GINSMS Inc. (TSXV: GOK) (“GINSMS” or the “Corporation”) has
announced its financial results for the fourth quarter and twelve
months ended December 31, 2023.
The annual audited financial statements of the
Corporation for the twelve months ended December 31, 2023 are
currently under audit and in the process of preparation. As
required under Canadian securities law regulations, the Corporation
will be disclosing and filing on SEDAR its annual audited financial
statements and the related management’s discussion and analysis
(“MD&A”) within 120 days after the end of its year end of
December 31, 2023.
This financial disclosure was done in advance of
the filing of the audited financial statements of the Corporation
to allow GINSMS’ ultimate holding company, Beat Holdings Limited
(“BHL”), a public company in Japan, to use certain of GINSMS’
financial information in the preparation of BHL’s financial
statements and announcements.
The Corporation’s financial information for the
twelve months ended December 31, 2023 is prepared in accordance
with International Financial Reporting Standards (“IFRS”) as issued
by the International Accounting Standards Board (“IASB”). All
amounts are expressed in Canadian Dollars unless otherwise
noted.
Highlights include:
- Revenue of
$3,188,505 for the twelve-month period ended December 31, 2023 as
compared to revenue of $3,024,133 for the twelve-month period ended
December 31, 2022.
- Revenue of $755,164
for the three-month period ended December 31, 2023 as compared to
revenue of $878,346 for the three-month period ended December 31,
2022.
- Gross Profit of
$1,316,952 for the twelve-month period ended December 31, 2023 as
compared to gross profit of $1,161,553 for the twelve-month period
ended December 31, 2022.
- Gross Profit of
$347,799 for the three-month period ended December 31, 2023 as
compared to gross profit of $357,697 for the three-month period
ended December 31, 2022.
- Operating expenses
and finance costs of $1,450,602 for the twelve-month period ended
December 31, 2023 increased from $1,185,701 for the twelve-month
period ended December 31, 2022.
- Operating expenses
and finance costs of $636,353 for the three-month period ended
December 31, 2023 increased from $402,644 for the three-month
period ended December 31, 2022.
- Net loss of
$129,656 for twelve-month period ended December 31, 2023 as
compared to a net loss of $32,284 for twelve-month period ended
December 31, 2022.
- Net loss of
$280,939 for three-month period ended December 31, 2023 as compared
to a net loss of $20,507 for three-month period ended December 31,
2022.
Selected Profit and Loss Information
Financial Highlights |
Three-monthperiod endedDecember 31,2023(Unaudited) |
Three-monthperiod endedDecember 31,2022(Unaudited) |
Twelve-monthperiod endedDecember 31,2023(Unaudited) |
Twelve-monthperiod endedDecember 31,2022(Audited) |
Revenues $ |
|
|
|
|
A2P Messaging Service |
162,229 |
|
371,524 |
|
986,715 |
|
1,428,885 |
|
Software Products & Services |
592,935 |
|
506,822 |
|
2,201,790 |
|
1,595,248 |
|
|
755,164 |
|
878,346 |
|
3,188,505 |
|
3,024,133 |
|
|
|
|
|
|
Cost of sales $ |
|
|
|
|
A2P Messaging Service |
90,242 |
|
229,048 |
|
661,385 |
|
951,718 |
|
Software Products & Services |
317,123 |
|
291,601 |
|
1,210,168 |
|
910,862 |
|
|
407,365 |
|
520,649 |
|
1,871,553 |
|
1,862,580 |
|
Gross profit $ |
|
|
|
|
A2P Messaging Service |
71,987 |
|
142,476 |
|
325,330 |
|
