here's the news Abbotsford, BC - TheNewswire - December 1, 2020 - Gatekeeper Systems Inc. ('Gatekeeper' or the 'Company') (TSXV:GSI) (OTC:GKPRF) (FSE:1GK) a leading provider of intelligent video solutions for public transport and smart cities, provides an update on its previously announced non-brokered private placement (the "Financing").
Completion of the Financing required additional processing time beyond December 1, 2020, being the final closing date approved by the TSX Venture Exchange, and the Financing did not close. The processing delays were outside of the Company's control. The subscribers to the Financing were unsolicited by the Company and have notified the Company of their continued interests in completing a financing in the Company. The Company will consider such financing interests if, and when, such financing interests can be closed without delay.
The Company will release its audited financial results prior to December 29, 2020 for the fiscal year ended August 31, 2020. For the nine months ended May 31, 2020 the Company reported revenues of $12.6 million, gross profit of $5.5 million, net income of $1.4 million, and working capital of $7.7 million. In July 2020, the Company secured a $3 million credit facility with TD Bank which is currently not utilized.