NamSys Reports Results of Operations for Fiscal 2023

TORONTO, Feb. 26, 2024 /CNW/ – NamSys Inc. CTZ, a leading provider of technology for cash processing and transportation, today reports the results of operations for the fiscal year. All amounts referenced herein are in Canadian dollars.

Fiscal Year Highlights (for the twelve months ended October 31, 2023 compared to October 31, 2022)

• Record revenue of $6,093,020 increased by 13% or $698,239 compared to $5,394,781.
• Gross profit of $3,652,500 increased by 16% or $505,868 compared to $3,146,632.
• Net income of $1,614,875 ($0.06 per share) increased 16% or $220,435 compared to $1,394,440 ($0.05 per share).
• Net cash of $7,218,312 increased by 31% or $1,710,190 compared to $5,508,122 and now represents $0.26 of net cash per share.
• The Company purchased and cancelled 67,000 common shares as part of the Normal Course Issuer Bid that commenced August 30, 2023.

“The Company continues to execute on our SaaS strategy. We are excited for our prospects in 2024 as we expand our product portfolio and enter new markets,” commented Jason Siemens, President and CEO.

The financial statements and Management’s Discussion and Analysis for the fiscal year ending October 31, 2023 are available under the Company’s profile on SEDAR at www.sedarplus.ca.

NamSys Inc. products are designed to bring efficiency to the processing of currency and other value instruments in retailers, financial institutions, and cash-in-transit providers. NamSys’ proprietary systems for this market are sold as software-as-a-service subscriptions and operate in the public cloud service providers.

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.

SOURCE NamSys Inc.