477,167 |
|
Software Products & Services |
275,812 |
|
215,221 |
|
991,622 |
|
684,386 |
|
|
347,799 |
|
357,697 |
|
1,316,952 |
|
1,161,553 |
|
Gross margin % |
|
|
|
|
A2P Messaging Service |
44.4% |
|
38.3% |
|
33.0% |
|
33.4% |
|
Software Products & Services |
46.5% |
|
42.5% |
|
45.0% |
|
42.9% |
|
|
46.1% |
|
40.7% |
|
41.3% |
|
38.4% |
|
|
|
|
|
|
Adjusted EBITDA(1)$ |
(264,350) |
|
(17,987) |
|
(38,624) |
|
75,120 |
|
Adjusted EBITDA margin |
(35.0)% |
|
(2.0)% |
|
(1.2)% |
|
2.5% |
|
Net loss $ |
(280,939) |
|
(20,507) |
|
(129,656) |
|
(32,284) |
|
Net loss margin |
(37.2)% |
|
(2.3)% |
|
(4.1)% |
|
(1.1)% |
|
Net earnings profit/(loss) per share $ |
|
|
|
|
|
|
|
|
Basic and Diluted(in Canadian cents) |
(0.149) |
|
(0.009) |
|
(0.069) |
|
(0.020) |
|
(1) Adjusted EBITDA is a non-IFRS measure which
does not have any standardized meaning under IFRS. Adjusted EBITDA
is related to cash earnings and is defined for these purposes as
earnings before income taxes, depreciation and amortization (in
both cost of sales and general and administration expenses),
interest expenses and also excludes certain non-recurring or
non-cash expenditure and income. This non-IFRS measure is not
recognized under IFRS and accordingly, shareholders are cautioned
that this measure should not be construed as an alternative to net
income determined in accordance with IFRS. The non-IFRS measure
presented is unlikely to be comparable to similar measure presented
by other issuers. The Corporation believes that Adjusted EBITDA is
a meaningful financial metric as it measures cash generated from
operations which the Corporation can use to fund working capital
requirements, service interest and principal debt repayment and
fund future growth initiatives.
Cost of Sales
|
Three-monthperiod endedDecember 31,2023(Unaudited) |
Three-monthperiod endedDecember 31,2022(Unaudited) |
Twelve-monthperiod endedDecember 31,2023(Unaudited) |
Twelve-monthperiod endedDecember 31,2022(Audited) |
|
|
|
|
|
Depreciation- Property, plant and equipment |
11,340 |
7,693 |
40,610 |
26,754 |
Salaries and wages |
283,763 |
272,155 |
1,118,788 |
851,008 |
Subcontractor costs |
102,769 |
229,048 |
673,912 |
951,719 |
Software and hardware |
- |
- |
1,951 |
114 |
Others |
9,493 |
11,753 |
36,292 |
32,985 |
|
407,365 |
520,649 |
1,871,553 |
1,862,580 |
Operating Expenses and Finance Costs
|
Three-monthperiod endedDecember 31,2023(Unaudited) |
Three-monthperiod endedDecember 31,2022(Unaudited) |
Twelve-monthperiod endedDecember 31,2023(Unaudited) |
Twelve-monthperiod endedDecember 31,2022(Audited) |
|
|
|
|
|
Salaries and wages |
343,367 |
188,030 |
617,261 |
406,284 |
Directors’ fees |
10,000 |
10,000 |
40,000 |
40,000 |
Professional fees |
61,517 |
109,281 |
271,009 |
304,262 |
Foreign currency exchange loss |
34,650 |
30,755 |
50,584 |
228,541 |
Other general & administrative expenses |
69,289 |
32,379 |
312,666 |
121,168 |
Allowance for doubtful debts |
104,666 |
12,932 |
104,666 |
12,932 |
Depreciation |
|
|
|
|
- Property, plant and equipment |
86 |
86 |
356 |
3,486 |
- Right-of-use assets |
11,542 |
16,553 |
46,901 |
63,295 |
Lease interest on right-of-use assets |
1,236 |
2,628 |
7,159 |
5,733 |
|
636,353 |
402,644 |
1,450,602 |
1,185,701 |
Selected Balance Sheet
Information
The figures reported below are based on the
unaudited consolidated financial statements of the Corporation
which have been prepared in accordance with IFRS.
