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Novra Announces Profitable Third Quarter 2017WINNIPEG, Nov. 29, 2017 /CNW/ - Novra Technologies Inc. ("Novra") (TSX-V: NVI) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2017. All amounts are in Canadian dollars unless otherwise noted. Third Quarter and YTD 2017 Financial Results
The significant variance in YTD 2017 financial results over the same period in 2016 is largely driven by the acquisition of International Datacasting Corporation ("IDC"), which closed on June 15, 2016. The Q3 2016 reflects the first full quarter with IDC's operating results. Third Quarter Results
Harris Liontas, President and CEO, stated "I am pleased with our fourth consecutive profitable quarter since the merger with IDC. I expect our fourth quarter operating results to be soft, in part due to the tragic earthquake events in Mexico which caused some customer orders to be delayed. However, we remain confident this is only a timing issue and continue to pursue these opportunities actively as well as other promising sales opportunities in the USA and Asia. Additionally, with our announcement yesterday regarding Novra taking a controlling interest in Wegener, we plan to begin immediately integrating Wegener's operations with the Novra Group to realize operating efficiencies and combine our sales effort to drive revenue growth over the next 12 months." A copy of the MD&A and the unaudited interim Condensed Consolidated Financial Statements for the quarter ended September 30, 2017, are available on SEDAR (www.sedar.com). About Novra Technologies Inc.: Novra (TSX-V: NVI) is an international technology provider of products, systems and services for the distribution of multimedia broadband content. Novra's applications focus includes: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications. For more information visit: www.novragroup.com Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements are generally identifiable by words such as "expects", "anticipates", "believes", "intends", "estimates", "predicts", "outlook", "potential", "targeted", "plans" "possible", "poised for", and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. These statements are not historical facts but instead represent Novra's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Novra's control. It is possible that actual results will differ, possibly materially, from the anticipated results contemplated by these statements. Factors that could cause actual results to differ, possibly materially, from those forward-looking statements are disclosed in our periodic MD&A filings on SEDAR at www.sedar.com. For the above reasons, readers are cautioned not to place undue reliance on forward-looking statements. Neither 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. Contact Information: Harris Liontas Steven Archambault SOURCE Novra Technologies Inc. |