JEMTEC 2022 YEAR END & FINANCIAL UPDATE
VANCOUVER, BC, Nov. 23, 2022 /CNW/ - JEMTEC Inc. (TSXV: JTC) (the "Company") is pleased to provide an update on its performance for the year ended July 31, 2022 and the Companies financial situation, with no debt, strong liquidity and net worth.
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Eric Caton, President and CEO said, "We are very pleased with the Year End results and we continue to see the Company well positioned to grow its core business and increase market share however while revenues have increased by 9% overall in the year over year, the loss of the SOLGEN contract is expected to negatively affect the Company's revenues by approximately 40%" and may affect Net Income by up to 90% pending additional business". 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.
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