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ScreenPro Security Inc. (CSE: SCRN) (OTCQB: SCRSF) ("ScreenPro" or the "Company") announces its financial results for the third quarter. The Company has filed its financial statements ("FS") and related management discussion and analysis ("MD&A") on SEDAR for the quarterly results ending September 30, 2022 ("Q3 2022").
Q3 2022 Financial Summary
The Company reports an increase to its cash flow of $138,820 compared to a decrease of $296,724 in the previous year. Reported total assets are $11,167,772, up 128% from last year of $4,887,202 reported on December 31, 2021.
The Company reduced general and administrative costs by 20% for the period ended September 30, 2022 from $943,794 to $747,905 due to operating efficiencies. Marketing expenses were also reduced from $206,824 to $168,637.
Please refer to the Q3 2022 filing in its entirety, which is available under ScreenPro's profile at www.sedar.com.
The following table summarizes revenue, net income (loss) and EBITDA* for Q3 2022 and 2021:
All figures are in Canada dollars unless otherwise noted.
| September 30, 2022 | September 30, 2021 | |
| Revenue | $2,882,900 | $3,878,868 |
| Net Income (Loss) | ($2,009,964) | $724,288 |
| Earnings per Share | ($0.02) | $0.02 |
| EBITDA | ($3,959,345) | ($3,463,823) |
Outlook
In May 2022, the Company acquired Naturevan Nutrition Ltd. ("Naturevan"), a natural health supplement company advancing ScreenPro into the health and wellness industry. In October 2022, Naturevan launched its first batch of vitamin supplements on the Amazon U.S. market, introducing its Probiotics to consumers. Naturevan products are expected to hit the Canadian Amazon market in the new year and expand its product offerings by introducing additional supplements to both markets in 2023.
The Company's COVID-19 testing operations remain steady as COVID-19 continues to burden Canadians. The Company continues to administer testing to the community and the film and production industry and is working on expanding its clientele, as well as working with experts on establishing objectives with Add Biomedical ("Add Bio").
Additionally, Concierge Medical Consultants Inc. ("Concierge") is focused on growing its IV Vitamin Therapy operations, as well as Prestige and Home Care services and continues to serve patients and focus on generating revenue in the medical and healthcare space.
"The Company is focused on getting additional Naturevan products out on the Amazon U.S. market and has plans to launch on the Canadian Amazon market in the new year. There is a sharp focus on generating sales and revenue from Naturevan on all fronts, and the Company expects to see results in sales in the next quarter. As our Covid operations remain steady, the Company is also focused on Concierge Medical and bridging the current gap in the healthcare system for patients to bring more accessible Concierge care to Canadians. As the year progresses, expanding all operations and creating revenue is our priority," said Andrew Ryu, Chief Executive Officer and Chairman of the Company.
About ScreenPro
Founded in 2020, ScreenPro Security is a health and wellness management company that delivers professional health and medical solutions to Canadians. With a focus on concierge medical services, ScreenPro Security offers personalized health care services such as IV vitamin therapy, personal home care, nurse care, on-call urgent medical care, nutrition, and health screening services, such as COVID-19 testing. Our team of board-certified physicians and health care professionals bring years of expertise to provide knowledgeable and trustworthy solutions to improve patients' overall health outcomes.
For additional information on ScreenPro and other corporate information, please visit the Company's website at www.screenprosecurity.com.
For more information about the Company, please refer to the Company's profile on SEDAR at www.sedar.com.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Investor Relations & Communications
Priya Monique Atwal, Director of Communications
Tel: (416) 901-5611 x 204
Email: priya@screenprosecurity.com
Andrew Ryu, Chief Executive Officer and Chairman
Tel: 416-901-5611 x 201
Email: aryu@screenprosecurity.com
Forward Looking Statements:
Certain statements contained in this news release may constitute forward‐looking information, including statements relating to the future development of ScreenPro's business. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The actual results of ScreenPro could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which ScreenPro operates, prevailing economic conditions, changes to ScreenPro's strategic growth plans, and other factors, many of which are beyond the control of ScreenPro. Management of ScreenPro believes that the expectations reflected in the forward‐looking information herein are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents ScreenPro's expectations as of the date hereof and is subject to change after such date. ScreenPro disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145603
