NamSys Reports Results of Operations for the Third Quarter, July 31, 2022

TORONTO--(BUSINESS WIRE)--NamSys Inc. (CTZ – TSX-V) today reports the results of operations for the first nine months and the third quarter of fiscal 2022 ended July 31st. All amounts referenced herein are in Canadian dollars. Revenue for the third quarter was $1,366,628 as compared to $1,231,223 for the same period last year; an increase of 2.9%. Net income for the quarter of $368,456 ($0.01 per share) was recorded as compared to $328,890 ($0.01 per share) for the same period last year.

Revenue for the first nine months of fiscal 2022 was $3,956,738 as compared to revenue in the same period last year of $3,702,296; an increase of 5.5%. The Company recorded net income of $972,259 ($0.03 per share) in the nine months ended July 31st, 2022 as compared to $944,851 ($0.03 per share) in the same period last year.

As the bulk of the Company’s sales are in US dollars, fluctuations in the exchange rate between Canadian and US dollars impact reported income. Revenues are converted to Canadian dollars when sales are completed and booked. Foreign exchange adjustments are then required when payments are actually received.

The financial statements and Management’s Discussion and Analysis for the fiscal quarter ended July 31, 2022 are available under the Company’s profile on SEDAR at www.sedar.com.

The “Smart Safe” solution is only one of many initiatives that NamSys is taking to streamline the processing of currency. The present “Cirreon” initiatives include:

1. Web and mobile applications for commercial/online banking
2. Logistics management for cash-in-transit providers
3. Exploring industries with similar high-security logistic challenges

These changes to traditional practices take time for the parties to understand and internalize. While we are spending considerable time to move the above initiatives forward, the operating results are now starting to reflect the fruits of our labour. This includes the recent execution of new distribution agreements with several North American Cash in Transit companies.

It remains our belief that we will continue to grow and achieve greater revenue and profitability in 2022 and beyond. This is particularly so, given that industry shows and conferences are again being planned for 2023. These functions give management the opportunity to present new or upgraded products to participants with hands-on demonstrations.

NamSys Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, large retailers, public transportation operations and the gaming industry. NamSys’ proprietary software products for this market are “open-architectured” 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.