TORONTO--(BUSINESS WIRE)--NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the fiscal year, ended October 31st, 2019. All amounts referenced herein are in Canadian dollars.
Revenue from operations for the twelve months ended October 31st, 2019 was $4,118,500 as compared to $3,242,073 in fiscal 2018. Net Income was $1,298,997 ($0.05 per share) for fiscal 2019 as compared to $1,147,567 ($0.04 per share) for fiscal 2018. Income Tax Expense for 2019 was approximately $130,000 higher than the 2018 amount.
The Audited Financial Statements and Management’s Discussion and Analysis for fiscal 2019 are available on the Company’s profile on SEDAR at www.sedar.com.
K. Barry Sparks, the Chief Executive of NamSys stated; “Fiscal 2019 was another good year for the Company with gross revenue increasing by in excess of 30% over that achieved in 2018. The “Cirreon™ “SaaS” group of applications sold on a subscription basis, continue to make excellent progress in the marketplace. The Company also added new Distributors in 2019. These new partners will be contributing to the continued growth of the Cirreon™ “SaaS” products in 2020. This along with new applications introduced in late 2019 auger well for the fiscal 2020 results.”
NamSys Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, retailers, public transportation operations and the gaming industry. NamSys’ proprietary software products for this market are “open-architected” and have been developed to interface with clients’ legacy systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain forward-looking statements, which reflect the Corporation’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation’s sales strategies.