VANCOUVER, BC, Nov. 28,
2024 /CNW/ - JEMTEC Inc. (TSXV: JTC) (the "Company")
is providing an update on its performance for the year ended
July 31, 2024 and the Company's
financial situation, with no debt, strong liquidity and increasing
net worth.
Y/E Revenues
Revenues have increased by 17% during the
year ended July 31, 2024 compared to
the year ended July 31, 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.
Y/E Expenses
During the year ended July 31, 2024, expenses decreased by 4% compared
to the year ended July 31, 2023
primarily due to the fluctuations in monitoring and activation,
equipment rental and installation, shipping, consulting fees,
director fees, share-based payments, and travel.
Y/E Income Tax
For the fiscal year ended
July 31, 2024, the Company income tax
expense of $30,534 (2023 –
$52,000 recovery) and a deferred
income tax recovery of $2,000 (2023 –
$37,000 expense). The current income
tax (recovery) expense was related to income tax in Canada.
Y/E Net Income
For the year ended July 31, 2024, the Company recorded a net income
of $90,301, compared to a net loss of
$206,906 during the year ended
July 31, 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.
Y/E Liquidity
As at July 31,
2024, the Company had cash and cash equivalents of
$2,406,673 and working capital of
$2,320,729. 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 with this fiscal years progress 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.
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 news release.
SOURCE Jemtec Inc.