense of
$31,000 (2020 - $35,000). The current income tax expense was
related to income tax in Canada.
Q3 Net Income
For the quarter ended April 30, 2021,
the Company recorded a net income of $95,450, compared to a net income of $86,847 during the quarter ended April 30, 2020. This increase in net income is
primarily due to increase in monitoring and activation
revenues.
Q3 Liquidity
At April 30, 2021, the Company had
cash and cash equivalents of $1,615,920 and working capital of $1,632,351. 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 3 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 serv ices 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.