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.
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.
For further information: Eric Caton, President, Phone (877) 929-4559, Fax (877) 929-4198, www.jemtec.ca