JEMTEC
INC.TSX-
V: JTC
VANCOUVER, BC, Nov. 23,
2022 /CNW/ - JEMTEC Inc. (TSXV:
JTC) (the "Company") is pleased to provide
an update on its
performance for the year ended July 31, 2022 and the Companies
financial situation, with no debt, strong liquidity and
net worth.
Y/E Revenues
Revenues have increased by 9% during
the year ended July 31, 2022 compared
to for the year ended July 31, 2021
primarily due to increased revenues from SOLGEN and the province of
Saskatchewan. 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.
Y/E Expenses
During the year ended July 31, 2022, expenses increased by 7% compared
to the year ended July 31, 2021
primarily due to the fluctuations in depreciation, directors' fees,
equipment rent and installation, foreign exchange, office, repairs
and maintenance, and share-based payments.
Y/E Income Tax
For the fiscal year ended
July 31, 2022, the Company recognized
a current income tax expense of $219,000 (2021 - $166,000) and a deferred income tax expense of
$11,000 (2021 – recovery $51,000). The current income tax expense was
related to income tax in Canada.
The deferred income tax was related to unrecognized deferred tax
assets/liabilities.
Y/E Net Income
For the year ended
July 31, 2022, the Company recorded a
net income of $550,957, compared to a
net income of $561,610 during the
year ended July 31, 2021. This
decrease in net income is primarily due to increase in income
tax.
Y/E Liquidity
As at July
31, 2022, the Company had cash and cash equivalents of
$2,167,495 and working capital of
$2,362,677. 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 Year End
results and we continue to see the Company well positioned to
grow its core business and increase market share
however while revenues have increased by 9% overall in the year
over year, the loss of the SOLGEN contract is expected to
negatively affect the Company's revenues by approximately 40%" and
may affect Net Income by up to 90% pending additional business".
Jemtec has provided a full spectrum of
monitoring technologies and services 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.