Ivrnet Announces Filing of Interim Financial Statements

CALGARY, AB / ACCESSWIRE / August 20, 2021 / Ivrnet Inc. (TSXV:IVI) (“Ivrnet” or the “Company“) announces that it has filed its Interim Financial Statements for the three and six months ended June 30, 2021 and the accompanying Management’s Discussion and Analysis (“MD&A”).

The following Q2 2021 financial highlights should be read in conjunction with the unaudited Interim Financial Statements and the accompanying MD&A for the three and six months ended June 30, 2021, which can be found on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com.

Financial Highlights – Q2 2021:

  • Completion of a private placement of 4,500,000 common shares at a price of $0.05 per share for gross proceeds of $225,000. The gross proceeds were still receivable as at June 30, 2021 and have been recorded in trade and other receivables on the interim statement of financial position. The gross proceeds were received on July 5, 2021.
  • Strong increase in revenues from financial technology services. An increase in fixed recurring revenue of $70,650 to $80,675 in Q2 2021 compared to $10,025 in Q2 2020 and an increase in variable recurring revenue of $39,797 to $58,192 in Q2 2021 compared to $18,395 in Q2 2020. The increases are from new customers added during 2020 and Q1 2021.
  • Decline in fixed recurring revenues from Central services in Q2 2021 as compared to Q2 2020 due to the planned phasing out of the Company’s sports registration services.
  • Expected decline in variable recurring revenue from communications services in Q2 2021 as compared to Q2 2020 primarily due to the temporary increase in these revenues in Q1 and Q2 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.
  • Completion of 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 1400, 350 – 7th Avenue S.W., Calgary, Alberta T2P 3N9; 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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