VANCOUVER, BC / ACCESSWIRE / January 14, 2022 / Zoompass Holdings Inc. (Formerly OTCQB:ZPAS- Exempt) (the "Company" or "Zoompass") a leading developer of blockchain and payments technology platforms, is pleased to announce a summary of its fiscal third quarter 2021 unaudited financial results for the nine months ended September 30, 2021. ( All figures in USD)
Zoompass' operating revenues for the nine-month period ended September 30, 2021 increased by 30% to $982,721, as compared to $758,007 for the same nine-month period in 2020. Gross Margin stood at 52%, as compared to 47% for the ninth month ended September 2020, a 5% improvement during these challenging economic times.
Operating expenses were $2,016,856 vs $2,185,120 an improvement of $168,264 (8%) while managing a 30% increase in revenues. The company will continue to manage its growth and focus on cost mitigation so as to reach breakeven as quickly as possible without damaging its growth prospects.
Loss before taxes for the nine months ended September 30, 2021 were $(1,498,290) vs $(1,887,251) in the prior period once adjusting for the one time Goodwill write-off in the prior year, shows and improvement of 21% or $388,961. Prior to the goodwill adjustment Loss before taxes improved from $(16,251,466) in 2020 to a loss before taxes of $(1,498,290).
Net Cash used in operating for the nine months ended Sept 30, 2021 improved by $170,759 to $(161,881) vs $(332,640) in the prior period. The company continues to manage cashflow tightly. Its ending cash position was slightly improved year over year.
Zoompass' CEO, Manny Bettencourt, commented, "The Q3 YTD 2021 results show that we can and will continue to make improvements to the operation of the business. We are pleased with the steady development in the businesses, and we continue to execute on our core business plans. The company expects to continue to face headwinds due to COVID 19 which has delayed its growth cycle in the last two year, however the Company remains confident of securing the necessary partnerships to ensure global expansion and capital adequacy. The company continues to build out its deal pipeline which should result in growth over the next fiscal years."
For further information concerning the Company, please refer to the Company's website at www.zoompass.com.
Zoompass operates as a technology and infrastructure provider (Platform as a Service - PaaS) to hasten crypto and fiat payment networks through our blockchain technology, 3rd party integrations and the development of strategic partnerships to connect various verticals in multiple markets to create a global ecosystem.
Zoompass Safe Harbor Statement
Certain statements contained within this release are considered to be forward-looking under the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties including, but not limited to, the risk that any projections or guidance, including revenues, margins, earnings, or any other financial results are not realized, the impact of changes in tariffs, adverse changes in the global economic conditions, significant volume reductions from key contract customers, financial stability of key customers and suppliers, and availability or cost of raw materials. Forward-looking statements can often be identified by words such as "anticipates, " "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expression, and variations or negatives of these words. These forward-looking statements are not guaranteeing of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Zoompass are contained in the Company's Form 10-k filing for the fiscal year ending in December 31, 2020, and other filings with the Securities and Exchange Commission.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Additional information about the Company is available at www.zoompass.com.
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Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the Company's goals and objectives, including the anticipated benefits of the Continuance on the Company and the potential to apply to list the Company's shares on a Canadian exchange.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: impacts arising from the global disruption caused by the COVID-19 coronavirus outbreak; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of technology, platform development and technology sales and licensing as well as associated regulations in the areas of crypto and tokenization; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on new and unregulated technology and solutions; employee relations; and relationships with and claims by local regulators. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this or any news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE: Zoompass Holdings, Inc.