Turnium announces full repayment of term loan to FirePower Capital, engagement of digital communications service provider Blue Summit Ventures and listing approval on Frankfurt Stock Exchange under the symbol “E48”
Vancouver, British Columbia–(Newsfile Corp. – August 29, 2023) – Turnium Technology Group Inc. (TSXV: TTGI) (FSE: E48) (“Turnium” or “the Company”), an industry leader in cloud-native software-defined wide area networking solutions (SD-WAN), is pleased to announce its financial results for Fiscal Q3 2023. All financial information is provided in Canadian dollars unless otherwise indicated.
The Consolidated Financial Statements and Management Discussion and Analysis (“MD&A”) for the second quarter ended June 30, 2023, are available on the Company’s SEDAR profile at www.sedarplus.ca.
Derek Spratt, CEO of Turnium commented, “In the third quarter of fiscal 2023, the Turnium team continued its focus on rightsizing the corporate balance sheet, repaying the approximate $2 million Term Loan in full to Firepower Capital and recapitalizing the business to execute on its growth strategy. We are very excited about Turniums future and remain focused in growing the customer base, introducing new products and expanding our geographic sales footprint, and managing costs in a fiscally responsible manner. I am happy to report that the many improvements to our business have translated to a record third quarter.”
Fiscal Third Quarter 2023 Highlights:
- Revenue in the third quarter increased to $1.48 million, compared to $1.12 million in the third quarter of 2022;
- Gross Margin in the third quarter was $0.917 million, compared to $0.831 million in the third quarter of 2022;
- Total Expenses in the third quarter decreased to $1.5 million, compared to $2.2 million in the third quarter of 2022;
- Net Loss in the third quarter decreased to ($0.75) million, compared to ($3.3) million in the third quarter of 2022;
- Number of Common Shares Outstanding (basic) at the end of the third quarter 2023 was 68,935,614.
Fiscal Quarter Financial Highlights:
The Company’s key financial results for the three months ended June 30, 2023, are as follows:
|Canadian Dollars||For the three
June 30, 2023
|For the three
March 31, 2023
|For the three
December 31, 2022
|For the three
September 30, 2022
|Weighted average number
of common shares
|Basic and diluted loss per
It is anticipated that revenues and expenses may vary, perhaps materially, from quarter to quarter due to several factors, including changes in product mix, costs related to planned increase in market share, global expansion costs and ongoing corporate development initiatives. Although revenues may fluctuate from quarter to quarter, and such fluctuations may be material, management expects that revenues will increase year over year.
There are no known trends or seasonal impacts on the Company’s business although seasonal trends may develop as the Company grows.
Additional Fiscal Third Quarter 2023 Highlights:
May 25, 2023: Turnium and Damen IT Deliver a Disruptive Starlink Solution for Point-to-Point Communications across the Netherlands and Germany
- Damen IT deploys Turnium to aggregate and bond multiple Low Earth Orbit (LEO) satellite links from Starlink with multiple LTE connections to deliver faster communications and operational continuity for businesses, field operations, and organizations operating in off-net, remote areas. Read Full Release
May 18, 2023: Turnium Technology Group Inc. Signs Amended Loan Agreement with FirePower Capital
- Turnium announces it has entered into a fourth amending agreement with affiliates of FirePower Capital (“FirePower”) to extend the maturity date of Turnium’s FirePower Term Loan from March 31, 2023 to July 31, 2023. Read Full Release
May 17, 2023: Turnium Announces Closing of First Tranche of Unsecured Convertible Note Offering
- Turnium closes first tranche of non-brokered private placement of unsecured convertible notes for aggregate gross proceeds of up to CAD$1,000,000 (the “Offering”). The first tranche closing of the Offering was comprised of the issuance of unsecured convertible notes in the aggregate principal amount of $276,500 (the “First Tranche Closing”). Read Full Release
May 5, 2023: Turnium Extends Exclusivity Period of Non-Binding Letter of Intent with ActivePort
- Turnium announces that the counterparty to the Potential Transaction is ActivePort Group Ltd. (ASX: ATV), an Australian software company (“ActivePort”). The parties have extended the exclusivity period for negotiation of definitive documents through to May 31, 2023. Read Full Release
May 4, 2023: Turnium and Metro Lightspeed Announce New Partnership Agreement – Introducing Next Generation Internet Connectivity Solutions to the Malaysian Market and Asia Pacific Region
- Metro Lightspeed SDN BHD, an existing Turnium Channel Partner signs a new 60-month licensing agreement, enhancing wireless, POS and business connectivity solutions for the Malaysian and Asia Pacific Market. Read Full Release
