CALGARY, AB / ACCESSWIRE / May 28, 2021 / Ivrnet Inc. (TSXV:IVI) ("Ivrnet" or the "Company") announces that it has filed its Interim Financial Statements for the three months ended March 31, 2021 and the accompanying Management's Discussion and Analysis ("MD&A").
The following Q1 2021 financial highlights should be read in conjunction with the unaudited Interim Financial Statements and the accompanying MD&A for the three months ended March 31, 2021, which can be found on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
Financial Highlights - Q1 2021:
- Strong increase in revenues from financial technology services. An increase in fixed recurring revenue by $58,010 to $69,570 in Q1 2021 compared to $11,560 in Q1 2020 and an increase in variable recurring revenue by $42,051 to $64,671 in Q1 2021 compared to $22,620 in Q1 2020. The increases are from new customers added during 2020 and in Q1 2021.
- Decline in fixed recurring revenues from Central services in Q1 2021 as compared to Q1 2020 due to the planned phasing out of the Company's sports registration services.
- Expected decline in variable recurring revenue from communications services in Q1 2021 as compared to Q1 2020 primarily due to the temporary increase in these revenues in Q1 2020 from the onset of the COVID-19 pandemic as more companies switched to telephone and audio-conferencing solutions to remain connected. As companies have adapted to the COVID-19 restrictions the use of these solutions has declined.
- Continued support from the Company's commercial lender. On March 31, 2021, the Company and its commercial lender amended the term loan and credit facility agreement for the months of March, April, May, and June 2021. Of the 17% per annum interest due on the term loan and credit facility, the Company will pay to the commercial lender 10% per annum on the outstanding amount, calculated monthly, in the respective months and 7% per annum on the outstanding amount, calculated monthly, shall be added to the outstanding amount of the term loan and credit facility, in the respective months.
- Continued focus and investment in the migration of the Company's data centre to a virtual environment. The virtual data centre will give the Company more flexibility and allow for faster scale-up to accommodate new customers.
- Continued focus on strict cost management.
About Ivrnet
Ivrnet is a software and communications company that develops, hosts, sells and supports value-added business automation software. The company's products and services are delivered through the Internet and traditional phone network. These applications facilitate automated interaction through personalized communication between people, mass communication for disseminating information to thousands of people concurrently, and personalized communication between people and automated systems.
For further information: please contact Andrew Watts, President and CEO, Ivrnet Inc.; Suite 222, 1338B - 36 Avenue NE, Calgary, Alberta T2E 6T6; Tel/fax 1.800.351.7227; E-mail: investors@ivrnet.com; www.ivrnet.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.
SOURCE: Ivrnet Inc.
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