(TheNewswire)
Montreal, QC -TheNewswire - June 29, 2023 - ATW Tech Inc. (The « Company » or « ATW Tech ») (TSX-V:ATW) announces today itsfinancials results for its year ended on December 31, 2022.
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The Company generated revenues of $1.7M in 2021compared to $2.1M in 2021, a decrease of $431k;
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Cost of sales totalled $1.7M in 2022 compared to $1.9Min 2021, a decrease of $202k;
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Operational charges went from $5.2M in 2021 to $2M in2022, a decreased of $3.2M;
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On December 20, 2022, the Company announced the completion of a $535kprivate placement through the issuance of 10,700,000 units at a priceof $0.05 per unit;
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Between April 25 and May 1, 2023,the Company signed for a total of $975,000 in subscriptions to issue19,500,000 units at a price of $0.05 per unit.
Outlook
During the third quarter of fiscal 2022, the Companysuffered a significant decline in revenue, mainly due to an issue withVoxtel's technology platform. Indeed, between July 13, 2022, andAugust 25, 2022, some of the services offered by Voxtel werenon-functional or operated intermittently following a technologicalmigration whose objective was to upgrade the virtualizationplatform.
"This migration has brought us more flexibility,security and technological improvements, but it has forced us to adaptmany applications, which are the sources of the main problems.Everything is now back to order," said Michel Guay, President andChief Executive Officer.
Finally, since the signing of the letters of intent,announced on June 21, 2023 and updated on May 30, 2023 the Company hasmainly focused these efforts on the acquisition of one of the twotargets and intends to close its acquisition by August 31, 2023. TheCompany and the target's management are already working in partnershipon certain files and have put in place a transition team that operatesconstructively and effectively so that the operational consolidationbetween the two organizations will be almost immediate upon theclosing of the transaction.
"In a context marked by labour shortages, we arevery encouraged by the quality of the Target's human resources withwhich we have been able to collaborate. In a tightening financialmarket, we firmly believe in the closing of this transaction and thatit will be very beneficial for ATW and the Target’s shareholders,its customers and its employees," said Michel Guay, President andChief Executive Officer.
The synergy of our expertise, skills andtechnologies in the fields of Data Analytics, Artificial Intelligenceand Machine Learning will bring our clients operational improvementsthat will provide real and significant measurable productivity andprofitability gains.
The information presented above is asummary of the highlights. For additional information, please refer tothe Company’s audited consolidated financial statements and theManagement’s Discussion and Analysis for the year ended December 31,2022, at www.sedar.com .
Forward-LookingStatements and Disclaimer
Certain informationin this press release may constitute “forward-looking” statementsthat involve known and unknown risks, uncertainties, assumptions andother factors that may cause the actual results, performance orachievements of the Company or industry results to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-looking statements. When used inthis press release, such information may include words such as“anticipate”, “estimate”, “may”, “will”, “expect”,“believe”, “plan”, “project” and other terminology. Thisinformation reflects current expectations regarding future events andoperating performance and speak only as of the date of this pressrelease. Except as may be required by law, we do not assumeany obligation to update or revise any forward-looking information toreflect new events or circumstances.
Additional information regarding ATWTech is available on SEDAR www.sedar.com
The TSX Venture Exchange and itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accept no responsibility for the adequacyor accuracy of this release. The Plan remains subject to the approvalof the TSX Venture Exchange.
ATW Tech’sProfile
ATW Tech (TSX-V: ATW) is a technologycompany, owner of several recognized technology platforms such asVoxTel, Option.vote and Semeon. VoxTel specializes in telephonebilling and alternative payment solutions for fixed and mobile lines.Option.vote offers a customized multimethod voting system for unions,political parties, professional associations, and anyone looking for asecure way to reduce their voting costs and improve theirparticipation rate. Semeon is a highly accurate and flexible textanalysis platform for customer reviews and uses a unique combinationof machine learning and natural language processing (NLP) to discoversignificant trends in customer reviews across allchannels.
SOURCE :
ATW Tech Inc.
Michel Guay
President, Founder, &CEO
Tel. : 844.298.5932 x 301
mguay@atwtech.com
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