TSX-V: JTC
VANCOUVER, Nov. 15, 2019 /CNW/ - JEMTEC Inc. (TSX-V: JTC)
(the "Company") is pleased to provide an update on its financial
performance for the year ended July 31,
2019. The following results show the Company continues to
improve its financial strength, with no debt, strong liquidity and
increasing net worth.
2019 Y/E Revenues and Expenses
Revenues have increased
by 26% during the year ended July 31,
2019 compared to the year ended July
31, 2018 primarily due to increased revenues from all
current agreements, including private bail Clients while expenses
increased by 10% during the year ended July
31, 2019 compared to the year ended July 31, 2018.
2019 Y/E Net Income
For the year ended July 31, 2019, the Company recorded a net income
of $490,210, compared to a net income
of $234,691 during the year ended
July 31, 2018. This increase in net
income is primarily due to the increase in revenues driven by an
increase in revenue on all current agreements, including private
bail clients.
2019 Y/E Liquidity
At July 31,
2019, the Company had cash and cash equivalents of
$2,194,824 and working capital of
$2,097,070 compared to working
capital of $1,281,287 at the year
ended July 31, 2018. 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 the Y/E results which we believe stem
from our flexible business model and form a solid basis for
future growth". 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 release.
SOURCE Jemtec Inc.