|
|
December 31,2023(Unaudited)$ |
December 31,2022(Audited)$ |
Current Assets |
|
|
|
Accounts receivable |
|
635,568 |
|
557,495 |
|
Deposits and prepayments |
|
63,439 |
|
61,375 |
|
Current tax assets |
|
330 |
|
199 |
|
Bank and cash balances |
|
239,824 |
|
191,126 |
|
|
|
939,161 |
|
810,195 |
|
Non-Current Assets |
|
|
|
Right-of-use assets |
|
30,954 |
|
75,879 |
|
Property, plant and equipment |
|
83,061 |
|
61,853 |
|
TOTAL ASSETS |
|
1,053,176 |
|
947,927 |
|
|
|
|
|
Current Liabilities |
|
|
|
Accounts payable and accrued liabilities |
|
827,380 |
|
601,456 |
|
Advances from related parties |
|
698,935 |
|
647,639 |
|
Loans from related parties |
|
1,390,642 |
|
1,372,730 |
|
Lease liabilities |
|
25,354 |
|
41,445 |
|
Promissory note payable |
|
580,000 |
|
580,000 |
|
Current tax liabilities |
|
3,972 |
|
7,130 |
|
|
|
3,526,283 |
|
3,250,400 |
|
Non-Current Liabilities |
|
|
|
Lease liabilities |
|
- |
|
28,860 |
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
3,526,283 |
|
3,279,260 |
|
|
|
|
|
Equity |
|
|
|
Share capital |
|
15,148,160 |
|
15,148,160 |
|
Deficit |
|
(17,913,638) |
|
(17,785,068) |
|
Accumulated other comprehensive income |
|
307,289 |
|
319,183 |
|
Total deficiency attributable to equity shareholders |
(2,458,189) |
|
(2,317,725) |
|
Non-controlling interests |
|
(14,918) |
|
(13,608) |
|
TOTAL DEFICIENCY |
|
(2,473,107) |
|
(2,331,333) |
|
|
|
|
|
TOTAL LIABILITIES & EQUITY |
|
1,053,176 |
|
947,927 |
|
|
|
|
|
Total assets of GINSMS including cash, accounts
receivable, deposits and prepayment, current tax asset, property,
plant and equipment and right-of-use assets as at December 31, 2023
amounted to $1,053,176 compared to $947,927 as at December 31,
2022. Bank and cash balances amounted to $239,824 as at December
31, 2023 an increase of 25.5% compared to $191,126 as at December
31, 2022. The increase was mainly due to more net cash inflow from
operating activities during the year.
Selected Liquidity and Capital Resources
Information
Financial Highlights |
Three-monthperiod endedDecember 31,2023(Unaudited)$ |
Three-monthperiod endedDecember 31,2022(Unaudited)$ |
Twelve-monthperiod endedDecember 31,2023(Unaudited)$ |
Twelve-monthperiod endedDecember 31,2022(Audited)$ |
|
|
|
|
|
Cash, beginning of period/year |
115,252 |
|
231,142 |
|
191,126 |
|
183,941 |
|
Operating activities |
|
|
|
|
Net loss before tax |
(288,554 |
) |
(44,947 |
) |
(133,650 |
) |
(24,148 |
) |
Interest expenses |
1,236 |
|
2,628 |
|
7,159 |
|
5,733 |
|
Foreign currency exchange loss |
34,650 |
|
30,755 |
|
50,584 |
|
228,541 |
|
Allowance for doubtful debts |
104,666 |
|
12,932 |
|
104,666 |
|
12,932 |
|
Depreciation of property, plant and equipment |
11,426 |
|
7,779 |
|
40,966 |
|
30,239 |
|
Depreciation of right-of-use assets |
11,542 |
|
16,553 |
|
46,901 |
|
63,296 |
|
Changes in working capital items |
294,595 |
|
(87,594 |
) |
41,902 |
|
42,602 |
|
Interest expenses on lease liabilities |
(1,236 |
) |
(2,628 |
) |
(7,159 |
) |
(5,733 |
) |
