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Fintech Select Ltd. Announces Its First Quarter Financial Results

TORONTO, May 31, 2024

Net Income of $313,000 Driven by Focus on Operational Efficiency

TORONTO, May 31, 2024 /CNW/ - Fintech Select Ltd. ("Fintech Select" or the "Company") (TSXV: FTEC) is pleased to announce its financial results for the first quarter of 2024, reporting net income of $313,000. The Company feels this achievement underscores the company's robust operational performance and strategic management. In particular, management of the Company feels its continued focus on operational efficiency has resulted in positive cash flow and greater financial stability.

"We are very pleased with the financial results of the first quarter," said Mohammad Abuleil, CEO of Fintech Select. "Our net income of $313,000 is a testament to the dedication and hard work of our entire team. This achievement not only highlights our operational strength but also positions us well for sustained growth and profitability."

Looking ahead, Fintech Select remains committed to building on this positive momentum. The Company will continue to focus on innovative solutions, customer satisfaction, and strategic growth opportunities to drive further success.

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.

Updated MD&A:

The Company has prioritized the expansion of this aspect of its call center business, achieving an impressive growth rate of 47% between 2022 and 2023. Although a single customer contributes a significant portion of its revenue and maintains a longstanding relationship spanning over 20 years, the Company serves numerous clients and operates various programs under this customer. Moreover, the ongoing initiative to enhance the customer service platform by introducing extra features and automated reporting capabilities is intended to streamline the reporting process for both the Company's customer care operations and its clients. This continual endeavor is aimed at enhancing the Company's revenue and profit potential.

During 2022 and 2023, the Company concentrated on various initiatives, including a significant focus on revamping its platform using cutting-edge POS Cryptocurrency software technology, particularly leveraging Android POS terminals. Simultaneously, the Company is actively seeking reputable exchanges and service providers to support its exchange transactions. Engagements with both local and global service providers are underway, with hopes of finalizing a solid agreement in the near future. Additionally, the Company wants to confirm that it still holds five bitcoins as an asset as of the current date. The objective is to roll out this platform specifically within Canada at this stage.

The Company maintains confidence in its proprietary platform, which is distinctive and caters to a wide range of users interested in conducting Crypto transactions with small amounts of money, as well as facilitating bill payments.

Management has contemplated merging the functionalities of the e-wallet and POS cryptocurrency platforms into a unified platform due to their shared similarities. This strategic direction has bolstered the confidence of the IT development team in the newly developed platform. Additionally, the Company plans to maintain a separate version of the POS Cryptocurrency platform for deployment within Canada. Recently, the Company has successfully renewed its registered license as a Canadian Money Service Business (MSB) with FINTRAC.

In recent years, our company has developed an extensive closed-loop prepaid card solution specifically tailored for our Libyan partner, Raseed. This solution serves Raseed's clients in Libya as well as regional banks. It allows banks and other clients to load funds onto their cards for use within the closed network of point-of-sale terminals. However, there has been a decline in demand for this solution due to waning interest and the continued availability of physical currency, which was the initial motivation for developing this platform. Consequently, we are committed to enhancing the solution and exploring its implementation in other countries where there may be a demand. Additionally, we are in discussions with our partner to identify further collaborative opportunities.

Fintech Select earns $329,212 in 2023

2024-04-29 18:18 ET - News Release

Mr. Mohammad Abuleil reports

FINTECH SELECT LTD. PUBLISHES RESULTS FOR FISCAL YEAR 2023

Fintech Select Ltd. has released its financial results for the fiscal year ending 2023, reporting a net income of $329,212 mainly driven by operational activities. This contrasts with a net income of $1,196,385 for the preceding fiscal year, primarily driven by a gain on settlement.

Under the leadership of Fintech Select's management, the company achieved a significant milestone in revenue generation, reaching $3,822,182 for fiscal year 2023, compared with $2,587,867 in 2022. Management is confident this 47-per-cent increase on a year-over-year basis vindicates the company's emphasis on leanness and remaining laser focused on evolving customer needs.

