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Montreal – TheNewswire – November 25, 2022 – ATW Tech Inc. (The « Company » or « ATWTech ») (TSXV:ATW)announces today its results for its quarter ending September 30, 2022.
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The Company generated revenues of $192K compared to $483K in 2021, a decrease of $291K;
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Cost of sales totaled $261K compared to $375K in 2021, a decrease of $114K;
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Operational charges went from $375K in 2021 to $370K in 2022, a decrease of $5K;
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On November 15, 2022, the Company announced its intention to complete a private placement of $585,000 by issuing 11,700,000 units at a price of $0.05 per unit.
Outlook
During the third quarter of fiscal 2022, the Company suffered a significant drop in its revenue, mainly attributable to a problem with Voxtel’s technology platform. Indeed, between July 13, 2022 and August 25, 2022, some of the services offered by Voxtel were non-functional or operated intermittently following a technological migration whose objective was to upgrade the virtualization platform.
“This migration finally brought us more flexibility, security and technological additions, but it forced us to adapt many applications, sources of the main problems. Everything is now back to normal” said Michel Guay, Founding President and Chief Executive Officer.
Finally, since the signature of the letters of intent announced on June 21, the Company and the management of the two Targets have set up a three-party transition team which operates in a constructive and efficient manner so that the operational consolidation between the three organizations will be almost immediate upon closing of the transaction. Also, certain marketing initiatives and project achievements are carried out by pooling resources from the Company and the Targets.
On another level, the due diligence activities are progressing. We are currently in discussions to extend the closing dates of the letters of intent, which would allow us to finalize our negotiations and our consolidation.
“In a context marked by the shortage of manpower, we are very encouraged by the quality of the human resources of the two Targets with which we have had to collaborate. In a financial market that has tightened, we firmly believe that the closing of these two transactions will be very beneficial for the shareholders of ATW and the Targets, their customers and their employees,” said Michel Guay, Founding President and Chief Executive Officer.
The information presented above is a summary of the highlights. For additional information, please refer to the Company’s interim condensed consolidated financial statements and the Management’s Discussion and Analysis for the three-month and nine-month periods ended September 30, 2022 at www.sedar.com.
Forward-Looking Statements and Disclaimer
Certain information in this press release may constitute “forward-looking” statements that involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such information may include words such as “anticipate”, “estimate”, “may”, “will”, “expect”, “believe”, “plan”, “project” and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as may be required by law, we do not assume any obligation to update or revise any forward-looking information to reflect new events or circumstances.
Additional information regarding ATW Tech is available on SEDAR www.sedar.com
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept no responsibility for the adequacy or accuracy of this release. The Plan remains subject to the approval of the TSX Venture Exchange.
ATW Tech’s Profile
ATW Tech (TSX-V: ATW) is a technology company, owner of several recognized technology platforms such as VoxTel, Option.vote and Semeon. VoxTel specializes in telephone billing 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 a secure way to reduce their voting costs and improve their participation rate. Semeon is a highly accurate and flexible text analysis platform for customer reviews and uses a unique combination of machine learning and natural language processing (NLP) to discover significant trends in customer reviews across all channels.
SOURCE:
ATW TECH
Michel Guay
President, Founder, & CEO
Tel. : 844.298.5932 x 301
www.atwtech.com
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