Toronto, Ontario--(Newsfile Corp. - September 30, 2024) - CanPR Technology Ltd. (TSXV: WPR) ("CanPR" or the "Company"), a leading Canadian technology-enabled immigration service provider, today announced the financial and operational results of its operating subsidiary, CANPR Technology Inc.("CanPR Inc."), for the 12 months ended May 31, 2024 ("FY 2024"). The Company completed its reverse takeover of CanPR Inc. (the "RTO") on June 24, 2024 and its common shares resumed trading on the TSX Venture Exchange on June 27, 2024.
KEY FINANCIAL HIGHLIGHTS OF CANPR INC. FOR FY 2024
- Completed a pre-RTO financing for gross proceeds of $2,924,000. For more information on the terms of the pre-RTO financing, refer to the Company's press release dated June 24, 2024.
- Revenue of $3,923,150 for FY 2024, up significantly compared to $40,035 for the twelve months ended May 31, 2023 ("FY 2023"), reflecting strong user growth and market reception to the CanPR platform.
- Gross profit of $1,502,833 for FY 2024 versus $15,474 in FY 2023.
- EBITDA of -$1,063,330 for FY 2024 versus -$495,321 in FY 2023.
- Net loss of $1,065,119 versus $495,433 in FY 2023.
- Working capital of $2,914,178 as at May 31, 2024.
The full financial statements and Management Discussion & Analysis for CanPR Inc. are available on CanPR's investor relations site and the Company's SEDAR+ profile at www.sedarplus.ca.
"CanPR has made significant progress to establish a growing presence in the immigration market by being the first to offer pre- and post-landing services in one convenient platform," said Akshat Soni, Co-Founder and CEO, CanPR Technology Ltd. "We've expanded internationally into the United Arab Emirates and India where interest in immigrating to Canada remains high, and we've made important investments in our platform to improve the user-experience, setting the stage for future growth and market penetration. We continue to invest to scale our reach and our revenue base while offering the best technology-enabled immigration services on the market."
BUSINESS AND OPERATIONS HIGHLIGHTS OF CANPR INC. FOR FY 2024
- Appointed three new board members including new Chairman Stephen A. Smith, and new Directors Uppekha Jain and Dexter John.
- Expanded into international markets with new offices in Dubai, United Arab Emirates and Delhi, India.
- More than 1.2 million CanPR downloads.
- Monthly Active User base of 140,000 and thousands of five-star reviews across Google Play and Apple App stores.
- Announced strategic partnership with TELUS to offer a range of innovative solutions that help newcomers stay connected, informed, secure and healthy.
- Significant upgrades and enhancements to the platform including: a more immediate and responsive chat messenger, direct feedback loops and consultation to improve immigration form filling accuracy with assisted analysis and evaluation, a more robust career resume builder with job matching optimization, and integration with auto-generated summaries sent to recruiters for job placement.
Visit www.CanPR.io to learn more and follow CanPR on Facebook, Instagram, TikTok and YouTube.
About CanPR Technology Ltd
CanPR Technology Ltd. is a technology platform dedicated to helping immigrants in their journey toward becoming permanent residents of Canada. At CanPR, we offer a range of services to assist with the immigration journey. Our platform provides a comprehensive understanding of the process of
immigrating to Canada, completing and tracking immigration applications, connecting newcomers with employers to help them find a job, and post-immigration services to help them settle in Canada. Currently, the platform has over 1,000,000 app installs. For more information on CanPR, visit www.canpr.io.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains statements which constitute "forward-looking information" or "forward-looking statements" (together "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among key factors and risks that could cause actual results to differ materially from those projected in the forward-looking information may include, without limitation, the demand for immigration services; changes to immigration policy; and changes in general economic conditions and financial markets. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended.
Forward-looking information contained herein are based on the assumptions, beliefs, expectations and opinions of management. Forward-looking information has been made as of the date hereof and the Company disclaims any obligation to updates any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
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