"We are thrilled to report such strong financial results for the fiscal year 2023," said Mohammad Abuleil, chief executive officer of Fintech Select. "These outcomes are a testament to our strategic initiatives, operational efficiencies, and unwavering dedication to delivering value to our customers and shareholders."

About Fintech Select Ltd.

Fintech Select is a provider of robust and disruptive prepaid 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 fulfilment and customer service support to customers across all the company's platforms. The company's mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.

We seek Safe Harbor.

Fintech Select Announces Quarterly Financial Results

https://ceo.ca/@newswire/fintech-select-announces-quarterly-financial-results

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.

Fintech Select Ltd. Due Diligence Report

Tickers: TSXV: FTEC | OTC: SLXXF
Price: $0.035 CAD | $0.0226 USD
Common Shares: 80,049,515
Options: 2,160,000
Management Holdings: 16.2% - As per last information circular (December 2022)
Company Website: http://www.fintechselect.com/

About Fintech Select Ltd.

Fintech Select is a provider of robust and disruptive prepaid 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 fulfilment and customer service support to customers across all the company's platforms. The company's mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.

H1 2023 Revenue: $2,416,185 (2022 - $1,372,485)
Net Income: $721,867

(Q3 2023 expected end of November)

September 2023 article pertaining to Fintech Select - https://themarketherald.ca/a-small-cap-fintech-company-is-gearing-up-for-global-domination-2023-09-25/

Additional company information

Intangibles – short term represents bitcoins held for sale. As of June 30, 2023, the Company has 5 bitcoins (December 31, 2022: 5 bitcoins). Cryptocurrency was revalued quarterly based on open market quoted price.

Corporate Overview

Fintech Select Ltd. TSX-V: FTEC (corporate website: www.fintechselect.com) is a leader in financial payment services and is a provider of robust and disruptive payment solutions, including prepaid card programs, Crypto-currency POS, and e-wallet and online payment. The company’s mission is to enable those core assets to work together in a harmoniously aligned environment to create a new landscape for consumers and businesses alike. Fintech Select also operates a 24/7/365 multi-lingual call center that provides customer service support to third party customers in Canada and USA and to the Company’s customers across the platforms mentioned.

Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate financial transactions, and to excel in our provided services at the call center.

Throughout 2022 and 2023, Fintech Select has been focusing on many initiatives, including e-wallets, the cryptocurrency platform, and the call center reporting system. The Company has completed rebuilding the Crypto-currency POS platform based on the latest POS software technology, specifically using Android POS instead of the old Verifone VX POS terminal and is searching for reputable exchanges to back up the exchange transactions. Management has been considering the possibility of merging the functionalities of the e-wallet and POS cryptocurrency platforms into one platform, since they share a number of similarities. The possibility of heading in this direction makes the IT development team increasingly confident about the new-developed platform. The company has registered as a Canadian Money Service Business (MSB) with FINTRAC.

Additionally, adding more features and automated reports to its customer service platform to facilitate the reporting section for its customer care business and clients has been an on-going process so the Company’s revenue and profit can be increased. The Company has been working towards a clean balance sheet by eliminating the debts it has. The Company will also be exploring partnerships with other companies and service providers to expand its products and services on a consumer and global level.

During the past few years, the Company has developed a Prepaid closed-loop card solution to its Libyan partner, Raseed, that can be used by Raseed’s Libyan clients and regional banks. The Solution allows banks and other clients to load funds on their cards which can then be used within the POS closed network.

Year to date Revenues as of June 30, 2023 were $2,416,185 compared to $1,372,485 for the same period ending June 30, 2022. Year to date gross profit (Operating Revenue less cost of goods and services purchased) as of June 30, 2023 was $2,294,375 compared to $1,274,115 in the same period ending June 30, 2022.