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.
At January 31, 2019, the Company had cash and cash equivalents of $1,831,292 and working capital of $1,708,510.
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.
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