TORONTO, Nov. 29,
2023 /CNW/ - Fintech Select Ltd. ("Fintech
Select" or the "Company") (TSXV: FTEC) is pleased to
announce its financial results for the third quarter (Q3) of the
fiscal year 2023. The company is confident that it achieved some
significant milestones in key financial metrics, including
increased revenue and improved profitability.
Key Highlights:
Loss Mitigation in Q3:
Despite facing challenges in the current economic
climate, Fintech Select management feels it managed its Q3
financial performance effectively, navigating traditional seasonal
challenges. The company reported a diminished loss from operations
of $141,368 for the quarter, compared
to a loss of $160,029 during the same
period in 2022.
Robust Revenue Growth:
Management for Fintech Select sees remarkable success in
revenue generation of $3,169,078 for
the first nine months of 2023, compared to $1,971,608 during the same period in 2022. As
such, on a year-over-year basis, the Company recorded an increase
of 60%, which management strongly feels demonstrates the Company's
ability to capture market opportunities and adapt to evolving
customer needs.
Profitability Milestone for the Accumulated 9
Months:
The accumulated profit from operations for the first nine months
of 2023 is $477,422, compared to a
loss of $448,622 during the same
period in 2022. Management feels this indicates the Company's
efforts to continue focusing on lean profitability.
Fintech Select attributes these positive results to a
combination of strategic initiatives, operational efficiencies, and
a focus on delivering value to its customers. The company remains
dedicated to its core values of innovation, customer satisfaction,
and financial prudence.
The Company's CEO and President, Mohammad Abuleil, commented on the financial
results, stating, "We are pleased with the Company's performance
during the first nine months of this fiscal year. The increased
revenue and improved profitability from operations underscore our
commitment to long-term success and sustainability. We will
continue to invest in innovation and operational excellence to
drive future growth and deliver value to our stakeholders."
Grant of Options
The board of directors of the Company has also approved the
grant of 3.6 million stock options to purchase common shares of the
Company to its directors, officers, employees and certain
consultants at a price of CDN$0.05
per share for a period of three (3) years. The total number of
shares reserved for issuance under the Company's stock option plan
is 8,004,951. The issuance of these options is subject to all
necessary approvals by the TSX Venture Exchange.
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive
Pre-Paid Card programs and e-wallet payment solutions. Fintech
Select has enabled these core assets, which operate through
separate divisions to work together harmoniously, to create a new
and ubiquitous environment for consumers and businesses
alike. Fintech Select also operates an international
call centre that provides fulfillment and customer service support
to customers across all the company's platforms. Our mission is to
provide customers with choice, convenience and cost-effective ways
to facilitate traditional and crypto financial
transactions.
Follow us on:
https://www.facebook.com/FintechSelect
https://twitter.com/fintech_select
https://www.instagram.com/fintechselect
https://www.linkedin.com/company/fintechselect/
Neither 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.
Forward Looking Information:
This news release
contains "forward-looking information" within the meaning of
applicable securities laws. Readers are cautioned to not place
undue reliance on forward-looking information. Actual results and
developments, such as the Company's ability to continuing improving
its net loss position, may differ materially from those
contemplated by these statements. The statements in this press
release are made as of the date of this release. Fintech undertakes
no obligation to comment on analyses, expectations or statements
made by third-parties in respect of its securities, financial or
operating results (as applicable) or prospects as to the effective
implementation of strategies or initiatives or future revenue
levels. Fintech 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.
SOURCE Fintech Select Ltd.
