Toronto, Ontario--(Newsfile Corp. - May 30, 2022) - ScreenPro Security Inc. (CSE: SCRN) (OTCQB: SCRSF) ("ScreenPro" orthe "Company") today announces its financial results for the first quarter. The Company filed on SEDAR its financial statements ("FS") and related management discussion and analysis ("MD&A") for first quarter results ending March 31, 2022 ("Q1 2022").
Highlights:
- Concierge Medical generated $207,624 in revenue
- As of March 31, 2022, the Company acquired over $1 million in Cash, an increase of 396% since December 31, 2021
- As of March 31, 2022, the Company holds over $11 million in total assets, an increase of 145% since December 31, 2021
2022 Financial Summary
Three Months Ended March 31, 2022
As of March 31, 2022, the Company had current assets of over $4 million with over $1 million in cash, EBITDA* and Adjusted EDBITDA* of $72,192. The Company had positive cash flows of $29,779. The Company reported a net loss of $333,829 compared to loss of $4,553,509 in the previous year. The Company reduced general and administrative costs for the period ended March 31, 2022, from $537,512 to $252,319 due to operating efficiencies.
The following is selected financial information for financial results ending March 31, 2022. Please refer to the Q1 2022 filing in its entirety, which is available under ScreenPro's profile at www.sedar.com.
The following table summarizes net loss, and EBITDA* and adjusted EBITDA* for the period ended March 31, 2022, and 2021. All figures are in Canadian dollars unless otherwise noted:
| | March 31, 2022 | March 31, 2021 |
| Net Loss | ($333,829) | ($4,553,509) |
| Depreciation and amortization | $406,021 | $73,004 |
| EBITDA* | $72,192 | ($4,480,505) |
| Listing expense | - | $3,155,025 |
| Adjusted EBITDA* | $72,192 | ($1,325,480) |
Outlook
The Company started the year strong, developing strong momentum in its core business in Covid testing which delivered a continuous increase of revenue with testing numbers growing each month. With this momentum, Covid testing continues to grow within the community and in the film and production industry and continues to be the forefront of the company.
With a focus on diversity, ScreenPro has positioned itself for growth in different sectors. On May 13th, 2022, the Company announced its Acquisition of Naturevan Nutrition Ltd. ("Naturevan"), a British Columbia corporation that carries Canadian made natural health supplement products. Currently, the Company is working on distribution of its products. Naturevan is a strategic channel for instant diversification into the health and wellness space.
The Company is currently working on expanding its corporate objectives with Add Biomedical ("Add Bio") and working on growing the volume of patients and revenue for Concierge Medical Consultants Inc. ("Concierge").
Additionally, the Company would like to announce that Lena Kozovski, Chief Executive Officer of the Company, has joined the board of directors of the Company to replace Mr. Young Cho Lee who has resigned. We would like to thank Mr. Lee for his contributions to the board.
"The Company began the year with continuous momentum in our Covid testing business, providing a strong performance each month with testing contracts in the film and production industry and testing for the community. Our Covid testing revenue helped pave the way for growth and expand to diversify in other business lines. I am also pleased that the Company was able to further business and announce another acquisition with Naturevan, As the year progresses, diversifying into the health and wellness space is priority while maintaining growth and profit in our already existing ventures," Lena Kozovski, CEO of the Company.
"As our Covid testing business remains stronger than ever, the Company looks forward to making a strong presence in the health and wellness market with our newest venture, Naturevan. Our plans for this year include expanding into our other business lines to make room for improvement, expansion, and a focus on growing shareholder value," Michael Yeung, Chairman of the Company.
About ScreenPro
ScreenPro is a Screening and Medical Technology company that provides turnkey screening solutions with its proprietary medical alerting software. ScreenPro's unique access to multiple manufacturers of high-quality test kits and its strategic partnership with labs in British Columbia, Ontario and Quebec allows ScreenPro to be a full-service nationwide provider of COVID testing and breast cancer screening solutions across Canada. In addition, ScreenPro has its own medical doctor and nursing professionals with on the ground support staff and transportation, with access to high quality PPEs to ensure that clients are protected in all aspects of their testing needs.
For additional information on ScreenPro and other corporate information, please visit the Company's website at www.screenprosecurity.com
For more information about the Company, please refer to the Company's profile on SEDAR at www.sedar.com.
Neither the Canadian Securities Exchange (the "CSE") nor it's Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Lena Kozovski, CEO
(647) 878-6674