JEMTEC INC.TSX-V: JTC
VANCOUVER, BC, June 27,
2024 /CNW/ -
JEMTEC Inc. (TSXV: JTC) (the "Company") is
pleased to provide an update on its performance for the fiscal
Quarter ended April 30, 2024 (2024
Q3) and the Companies situation, showing a quarterly
profit, no debt, strong liquidity and net worth.
Q3 Revenues
Revenues have increased by 25% during the quarter ended
April 30, 2024 compared to the
quarter ended April 30, 2023
primarily due to the expansion with the province of Saskatchewan. The Company earned revenues on
its agreements with the Provinces of Saskatchewan, CSC, interest on cash balances
and from private bail clients waiting release from court dates.
Q3 Expenses
During the quarter ended April 30,
2024, expenses decreased by 9% compared to the quarter ended
April 30, 2023 primarily due to the
fluctuations in directors' fees, equipment rent and installation,
monitoring and activation fees, repairs and maintenance,
share-based payments, shipping expenses and travel.
Q3 Income Tax
For the quarter ended April 30,
2024, the Company recognized a current income tax expense of
$16,900 (April
30, 2023 - $3,000). The
current income tax expense was related to income tax in
Canada.
Q3 Net Income
For the quarter ended April 30,
2024, the Company recorded a net income of $37,413, compared to a net loss of $75,071 during the quarter ended April 30, 2023. This increase in net income is
primarily associated with the expansion of the Saskatchewan contract and the decrease in
certain expenses related to the loss of contracts.
Q3 Liquidity
At April 30, 2024, the Company had
cash and cash equivalents of $2,366,224 and working capital of $2,327,900. 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 pleased to record a profit and continue the process
of reducing expenses and reorganizing our business model with a
greater awareness on profitable contracts, we expect the results
should show positive returns going forward and we continue to see
the Company well positioned to grow its core 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.
www.jemtec.ca
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.