Income tax refunded/(paid) |
5 |
|
(65 |
) |
884 |
|
1,552 |
|
Net cash generated from / (used in) operating
activities |
168,330 |
|
(64,587 |
) |
152,253 |
|
355,014 |
|
Financing activities |
|
|
|
|
Advances from related parties |
55,470 |
|
88,534 |
|
431,853 |
|
89,056 |
|
Repayment of advance from related parties |
(75,592 |
) |
(74,368 |
) |
(385,951 |
) |
(348,646 |
) |
Principal elements of lease payments |
(12,058 |
) |
(19,211 |
) |
(46,816 |
) |
(72,078 |
) |
Net cash used in financing activities |
(32,180 |
) |
(5,045 |
) |
(914 |
) |
(331,668 |
) |
Investing activities |
|
|
|
|
Purchase of property, plant and equipment |
(5,467 |
) |
(11,357 |
) |
(61,919 |
) |
(60,247 |
) |
Net cash used in investing activities |
(5,467 |
) |
(11,357 |
) |
(61,919 |
) |
(60,247 |
) |
Effect of exchange rate changes on cash held in foreign
currencies |
(6,111 |
) |
40,973 |
|
(40,722 |
) |
44,086 |
|
|
|
|
|
|
Increase / (Decrease) in cash |
124,572 |
|
(40,016 |
) |
48,698 |
|
7,185 |
|
|
|
|
|
|
Cash, end of period/year |
239,824 |
|
191,126 |
|
239,824 |
|
191,126 |
|
SEGMENTED INFORMATION
a) Revenue by customers
|
Twelve-month period endedDecember 31, 2023(Unaudited) |
Twelve-month period endedDecember 31, 2022(Audited) |
|
$ |
% of totalrevenue |
$ |
% of totalrevenue |
Customer A |
1,510,790 |
47.4 |
985,373 |
32.6 |
Next five top customers |
|
|
|
|
Customer B |
478,672 |
15.0 |
446,002 |
14.7 |
Customer C |
341,984 |
10.7 |
436,752 |
14.4 |
Customer D |
148,235 |
4.6 |
122,189 |
4.0 |
Customer E |
123,004 |
3.9 |
153,224 |
5.1 |
Customer F |
116,706 |
3.7 |
230,616 |
7.6 |
All other customers |
469,114 |
14.7 |
649,977 |
21.6 |
Total |
3,188,505 |
100.0 |
3,024,133 |
100.0 |
b) Revenue by geographical location (by location of
operations)
|
Twelve-month period endedDecember 31, 2023(Unaudited) |
Twelve-month period endedDecember 31, 2022(Audited) |
|
$ |
% of totalrevenue |
$ |
% of totalrevenue |
Singapore |
2,013,538 |
63.1 |
1,456,620 |
48.2 |
Indonesia |
413,811 |
13.0 |
489,437 |
16.2 |
Other
Asia countries |
372,061 |
11.7 |
431,058 |
14.3 |
Europe |
200,917 |
6.3 |
248,129 |
8.2 |
United States |
182,531 |
5.7 |
387,783 |
12.8 |
Other regions |
5,647 |
0.2 |
11,106 |
0.3 |
Total |
3,188,505 |
100.0 |
3,024,133 |
100.0 |
c) Total non-current assets by geographical
location
|
As at December 31, 2023(Unaudited) |
As at December 31, 2022(Audited) |
|
$ |
% of totalassets |
$ |
% of totalassets |
Indonesia |
100,787 |
88.4 |
125,074 |
90.8 |
Other
Asia countries |
13,228 |
11.6 |
12,658 |
9.2 |
Total |
114,015 |
100.0 |
137,732 |
100.0 |
d) Financial information by business
segments
|
Messaging |
Software products and services |
Unallocated |
Total |
|
$ |
$ |
$ |
$ |
Twelve-month period ended
December 31, 2023 (Unaudited) |
|
|
|
|
Revenue |
986,715 |
|
2,201,790 |
|
- |
|
3,188,505 |
|
Intersegment revenue |
35,469 |
|
273,994 |
|
- |
|
309,463 |
|
Amortization and depreciation |
- |
|
87,867 |
|
- |
|
87,867 |
|
Interest income |
314 |
|
524 |
|
- |
