Toronto, Ontario--(Newsfile Corp. - August 27, 2021) - ScreenPro Security Inc. (CSE: SCRN) ("ScreenPro" or the "Company") is pleased to report that it has filed on SEDAR its financial statements ("FS") and related management discussion and analysis ("MD&A") for the seven-month financial results ending June 30, 2021 ("Q2 2021"). All currency is in Canadian dollars unless otherwise stated.
Please refer to the filings in its entirety, which are available under ScreenPro profile at www.sedar.com.
Q2 2021 Financial Summary
The Company reported revenue of $5,497,441 and net earnings of $140,485 in Q2, 2020. The Company also significantly improved its cash balance, $963,124, compared to $32 in cash in Q2 2020.
Path to Profitability: The Company made strong progress throughout the second quarter accelerating its path to profitability by identifying revenue opportunities, including a rebalancing the staff and payroll, opening the testing office in Toronto and Vancouver, and consolidating its supply chain pipelines. This is reflected in the significantly improved margin in Q2 2021.
Fiscal highlights of Q2 and subsequent events:
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In the second quarter ScreenPro business model accelarated with the successful onboarding of film and television productions in Toronto and Vancouver and launched on the execution of its strategy on building out other business sectors.
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On June 23rd, the Company provided services to production companies in Toronto and Vancouver and completed over 19,000 tests in May.
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On June 24th, the Company announced that the GoStop notification software is being adopted by film and television productions in Vancouver.
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On July 7th, the announced that it has expanded its operations to Montreal with a new lab facility, an approved Level II laboratory facility certified by the Public Health Agency of Canada.
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On July 8th, the Company provided services to production companies in Toronto and Vancouver and completed over 18,500 tests in June.
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On July 9th, the Company announced launching of a concierge medical services ("Concierge") on July 12th offering home visit care starting in Vancouver to capitalize on the lucrative custom care management market. The Company has established its infrastructure with its COVID testing business, and leveraging it to expand its business for the future business and growth.
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On August 9th, the Company announced commencing a new COVID-19 testing contract in Montreal with approximately 20,000 tests on a big budget Hollywood feature film.
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On August 25th, the Company announced that ScreenPro joined the CSE Composite Index, under the Life Sciences sector.
Andrew Ryu, CEO of ScreenPro, stated, "We have built the base for an incredible life sciences and health care businesses, we are getting more stability in revenues, our product offerings are increasing, and the company had a profit after only two quarters, so going forward, I am feeling positive about the business model. As a company, we share a fundamental commitment to all of our shareholders to deliver value to all of them, for the future success of ScreenPro shareholders, our employees and our customers."
https://www.newsfilecorp.com/release/94587/ScreenPro-Security-Reports-Profit-In-Q2