Victory Square Technologies Inc. (“Victory Square”) (CSE:VST)
(OTC:VSQTF) (FWB:6F6), a company that gives investor access to a
portfolio of the best and brightest entrepreneurs and innovations
from around the world in a single stock, is pleased to announce
that its portfolio company Hydreight Technologies Inc.
("Hydreight'' or the "Company") (TSXV: NURS)(FSE: SO6)(OTCQB:
HYDTF) achieved CAD$1.4 million in monthly top line non-GAAP
revenue (Adjusted Revenue)** in March 2023. This represents a 201%
increase from March 2022.
“Hydreight recently announced record revenue for fiscal year
2022, and they’ve kept up the momentum in 2023. Victory Square owns
73.72% of Hydreight, so its success will have a huge impact on
Victory Square and our shareholders.” Said Shafin Diamond Tejani,
CEO of Victory Square Technologies.
Hydreight’s monthly revenue has been steadily increasing over
the past year as the presence of the platform grows throughout the
U.S. The Company believes the following Non-GAAP** financial
measures provides meaningful insight to its shareholders in
understanding the Company’s performance, and may assist in the
evaluation of the Company’s business relative to that of its
peers:
|
|
2023 |
|
|
|
2022 |
Growth |
|
Adjusted Revenue |
$ |
1,448,509 |
|
|
$ |
480,825 |
201 |
% |
Deduct - deferred business partner contract revenue |
|
(222,908 |
) |
|
|
74,519 |
|
Deduct - business partner payouts on application service gross
revenue |
|
524,294 |
|
|
|
149,466 |
|
GAAP Revenue |
$ |
1,147,123 |
|
|
$ |
256,841 |
|
|
|
|
|
|
Adjusted
Gross Margin |
$ |
374,863 |
|
|
$ |
105,548 |
255 |
% |
Deduct - deferred business partner contract revenue |
|
(222,908 |
) |
|
|
74,519 |
|
Deduct - inventory impairment |
|
- |
|
|
|
- |
|
GAAP Gross Margin |
$ |
597,771 |
|
|
$ |
31,029 |
|
** See Use of Non-GAAP Financial Measures
“We are focused on rapidly scaling our user base, and are
achieving revenue growth throughout all channels including
subscriber signups, pharmacy orders, and service delivery,” said
Shane Madden, CEO of Hydreight. “This traction has been largely
organic, which demonstrates that we have found a legitimate problem
in the market and have created the right solution to solve it.”
Hydreight’s on-demand home healthcare and wellness platform
makes it possible for anyone to book health and wellness services
from registered nurses and other licensed providers in the comfort
of their own homes.
Providers on the platform are empowered to be their own bosses,
make their own hours, and deliver services outside of traditional
medical settings. They work independently with the oversight of a
Hydreight medical director and have access to a digital pharmacy,
as well as a full suite of HIPAA-compliant tools to manage their
businesses.
“We have placed a particular emphasis on ensuring that service
providers on the platform are successfully growing their
businesses, and we have a variety of initiatives in the works in
this area,” added Madden. “The old adage is correct: take care of
your customers, and they will take care of you.”
Victory Square will be hosting a live Q&A investor webinar
with Hydreight Technologies CEO Shane Madden on Friday, May 26
during which participants will have the opportunity to ask
questions in a group format.
Please see details for the webinar below:
Date: Friday, May 26th,
2023Time: 10:30 am PST - 11:30 am PST (1:30 pm EST
- 2:30 pm EST)Location: via zoom
Register here:
https://us06web.zoom.us/webinar/register/WN_gIIZPr9HTF2DgKdI_XMBEA
About Hydreight Technologies Inc.
Hydreight Technologies Inc. (TSXV: NURS) is a home healthcare
and wellness platform, and medical network, that bridges the gap
between provider compliance and patient convenience, empowering
nurses, med spa technicians, and other licensed healthcare
professionals to deliver services independently, on their own
terms, or add mobile services to existing location-based
operations. The network offers medical director oversight,
liability insurance, HIPAA-compliant documentation, competitively
priced prescriptions via a 503B licensed pharmacy, and more. The
platform includes a built-in, easy-to-use suite of fully-integrated
tools for accounting, documentation, sales, inventory, booking,
managing patient data, and more, making it possible to deliver
fully-compliant mobile medicine across 50 states. Learn more at
Hydreight.com.
Patients can download Hydreight from the Apple App Store or
Google Play Store, and prospective service providers can sign up
at: Hydreight.com/start-a-business/
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
OfficerVictory Square Technologies Inc.www.victorysquare.com
For further information about Victory
Square, please contact:
Investor Relations Contact – Abbey VogtEmail:
ir@victorysquare.comTelephone: 604 283-9166
Peter Smyrniotis – DirectorTelephone: 604
283-9166
**Use of Non-GAAP Financial
Measures:
This release contains references to non-GAAP financial measures
Adjusted Revenue and Adjusted Gross Margin. The Company defines
Adjusted Revenue as gross cash income before adjustment for the
deferred portion of business partner contract revenue and gross
receipts from Hydreight App service sales. The Company defines
Adjusted Gross Margin as GAAP gross margin plus inventory
impairment plus the deferred portion of business partner contract
revenue. The Company believes that the measures provide information
useful to its shareholders and investors in understanding the
Company’s operating cash flow growth, user growth, and cash
generating potential and may assist in the evaluation of the
Company’s business relative to that of its peers more accurately
than GAAP financial measures alone. This data is furnished to
provide additional information and does not have any standardized
meaning prescribed by GAAP. Accordingly, it should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP and is not necessarily
indicative of other metrics presented in accordance with GAAP.
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 early-stage access to
the next unicorns before they’re unicorns. Our portfolio represents
a uniquely liquid and secure way for investors to get access to the
latest cutting-edge technologies. Because we focus on market-ready
solutions that scale quickly, we’re able to provide strong and
stable returns while also tapping into emerging global trends with
big upsides.
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.
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