MONTREAL, Nov. 25, 2020 (GLOBE NEWSWIRE) — ATW Tech Inc. (the “Company” or “ATW Tech“) (TSX-V : ATW) announces today its results for the quarter ending September 30, 2020.
- For the nine-month period ended September 30, 2020, the Company generated revenues of $1.7M compared to $5M for the same period in 2019. The decrease of $3.3M is mainly due to the clean-up exercise of its clients and the sale of the assets of VuduMobile Inc.;
- Cost of sales totalled $1.5M compared to $4.3M for the same period in 2019, a decrease of $2.7M representing a margin of $179k or 11% in 2020 compared to $761k or 15% in 2019 for the nine-month period ended September 30, 2020;
- Selling and administrative fees decreased by $422k and $770k respectively for the nine-month period ended September 30, 2020 compared to the same period in 2019;
- On November 9, 2020, the Company closed a private placement of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per common share
- On November 9, 2020, the Company completed the acquisition of 100% of the outstanding shares of Semeon Analytics Inc. (“Semeon”) for a consideration of $2,955,000 payable by the issuance of 59,100,000 common shares of the Company.
In conjunction with the strategic growth initiatives pursued by the Company to maximize value for our shareholders, the Company has made progress on multiple fronts in recent months. Indeed, the Company is pleased to announce the completion of a private placement and the acquisition of Semeon as of November 9, 2020.
The Company intends to use the net proceeds from the private placement to cover the costs of the acquisition and the integration of Semeon into its structure, for the development and commercialization of ATW Tech and Semeon’s products as well as for general corporate purposes. In addition, the Company plans to repay some of its debts in order to clean up its current balance sheet and reduce its financial expenses.
The acquisition of Semeon increases ATW Tech’s ability to offer services to its clients in synergy with one of its intellectual properties, Option.vote, in SaaS mode, and will provide access to the American and European markets, particularly in the FINTECH market.
“This acquisition will enable ATW Tech to better serve its customers and expand its market potential,” stated Michel Guay, President and CEO 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 nine-month period ended September 30, 2020 at www.sedar.com.
Disclaimer Regarding Forward-Looking Statements
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 required by law, we assume no obligation to update or revise any forward-looking information to reflect new events or circumstances.
Additional information about the Company is available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ATW TECH‘S PROFILE
ATW Tech (TSX-V: ATW) is a financial technology company (“fintech”), owner of several recognized technology platforms such as VoxTel, Option.vote and Bloomed. 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 Quebec-based technology company that has developed an artificial intelligence technology. Over the past 5 years, Semeon has combined techniques of semantic, sentiment, intent and statistical analysis with artificial intelligence driven natural language processing systems to develop a platform capable of automatically analyzing, classifying and visualizing data from multiple channels and a powerful workbench suite which permits even non-experts to customize classification and filtering settings without the need for cumbersome rule sets. Semeon provides its clients with a platform for precise text analysis, intelligent and flexible for decoding, understanding, and summarizing customer feedback on specific elements. For this purpose, Semeon’s natural language text analysis technology allows to browse through thousands of customer comments, to extract the concepts expressed, to classify these as positive, negative or neutral opinions, so that companies or organizations can adjust their communication and marketing strategy in an informed and diligent manner.
Whether it is an acceleration of customer feedback processing, the identification of key parts in a supply chain or key elements in financial forecasting models, among others, Semeon ensures gains in analysis speed allowing critical decision making in hours rather than weeks or months.