TORONTO, Feb. 24, 2023 /CNW/ - Namsys Inc. (TSXV: CTZ) today reports the results of operations for the fiscal year, ended October 31st, 2022. All amounts referenced herein are in Canadian dollars.
Revenue from operations for the twelve months ended October 31st, 2022 was $5,394,781 as compared to $4,975,128 in fiscal 2021. Net Income before tax for fiscal 2022 was $1,898,682, as compared to 2021 when net income before tax was $1,725.322.
The Audited Financial Statements and Management's Discussion and Analysis for fiscal 2022 are available on the Company's profile on SEDAR at www.sedar.com.
K. Barry Sparks, the Executive Chairman of Namsys stated: "Fiscal 2022" was another solid year for the Company, particularly given that the majority of our staff have continued to work from home. Our management functions have settled in well, with our CEO (Jason Siemens) focused on sales and products and our COO (Christie Gray) taking responsibility for the day to day operation of the business. K. Barry Sparks continues the Corporate Secretarial function of the business.
The "Cirreon™ SaaS group of applications, sold on a subscription basis, continue to make progress in the marketplace. The Company has managed to add new Distributors and products which we believe will continue the growth of the Cirreon SaaS sales in 2023.
Namsys Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, retailers, public transportation operations and the gaming industry. Namsys' proprietary software products for this market are "open-architected" and have been developed to interface with clients' legacy systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation's sales strategies.
SOURCE NamSys Inc.
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