Vancouver, British Columbia--(Newsfile Corp. - March 1, 2023) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTC: NTTCF) ("NetCents" or the "Company"), a cryptocurrency payments company, updates investors on its key performance indicators and its 2021 annual audit.
Despite the past several months of turbulence in the Cryptocurrency industry, NetCents is pleased to share our solid performance from our ongoing marketing and sales efforts.
Growth in Key Performance Indicators
- Greater than a 500% increase in revenue in fiscal 2022 over fiscal 2020[1], from CAD$ 271,492 in 2020 (audited) to over CAD$ 1.8 Million in fiscal 2022 (unaudited).
- Merchant processing exceeds USD 50 million in 2022[2] an increase of over 400%.
- 250% increase in merchants signed up for the platform.
- Worldwide reach. Merchants transacting in over 40 countries.
- The average merchant transaction size grew 10 fold from USD$ 391 in 2020 to USD$ 4,500 in 2022.
The Company's growth continued into 2023, with the first two months processing volume increasing by 73% over the same period in fiscal 2022. The successful growth in all key performance indicators is a testament to the Company's leadership, strategy, and execution.
The Company has firmly established its business presence in North America, Europe, and the Middle East, with a workforce within each region. The most recent with the successful expansion into the United Arab Emirates, which included PSP Licensing, Central Bank Approval, team development and successful merchant marketing. This new expansion process can now be replicated in new regions. While the teams continue to service their regions, the management team will now replicate the model by positioning resources for expansion into Eastern Europe and South America.
Regarding the 2021 annual audit, additional time is required to permit the Company to complete procedures and enquiries in connection with the audit and the annual financial statements. The Company appreciates the continued support we are getting from our shareholders, merchants and partners and looks forward to the completion of this process.
As of today, the Company continues to be subject to a cease trade order and is working diligently to complete the annual financial statements for the fiscal year ending October 31, 2021, and the fiscal year ending October 31, 2022.
About Us
NetCents Technology Inc., the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
For more information, please visit the corporate website at www.net-cents.com or contact Investor Relations at investor@net-cents.com.
On Behalf of the Board of Directors
NetCents Technology Inc.
"Clayton Moore"
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
9th floor - 1021 W. Hastings Street
Vancouver, BC V6C 2R6
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements including without limitation, timing of finalizing and filing of the Company's financial statements, expected growth and success of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
[1] Unaudited 2022 revenue numbers
[2] Unaudited 2022 transaction numbers
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