Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce second quarter fiscal 2020 financial results. Q2 and Q2 year to date fiscal 2020 revenues decreased by 14% and 12% respectively as compared to the same periods in the prior fiscal year. Q2 fiscal 2020 Net loss was $988K and Q2 year to date fiscal 2020 Net loss was $1,383K, as compared to Net loss of $870K and Net loss of $2,110K 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 Loss
(Expressed in Canadian dollars)
           
    Three months ended November 30, Six months ended November 30,
      2019     2018     2019     2018  
           
Revenue   $ 2,497,157   $ 2,889,990   $ 5,084,555   $ 5,807,442  
Cost of revenues     1,509,093     1,680,479     3,070,897     3,576,463  
      988,064     1,209,511     2,013,658     2,230,979  
                           
Expenses          
Operations and service delivery expenses     1,447,867     1,566,618     2,416,017     3,139,283  
Sales and marketing     237,588     247,295     523,863     641,678  
Amortization of property and equipment     178,686     123,486     355,724     247,420  
Amortization of intangible assets     59,520     29,929     121,486     63,933  
      1,923,661     1,967,328     3,417,090     4,092,314  
           
Operating Loss     (935,597 )   (757,817 )   (1,403,432 )   (1,861,335 )
           
Other Expenses (Income)          
Finance charges     63,351     81,434     138,135     168,414  
Loss (Gain) on foreign exchange     (11,426 )   23,660     (24,828 )   57,302  
Loss (Gain) on settlements and reversals of debts     -     7,555     (133,914 )   22,665  
      51,924     112,649     (20,608 )   248,381  
           
Net Comprehensive Loss for the period   $ (987,521 ) $ (870,466 ) $ (1,382,824 ) $ (2,109,716 )
           

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. ScholzChairman 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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