|
838 |
|
Interest and finance expenses |
- |
|
7,159 |
|
- |
|
7,159 |
|
Income tax credit |
(893 |
) |
(3,101 |
) |
- |
|
(3,994 |
) |
Segment profits/(losses) |
44,417 |
|
90,206 |
|
(264,279 |
) |
(129,656 |
) |
Additions to segment non-current assets |
- |
|
61,919 |
|
- |
|
61,919 |
|
|
|
|
|
|
At December 31, 2023 (Unaudited) |
|
|
|
|
Segment assets |
120,626 |
|
907,460 |
|
25,090 |
|
1,053,176 |
|
Segment liabilities |
(401,139 |
) |
(1,784,184 |
) |
(1,340,960 |
) |
(3,526,283 |
) |
|
|
|
|
|
|
Messaging |
Softwareproducts andservices |
Unallocated |
Total |
|
$ |
$ |
$ |
$ |
Twelve-month period endedDecember 31, 2022
(Audited) |
|
|
|
|
Revenue |
1,428,885 |
|
1,595,248 |
|
- |
|
3,024,133 |
|
Intersegment revenue |
18,593 |
|
282,161 |
|
- |
|
300,754 |
|
Amortization and depreciation |
- |
|
93,535 |
|
- |
|
93,535 |
|
Interest income |
81 |
|
243 |
|
- |
|
324 |
|
Interest and finance expenses |
- |
|
5,733 |
|
- |
|
5,733 |
|
Income tax expense |
- |
|
8,136 |
|
- |
|
8,136 |
|
Segment (losses)/profits |
(193,143 |
) |
500,986 |
|
(340,127 |
) |
(32,284 |
) |
Additions to segment non-current assets |
- |
|
153,224 |
|
- |
|
153,224 |
|
|
|
|
|
|
At December 31, 2022 (Audited) |
|
|
|
|
Segment assets |
240,217 |
|
686,685 |
|
21,025 |
|
947,927 |
|
Segment liabilities |
(435,726 |
) |
(1,689,510 |
) |
(1,154,024 |
) |
(3,279,260 |
) |
|
|
|
|
|
Outlook
The Corporation announces its financial
forecasts for the next twelve months ending December 31, 2024. The
information included in this news release represents management’s
guidance as approved on February 13, 2024. The financial outlook
was prepared for BHL, the ultimate holding company of the
Corporation, for its public company reporting obligations in
Japan.
The material factors and assumptions used to
develop the financial outlook include:
- Continued
business from the Corporation’s major customers. The actual gross
margin of the Software Products and Services segment achieved 45.0%
for the year ended December 31, 2023 and with the expected increase
in revenue earned from business with key customers of the
Corporation, the forecasted gross margin of 41.2% in 2024 is
reasonable and achievable. The man-hour rates in 2023 were in line
with prevailing market rates hence the increment in man-hour rates
in 2024 will be at reduced rate while the salary increments are
factored in the 2024 budget. Management believes that the forecast
revenue and gross margin is conservative and reasonable.
- The actual
traffic growth rate of A2P business for the year ended December 31,
2023 decreased by 30.2% compared to the year ended December 31,
2022. Both the South East Asia and North Asia regions suffered
lower growth due to stiff competition. The Corporation also
adjusted the prices of its products and services to maintain gross
margin. Revenue for the year ended December 31, 2023 decreased by
30.9% while annual gross margin of 33.0% is comparable with gross
margin of 33.4% for the year ended December 31, 2022.
