(TheNewswire)
Montreal – TheNewswire - August 28, 2023 – ATW Tech Inc. ( the" Company " or " ATW Tech ") (TSXV:ATW) today announced its results for the quarter ended June 30, 2023.
-
The Company generated revenues of $ 308kcompared to $ 720k in 2022, a decrease of $ 412k
-
Cost of sales totalled $ 325k in 2023 compared to $ 653k in 2022,a decrease of $ 328k;
-
Operating expenses decreased from $ 555k in 2022 to $455k, a decrease of $100k;
On June 21, 2022, the Company announced the signing of twoletters of intent to acquire complementary technology companies in theareas of data engineering, business intelligence, advanced analyticsand artificial intelligence-powered public safety software. On May 1,2023, and with a final update on June 29, 2023, the Company announcedits intention to close the acquisition of one of these two companiesby August 31, 2023.
On April 14, 2023, theCompany announced a late filing of its consolidated annual financialstatements following the change of auditor. On June 29, 2023, theCorporation filed its annual audited financial statements,Management's Discussion and Analysis and related attestations for theyear ended December 31, 2023. The general and extraordinary meeting ofshareholders has been set for September 15, 2023.
On June 29, 2023, the Company partially completed apreviously announced non-brokered private placement in the amount of$975,000 for an amount reduced to $725,000 .The $725,000 non-brokered private placement was completed through theissuance of 14,500,000 units at a price of $0.05 per unit.
Outlook
"The second quarterof 2023 was focused on transforming our business strategy," saidMichel Guay, President and Chief Executive Officer. Since the signingof the letters of intent, and last updated on the transaction on June29, the Company has mainly focused these efforts on the acquisition ofone of the two targets and intends to close its acquisition by August31, 2023.
The Company and target management are already workingtogether in partnership on certain files and have set up a transitionteam that operates constructively and effectively. "In atightening financial market, we strongly believe in the closing ofthis transaction and believe it will be highly beneficial for ATW andtarget shareholders, its customers and employees."
"In pursuing its efforts to identify and executestrategic acquisitions, the Company sees an opportunity in thisacquisition to engage with our shareholders on the growth and futureof ATW tech as a whole," said Michel Guay, President and ChiefExecutive Officer.
The information presented above is asummary of the highlights. For additional information, please refer tothe Company’s interim condensed consolidated financial statementsand the Management’s Discussion and Analysis for the three-monthperiods ended March 31, 2023, 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 assume anyobligation 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
Michel Guay
President, Founder and Chief ExecutiveOfficer
Tel.: 844.298.5932 ext.301
mguay@atwtech.com
Copyright (c) 2023 TheNewswire - All rights reserved.