April 11, 2023: Turnium and Comms365 Announce Preferred Partnership Agreement – Introducing Next Generation Internet Connectivity Solutions to the United Kingdom Market
- Comms365 Limited signs 24-month Preferred Partner licensing agreement with Turnium valued at over $500,000, enhancing managed service delivery, IoT applications and reliable connectivity for U.K. businesses. Read Full Release
April 3, 2023: Turnium Technology Group Creates Special Committee to Review Non-Binding LOI to Acquire the Shares of the Company
- Turnium enters into a non-binding letter of intent (the “Non-Binding LOI”) with respect to a potential share purchase transaction (the “Potential Transaction”) with one of its publicly listed strategic partners. Final structure and terms of the Potential Transaction not yet been finalized. Read Full Release
Subsequent Highlights to the Fiscal Third Quarter:
August 22, 2023: Turnium Technology Group, Inc. Announces Closing of Second Tranche Non-Brokered LIFE Offering For Gross Proceeds of C$479,000
- Turnium closes its Second Tranche non-brokered private placement offering (the “Offering“) of 4,790,000 units of the Company (each, a “Unit“) at a price of C$0.10 per Unit (the “Issue Price“) for gross proceeds of C$479,000. The Offering was completed pursuant to the Listed Issuer Financing Exemption. Read Full Release
August 9, 2023: Bahrain’s Gulf Wireless City Implements Turnium Software to Further Monetize AI, Smart Building Technology, Security, Home Automation, and Wireless Solutions.
- Turnium announces that Gulf Wireless City has implemented Turnium’s SD-WAN software technology to deliver business connectivity, high quality voice calls over internet, and reliable and secure multi-carrier managed connections in Bahrain. Read Full Release
August 3, 2023: Turnium Technology Group, Inc. Announces Closing of Brokered and Non-Brokered LIFE Offering For Gross Proceeds of C$3 Million
- Turnium closes its brokered and non-brokered private placement offering (the “Offering“) of 30,210,000 units of the Company (each, a “Unit“) at a price of C$0.10 per Unit (the “Issue Price“) for gross proceeds of C$3,021,000. The Offering was completed pursuant to the Listed Issuer Financing Exemption. Read Full Release
July 31, 2023: Turnium Technology Group, Inc. Provides Update Regarding Previously Announced Brokered LIFE Offering For Up to C$3.5 Million
- Turnium files a Second Amended Offering Document with respect to its commercially reasonable efforts private placement basis offering (the “Offering“) of units of the Company (each, a “Unit“) under the Listed Issuer Financing Exemption. Under the final terms of the Offering, the Units will be issued at a price of C$0.10 per Unit (the “Issue Price“) for gross proceeds of a minimum of C$3,000,000 and a maximum of C$3,500,000. Read Full Release
Engagement of Digital Communications Service Provider
Turnium also announces that it has entered into an agreement with Blue Summit Ventures, an arm’s-length party to the company, to provide marketing services to enhance its social media and digital marketing functions.
Blue Summit will oversee the Company’s social media campaigns, harnessing the power of various platforms to raise awareness of Turnium, engage with stakeholders, and communicate the Company’s ongoing advancements in the SD-WAN market. Blue Summit has agreed to provide digital communications services to the company in exchange for an aggregate amount of $175,000 plus applicable taxes. The services will include continuing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, and corporate video dissemination.
The initial term of the Blue Summit agreement is for a period of six months. As of the date hereof, to the Company’s knowledge, Blue Summit (including its directors and officers) do not own any securities of the Company.
Frankfurt Stock Exchange Listing
The Company announces that it has been accepted for listing on the Frankfurt Stock Exchange (‘FSE”), under the symbol “E48”. The FSE is one of the world’s leading international stock exchanges by revenue, profitability, and market capitalization and is the largest of Germany’s stock exchanges.
About Turnium Technology Group Inc.
Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that OEM channel partners host, manage, brand, and price. Turnium is also available to Resellers as a Turnium-branded managed service. Turnium SD-WAN solutions is sold through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
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Investor Relations: Bill Mitoulas, Email: [email protected], Telephone: +1 416-479-9547
Media inquiries: please email [email protected].
Sales inquiries: please email [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Some of these risks are described under the “Caution on Forward-Looking Information” section and “Risk Factors” section of the MD&A. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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