- No significant
changes in the environment (including competition) where the
Corporation operates that will significantly affect the pricing of
the Corporation’s services resulting in changes of the gross margin
for the various business segments, except what is disclosed in
notes a and b above.
- Timely
completion and launch of certain additional value-added services
for the Corporation’s customers.
- Continued
ability to obtain financing through loans and cash advances to
support the sales operations of the Corporation.
The purpose of this financial outlook is to
allow the Corporation’s ultimate holding company, BHL, to make
reference and/or to use such outlook in its own financial
disclosure. The operation of GINSMS is a major part of the growth
strategy of BHL. As such, BHL believes that disclosing such
information would be useful for its shareholders. Consequently,
readers of this press release are cautioned that the financial
outlook of GINSMS concerning its expected gross margin and revenue
is forward looking information and may not be appropriate for other
purposes.
Financial Highlights |
Forecast |
Forecast |
Forecast |
Forecast |
($) |
Jan – Mar 2024 |
Apr – Jun 2024 |
Jul – Sep 2024 |
Oct – Dec 2024 |
Revenues $ |
|
|
|
|
A2P Messaging Service |
117,060 |
|
118,235 |
|
119,421 |
|
120,619 |
|
Software Products & Services |
753,000 |
|
753,000 |
|
753,000 |
|
753,000 |
|
|
870,060 |
|
871,235 |
|
872,421 |
|
873,619 |
|
|
|
|
|
|
Cost of sales $ |
|
|
|
|
A2P Messaging Service |
98,169 |
|
99,154 |
|
100,148 |
|
101,153 |
|
Software Products & Services |
442,738 |
|
442,738 |
|
442,738 |
|
442,738 |
|
|
540,907 |
|
541,892 |
|
542,886 |
|
543,891 |
|
Gross profit $ |
|
|
|
|
A2P Messaging Service |
18,891 |
|
19,081 |
|
19,273 |
|
19,466 |
|
Software Products & Services |
310,262 |
|
310,262 |
|
310,262 |
|
310,262 |
|
|
329,153 |
|
329,343 |
|
329,535 |
|
329,728 |
|
Gross margin % |
|
|
|
|
A2P Messaging Service |
16.1% |
|
16.1% |
|
16.1% |
|
16.1% |
|
Software Products & Services |
41.2% |
|
41.2% |
|
41.2% |
|
41.2% |
|
|
37.8% |
|
37.8% |
|
37.8% |
|
37.7% |
|
|
|
|
|
|
Selling, general and administrative expenses |
(323,085) |
|
(323,085) |
|
(323,085) |
|
(323,085) |
|
|
|
|
|
|
Operating profit |
6,068 |
|
6,258 |
|
6,450 |
|
6,643 |
|
|
|
|
|
|
Non-operating income (1) |
- |
|
- |
|
- |
|
- |
|
Non-operating expenses (1) |
(1,544) |
|
(1,544) |
|
(1,595) |
|
(1,698) |
|
|
|
|
|
|
Ordinary profit |
4,524 |
|
4,714 |
|
4,855 |
|
4,945 |
|
|
|
|
|
|
Extraordinary gains |
- |
|
- |
|
- |
|
- |
|
Extraordinary losses |
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
Profit before tax and non-controlling interest |
4,524 |
|
4,714 |
|
4,855 |
|
4,945 |
|
|
|
|
|
|
Income taxes |
- |
|
- |
|
- |
|
- |
|
Non-controlling interest |
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
Net profit for the period |
4,524 |
|
4,714 |
|
4,855 |
|
4,945 |
|
Adjusted EBITDA (2) |
26,204 |
|
26,394 |
|
26,586 |
|
26,779 |
|
(1) Non-operating income included interest
income and other non-operating income. Non-operating expenses
included loss on foreign exchange and interest expense.
