Victory Square Technologies Inc. (“Victory Square” or the
“Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives
investor access to a portfolio of 25+ innovative companies from
around the world in a single stock, announces it has filed its
Audited Annual Consolidated Financial Statements for the year ended
December 31st, 2023 along with its Management Discussion and
Analysis (MD&A).
Company:
Victory Square is a Venture Builder that provides
investors a liquid way to invest in early-stage technology
companies without buying a venture fund that requires accredited
investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the
world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia,
India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI),
Machine Learning (ML), Blockchain/Web3, Virtual & Augmented
Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx. 15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build
and invest in early stage tech companies. We spend upwards of 48
months with those companies until they're ready to spin-off or
stand on their own. There are a couple of unique elements to our
business model…
- We have unparalleled access to startups through our internal
incubator and International network with over 250+ founders,
investors, tech accelerators and venture capital firms from more
than 60 countries.
- Second, our management team and advisors are actively involved
in our investments from incubation through monetization, providing
them with financial, operational, and strategic support to scale
globally.
- We drive value by monetizing investments and reinvesting the
gains in new innovations. The strategy was to build a
self-sustaining business.
Financial Highlights
The Company’s consolidated financial statements
comprise the financial statements of the Company and its
subsidiaries: Futura Health and Wellness Inc. (“Futura”), Hydreight
Technologies Inc. (“HTI”), Victory Square Digital Health Inc. (“VS
Digital Health”), Draft Label Technologies Inc. (“Draft Label”), XR
Immersive Tech Inc. (“XRI”) and Synthesis VR Inc. (“SVR”), PDL USA
Inc. (“PDL USA”), BlockX Capital Corp. (“BlockX Capital”), VS
Blockchain Assembly (“VS Blockchain”), Insu Therapeutics Inc.
(“Insu”)
Victory Square invests in early-stage technology
companies. Increases and decreases in the value of those companies
have the greatest impact on the results of operations of the
Company from quarter to quarter. It is within the business cycle to
see periods of net losses when first investing in a new company,
spending up to 48 months incurring expenses and building the
business, and then in subsequent periods realizing the gains and
revenues from those early investments.
The net loss for the year ended December 31, 2023,
is primarily due to the fair value write-down on portfolio
investments due to the market environment as well as operating
losses from consolidated subsidiaries.
Revenue
Revenue for the year ended December 31, 2023, was
$12,055,070 compared to $5,929,096 for the corresponding prior year
period.
Cost of Goods Sold
Cost of goods sold for the year ended December 31,
2023, was $6,564,681 compared to $2,672,672 for the corresponding
prior year period.
Gross Margin
The gross margin for the year ended December 31,
2023 was $5,490,389 compared to $3,256,424 for the corresponding
prior year period.
Cash & liquid securities
approx. $4,903,363
The Company’s consolidated financial statements
for the year ended December 31, 2023 along with its Management
Discussion and Analysis (MD&A) are available under the
Company’s profile on SEDAR (www.sedar.com).
Portfolio Companies
The table below sets out Victory Square Portfolio
Companies as at the date December 31, 2023.
