ATW Tech Announces Revenues of $483K for its Third Quarter of 2021
Montreal – TheNewswire - November 23, 2021 – ATW Tech Inc. (The « Company » or « ATW Tech ») (TSXV:ATW) announces today its results for its third quarter ended on September 30, 2021.
The Company generated revenues of $483K compared to $471k in 2020, an increase of $94K;
Cost of sales totaled $375K compared to $467K in 2020, a decrease of $91K;
Gross margin went from $5k in 2020 to $107k in 2021, an increase of $103k.
Operational charges went from $381K in 2020 to $375K in 2021, a decreased of $6K;
On August 27, 2021, the Company announced the completion of a private placement of $1,049,000 by the issuance of 13,112,500 units of the Company at a price of $0.08 per unit. Each unit consists of one common share of the Company and one warrant entitling its holder to acquire one common share of the Company at a price of $0.11 for a period of 36 months following the closing date.
On October 15, 2021, the Company finalized the repayment of its term loan of $360k.
During the third quarter of 2021, the Company’s gross margin increased by $103k compared to the same period in 2020. In fact, revenues increased while the cost of sales and operating expenses have decreased. This situation is due to management’s efforts to reduce operating costs. In addition, the Company finalized the repayement of its term loan of $360k, which significantly improved its balance sheet. We are satisfied with the Company’s performance considering that it is still affected by the current pandemic.
We have taken major steps in connection with our growth strategy, in particular through the implementation of an acquisition plan and the development of an evlolutionay matrix that will bring concrete results. In addition, the Company is currently evaluating growth opportunities in the Artificial Intelligence («AI») market.
«Our interest in the AI market is a strategic decision of our growth plan that, we believe, will create a lot of value for our shareholders, said Michel Guay, Founding President and Chief Executive Officer of ATW Tech Inc.».
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, 2021 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 speak 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, Bloomed and Semeon. VoxTel specializes in telephone billing and alternative payment solutions for fixed and mobile lines. Option.vote offers a customized multi-method 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. Bloomed is a cloud computing platform for managing smart data on consumers and their behaviors for both business and consumer-oriented campaigns. Semeon is a highly accurate and flexible text analysis platform for customer reviews, Semeon uses a unique combination of machine learning and Natural Language Processing (NLP) to discover significant trends in customer reviews across all channels.
ATW Tech Inc.
President, Founder, & CEO
Tel. : 844.298.5932 x 301