TSX-V: JTC
VANCOUVER, April 9, 2019 /CNW/ - JEMTEC Inc. (TSX-V: JTC)
(the "Company") is pleased to provide an update on its Second
Quarter performance for the period ended January 31, 2019 and the Companies improving
financial situation, with no debt, strong liquidity and
increasing net worth.
Q2 Revenues and Expenses
Revenues have increased by
57% during the quarter ended January 31,
2019 compared to the quarter ended January 31, 2018 while Expenses increased by 22%
compared to the quarter ended January 31,
2018.
Q2 Net Income
For the quarter ended January 31, 2019, the Company recorded net income
of $146,074, compared to net income
of $11,977 during the quarter ended
January 31, 2018.
Q2 Liquidity
At January 31,
2019, the Company had cash and cash equivalents of
$1,831,292 and working capital of
$1,708,510.
Subsequent Action
In a subsequent action the Company
is initiating a change in its dividend policy which will see the
expiry period for unclaimed dividends move to four (4) years from
six (6) years, this will reduce Liabilities by $112,970 and result in the Company's Retained
Earnings increasing to $182,783 or
$0.07 per share.
Eric Caton, President and CEO
said, "We are pleased with the Q2 results and see a profitable and
stable second six months ahead with the Company well positioned to
increase its market share." 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.