Subsidiary |
Vertical |
VS Digital Health Inc. ("VS Digital Health") |
Digital Health, Online Pharmacy, Diagnostic Testing, Artificial
Intelligence (AI), Machine Learning (ML) |
Hydreight Technologies Inc. (“HTI”) |
Digital Health, Online Pharmacy, Diagnostic Testing, Artificial
Intelligence (AI) |
Futura Health & Wellness Inc. (“Futura”) |
Digital Health, Online Pharmacy, Diagnostic Testing, Longevity,
Biohacking, Artificial Intelligence (AI), Machine Learning
(ML) |
Draft Label Technologies Inc. ("Draft Label") |
Digital Health, Online Pharmacy, Diagnostic Testing, Artificial
Intelligence (AI), Machine Learning (ML) |
PDL USA Inc. ("PDL USA") |
Custom Software Development |
XR Immersive Tech Inc., (formerly Fantasy 360 Technologies Inc)
("XR Immersive Tech") |
Virtual Reality (“VR”), Augmented Reality (“AR”), Artificial
Intelligence (AI), Machine Learning (ML), Web3 |
Synthesis VR Inc. (“Synthesis”) |
Virtual Reality (“VR”), Augmented Reality (“AR”), Artificial
Intelligence (AI), Machine Learning (ML), Game Development,
Web3 |
Insu Therapeutics Inc. ("Insu") |
Injectables Medicines, Peptide–Based Medicines, Diabetes Treatment,
Non-Invasive Oral Insulin Delivery Technology |
VS Blockchain Assembly Inc. ("VS Blockchain") |
Blockchain, Web3, Artificial Intelligence (AI), Machine Learning
(ML) |
BlockX Capital Corp. (“BlockX”) |
Blockchain, Web3, Artificial Intelligence (AI), Machine Learning
(ML) |
Portfolio Company |
Vertical |
Victory Square Health Inc. ("VS Health") |
Digital Health, Diagnostic Testing, Artificial Intelligence (AI),
Machine Learning (ML) |
Cassia Research Inc., doing business as CoPilot AI ("CoPilot
AI") |
Artificial intelligence (AI), Machine Learning (ML), Sales &
Marketing Automation |
Cloud Benefit Solutions Inc., doing business as Cloud Advisors
("Cloud Advisors") |
Insurance Tech, Artificial Intelligence (AI), Machine Learning
(ML) |
MLVX Technologies Inc., doing business as Metaspectral (1)
("Metaspectral") |
Artificial intelligence (AI), Machine Learning (ML), Computer
Vision |
FansUnite Entertainment Inc. ("FansUnite") |
Sports Betting, Gaming, Esports |
Flo Digital Inc. (1) ("Flo Digital") |
Virtual Reality (“VR”), Augmented Reality (“AR”), Metaverse,
Web3 |
Kyn Biosciences Inc. (1) ("Kyn") |
Plant-based Science |
Howyl Ventures Inc., doing business as Capaciti (1)
("Capaciti") |
Web3, Future of Work |
Turnium Technology Group Inc. (formerly Multapplied Networks Inc.)
("Turnium") |
Software Defined Wide Area Network Platforms (SD-WAN) |
Next Decentrum Technologies Inc. ("Next Decentrum") |
Web3, Blockchain, NFTs, Artificial Intelligence (AI), Machine
Learning (ML) |
PayVida Solutions Inc. (1) ("PayVida") |
Fintech |
Silota Research and Development Inc. ("Silota") |
Web3, Blockchain, DeFi, Data Infrastructure |
Anonymous Intelligence Company Inc. (“ANON”) |
Web3, EdTech, Artificial Intelligence (AI), Machine Learning
(ML) |
Stardust Solar Technologies Inc. (“Stardust Solar”) |
Solar Energy, Renewables, EV Charging |
Flora Growth Corp. (1) (“Flora Growth Corp.”) |
Plant-based Science |
GameOn Entertainment Technologies Inc. ("GameOn") |
Web3, Blockchain, Gaming, NFTs, Sports, Entertainment |
|
|
Recent Investor Webinars:
Victory Square Technologies Portfolio Company
Hydreight Technologies Victory Square Technologies Portfolio
Company Insu Therapeutics Victory Square Technologies Portfolio
Company XR Immersive Tech Victory Square Technologies Investor
Q&A Webinar with CEO Shafin Tejani Victory Square Technologies
Portfolio Company Stardust Solar Investor Q&A
“We have built a portfolio full of phenomenal
companies, we have a strong team and a robust pipeline of catalysts
to continue our growth trajectory. We are confident that this
momentum will continue in 2024. We’d like to thank our loyal
shareholders and look forward to creating long-term value for
Victory Square, its network of companies and our shareholders.”
Shafin Diamond Tejani, CEO Victory Square
Sign up to VST’s official newsletter at
www.VictorySquare.com/newsletter
On behalf of the Board of Directors
“Shafin Diamond Tejani” Director and Chief
Executive Officer Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory
Square, please contact:
Investor Relations Contact – Abbey Vogt Email:
ir@victorysquare.comTelephone: 604 283-9166
Peter Smyrniotis – Director Telephone: 604
283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES
INC.
