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
Consolidated Financial Statements for the six-months ended June
30th, 2024 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 HighlightsThe Company’s condensed
consolidated interim 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 six-months ended June 30, 2024, 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.
RevenueRevenue for the six-months ended June
30, 2024, was $7,993,311, compared to $5,490,363 for the
comparative period.
Cost of Goods SoldCost of goods sold for the
six-months ended June 30, 2024, was $4,688,343 compared to
$2,948,453 for the comparative period.
Gross MarginThe gross margin for the six-months
ended June 30, 2024, was $3,304,968 compared to $2,541,910 for the
corresponding comparative period.
Cash & liquid securities approx.
$3,800,000
The Company’s consolidated financial statements for the
six-months ended June 30, 2024 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 June 30, 2024.
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 |
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.com Telephone: 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.