VANCOUVER, British Columbia, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (“Uniserve”) (TSX.V: USS) a provider of IT solutions and services to business and residential customers in Canada wishes to announce its first quarter fiscal 2021 financial results. Revenues for Q1 FY2021 were $1,885K as compared to $2,587K in Q1 of the prior fiscal year. The first quarter fiscal 2021 Operating loss was $228K compared to an operating loss of $468K for Q1 in the prior fiscal year. Net loss for the first quarter of fiscal 2021 was $260K as compared to a net loss of $395K for Q1 in the prior fiscal year. During the first quarter of FY2021, Uniserve continued to adapt its operations and workforce for the changing economic conditions created by the Covid-19 pandemic. The Company has repositioned for the new economic and work environment and has maintained flexibility to adapt to changing economic conditions. The Company’s focus in fiscal 2021 will be on growth of recurring revenue streams and lean operations.
|Uniserve Communications Corporation|
|Consolidated Statements of Comprehensive Loss|
|(Expressed in Canadian dollars)|
|Three months ended|
|August 31, 2020||August 31, 2019|
|Cost of revenues||1,137,724||1,561,804|
|Operations and service delivery expenses||745,935||968,150|
|Sales and marketing||104,349||286,275|
|Amortization of property and equipment||105,427||177,038|
|Amortization of intangible assets||20,081||61,966|
|Other Expenses (Income)|
|Gain on foreign exchange||(27,104||)||(13,402||)|
|Gain on settlements and reversals of debts||-||(133,914||)|
|Net and Comprehensive Loss for the Period||$||(260,425||)||$||(395,302||)|
Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact.
Uniserve prides itself on world class customer service based in Canada. When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Learn more at www.uniserve.com or at www.sedar.com.
Chairman of the Board
Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.
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