Victory Square (VST) builds, acquires and invests
in promising startups, then provides the senior leadership and
resources needed for fast-track growth. VST’s sweet spot is
cutting-edge tech that’s shaping the 4th Industrial Revolution. Our
corporate portfolio consists of 25+ global companies using AI,
VR/AR, and blockchain to disrupt sectors as diverse as fintech,
insurance, health and gaming.
What we do differently for
startups
VST isn’t your ordinary investor. With real skin
in the game, we’re committed to ensuring each company in our
portfolio succeeds. Our secret sauce starts with selecting startups
that have real solutions, not just ideas. We pair you with senior
talent in product, engineering, customer acquisition and more. Then
we let you do what you do best — build, innovate and disrupt. In
24-36 months, you’ll scale and be ready to monetize.
What we do differently for
investors
For investors, we offer a liquid way to invest in
some of the world’s most innovative early-stage technology
companies without buying a venture fund that requires accredited
investor status or multi-year commitments. It also can be purchased
by non-accredited investors who are restricted from buying venture
funds. Our portfolio provides a uniquely liquid, and transparent
way for investors to get access to the latest technologies and
emerging global trends. It is an excellent way to diversify into
early-stage venture.
VST invests primarily in leading edge technology,
such as artificial intelligence (AI), machine learning (ML),
digital health, blockchain, gaming and climate tech, which provide
the potential for high growth and returns.
Victory Square integrates a strong ESG
(environmental, social and corporate governance) component
throughout its operations. Our portfolio highlights minority
entrepreneurs, often overlooked by traditional investors, including
many from developing countries. We are also dedicated to giving
back to the communities in which we serve and operate. The
Company’s mandate is to assist organizations through its time,
talent and treasure. The Company is committed to organizations that
provide services in the youth, mental health, special needs, sport,
tech, education, marginalized groups, First Nations, and
accessibility sectors.
VST is a publicly-traded company headquartered in
Vancouver, Canada, and listed on the Canadian Securities Exchange
(VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit
www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE
(CSE) The Canadian Securities Exchange, or CSE, is
operated by CNSX Markets Inc. Recognized as a stock exchange in
2004, the CSE began operations in 2003 to provide a modern and
efficient alternative for companies looking to access the Canadian
public capital markets.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking
information” within the meaning of applicable securities laws
relating to the outlook of the business of Victory Square and its
portfolio companies, including, without limitation, statements
relating to future performance, execution of business strategy,
future growth, business prospects and opportunities of Victory
Square and its related subsidiaries and portfolio companies,
including those items listed under the heading “Net Asset Value
(“NAV”) Update”, “Notable Portfolio Highlights” and other factors
beyond our control. Such forward-looking statements may, without
limitation, be preceded by, followed by, or include words such as
“believes”, “expects”, “to be”, “anticipates”, “estimates”,
“intends”, “plans”, “continues”, “project”, “potential”,
“possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook”
or similar expressions, or may employ such future or conditional
verbs as “may”, “might”, “will”, “could”, “should” or “would”, or
may otherwise be indicated as forward-looking statements by
grammatical construction, phrasing or context. All statements other
than statements of historical facts contained in this news release
are forward-looking statements. Forward-looking information is
based on certain key expectations and assumptions made by the
management of Victory Square. Although Victory Square believes that
the expectations and assumptions on which such forward looking
information is based are reasonable, undue reliance should not be
placed on them because Victory Square can give no assurance that
they will prove to be correct. Although Victory Square believes
that the expectations reflected in forward-looking statements in
this press release are reasonable, such forward-looking statements
has been based on expectations, factors and assumptions concerning
future events which may prove to be inaccurate and are subject to
numerous risks and uncertainties, certain of which are beyond the
Victory Square’s control, including, but not limited to, the risk
factors discussed in the continuous disclosure materials of the
Victory Square which are available under the Victory Square’s
profile on SEDAR at www.sedar.com. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement and are made as of the date hereof. Actual
results and developments may differ materially from those
contemplated by these statements. The statements contained in this
news release are made as of the date of this news release. Victory
Square disclaims any intent or obligation to update publicly any
forward-looking information, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.
The Canadian Securities Exchange has neither
approved nor disapproved the contents of this news release and
accepts no responsibility for the adequacy or accuracy hereof.