TORONTO--(BUSINESS WIRE)--NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the fiscal year, ended October 31st, 2020. All amounts referenced herein are in Canadian dollars.
Revenue from operations for the twelve months ended October 31st, 2020 was $4,745,950 as compared to $4,118,500 in fiscal 2019. Net Income, excluding the non-amortized portion of the termination cost of the Employee Long Term Bonus Plan in 2020, (Press Released on January 15, 2021) was $1,890,653 ($0.07 per share) for fiscal 2020 as compared to Net Income of $1,298,997 ($0.05 per share) for fiscal 2019.
The Audited Financial Statements and Management’s Discussion and Analysis for fiscal 2020 are available on the Company’s profile on SEDAR at www.sedar.com.
K. Barry Sparks, the Chief Executive of NamSys stated; “Fiscal 2020 was a reasonable year for the Company, with gross revenue increasing by 15% over that achieved in 2019. The “Cirreon™ “SaaS” group of applications, sold on a subscription basis, continue to make progress in the marketplace. In the face of COVID-19, the Company continued to add new Distributors and products which will contribute to the continued growth of the Cirreon “SaaS” products in 2021. This along with new applications which we plan to introduce in the coming months, augurs well for the future.”
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.