(2) Adjusted EBITDA is a non-IFRS measure which
does not have any standardized meaning under IFRS. Adjusted EBITDA
is related to cash earnings and is defined for these purposes as
earnings before income taxes, depreciation and amortization (in
both cost of sales and general and administration expenses),
interest expenses and also excludes certain non-recurring or
non-cash expenditure and income. This non-IFRS measure is not
recognized under IFRS and accordingly, shareholders are cautioned
that this measure should not be construed as an alternative to net
income determined in accordance with IFRS. The non-IFRS measure
presented is unlikely to be comparable to similar measure presented
by other issuers. The Corporation believes that Adjusted EBITDA is
a meaningful financial metric as it measures cash generated from
operations which the Corporation can use to fund working capital
requirements, service interest and principal debt repayment and
fund future growth initiatives.
About GINSMS
GINSMS is a mobile technology and services
company focusing on 2 areas namely its A2P Messaging Service and
its Software Products and Services. GINSMS operates a cloud-based
A2P messaging service that allows the termination of SMS to mobile
subscribers of more than 200 mobile operators globally. GINSMS also
develops and distribute innovative software products and services
for mobile operators and enterprises and have successfully deployed
more than 100 solutions worldwide. GINSMS has offices in China,
Singapore, Hong Kong, Malaysia and Indonesia.
Forward Looking Statements
Certain information included in this press
release may contain forward-looking statements. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as “may”, ”could”, “will”,
“expect”, “intend”, “estimate”, “anticipate”, “believe”, or
“continue” or the negative thereof or variations thereon or similar
terminology. These statements are not historical facts, but reflect
management’s current beliefs and are based on information currently
available to management regarding future results and events.
Particularly, these forward-looking statements are based on
management’s estimate of future events based on technological
advances relating to the Corporation’s services, current market
conditions and past experiences of management in relation to how
certain contracts will affect revenues. Forward-looking statements,
by their very nature, involve significant risks, uncertainties and
assumptions.
A number of factors could cause actual results
to differ materially from the results discussed in the
forward-looking statements, including, but not limited to
dependence on major customers, system failures, delays and other
problems, increasing competition, security and privacy breaches,
dependence on third-party software and equipment, adequacy of
network reliance, network diversity and backup systems, loss of
significant information, insurance coverage, capacity limits, rapid
technology changes, market acceptance, decline in volume of
attractions, retention of key members of the management team,
success of expansion into Chinese and other Asian markets, credit
risk, consolidation of existing customers, dependence on required
licenses, economy and politics in countries where the Corporation
operates, conflicts of interest and residency of directors and
officers. Although the Corporation has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Although the forward-looking statements
contained herein are based upon what management believes to be
reasonable assumptions, the Corporation cannot assure the reader
that actual results will be consistent with these forward-looking
statements.
In particular, forward-looking statements
include the following assumptions:
- Management’s
belief that the Corporation’s software products and services are
expected to take on a different focus based on an outsourcing model
approach leveraging on the lower cost base in Indonesia and
Malaysia. Therefore the revenue for the software segment in
Indonesia and Malaysia should continue to increase. On the other
hand, management’s belief that the future growth in messaging is in
the area of A2P Messaging Service is affected by stiff competition
and hence profitability of the business in the future is
uncertain.
- Management’s
belief that the Corporation is able to generate sufficient amounts
of cash through operations and financing activities to fulfil the
working capital requirements of its present operations.
These forward-looking statements are made as of
the date of this press release and the Corporation assumes no
obligation to update or revise them to reflect new events or
circumstances except as may be required by law. Accordingly,
readers should not place undue reliance on the forward-looking
statements. Forward looking statements are presented in this news
release for the purpose of assisting investors and others in
understanding certain key elements of our expected fiscal 2023
financial results, as well as our objectives, strategic priorities
and business outlook for fiscal 2024, and in obtaining a better
understanding of the Corporation’s anticipated operating
environment. Readers are cautioned that such information may not be
appropriate for other purposes. All forward-looking statements
contained in this press release are qualified by this cautionary
statement.
For further information, please contact:
GINSMS Inc.Joel Chin, CEOTel: +65-6441-1029Email:
investor.relations@ginsms.com
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.
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