Victory Square Technologies Reports a Record First Half 2020
Press Release | 09/01/2020
VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square'' or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that builds and invests in cutting-edge technology that is shaping the 4th Industrial Revolution, announces it has filed its condensed interim consolidated financial statements and Interim Management Discussion and Analysis (MD&A) for the three months ended June 30, 2020.
Highlights for the six-month period ending June 30:
Net income increased to $4,726,867 from $(2,751,933) during the same period last year.
Earnings per share increased to $0.07 from $(0.03) during the same period last year.
20+ portfolio companies that represent pillars of the future economy: digital health and diagnostics, artificial intelligence (AI), machine learning (ML), augmented and virtual reality (AR and VR), internet of things (IOT), cyber security, blockchain and more.
Portfolio company, Victory Square Health gets FDA Permission to Manufacture and Market Safetest Covid-19 Antibody Test in the United States and is the first to be approved by the São Paulo State Government Covid-19 Innovation Programme.
Portfolio company, FansUnite Entertainment Inc., raised $8,141,764 and listed on the Canadian Securities Exchange (“CSE”).
VST ended the quarter with a strong balance sheet with $1,683,991 in cash and cash equivalents. The Company also has access to a $10,000,000 convertible note for operational and growth capital.
The Company’s condensed interim consolidated financial statements and Interim MD&A for the three months ended June 30, 2020 are available under the Company’s profile on SEDAR (www.sedar.com).
A Note from the CEO of VST: A Record-Setting First Half 2020 and Look Ahead
Dear Fellow Shareholders,
I am excited to connect with all of you after another exceptional quarter for Victory Square Technologies (VST) and in the wake of important news. Last month, our portfolio company Victory Square Health, makers of a Covid-19 antibody test was granted permission by the FDA to commence marketing, sales and distribution. Test kits will be available to labs across the United States in the next several weeks. The Company was also approved in Brazil by the São Paulo State Government as part of its Covid-19 Innovation Program.
I’m extremely proud that we’ll be able to play a part in the fight against the pandemic and help accelerate testing to get people back to work and school. Importantly, this is not an overnight success. VST first identified Safetest’s potential in 2017 through a partnership in Brazil and worked hard to bring its technology to Canada.
An overnight success, 20-plus years in the making
Indeed, Victory Square Health is just one illustration of a strategy that’s led to broad success for VST and its portfolio companies.
It starts with a philosophy that is built from our teams’ two decades of experience getting in early on successive waves: from Internet 1.0 to mobile to IoT. The fundamental needs of people — to work, play and communicate — don’t change. The most promising startups just address those timeless needs in new and better ways. Today, that means we’re focused on 4th Industrial Revolution technologies: personalized and digital health, artificial intelligence, augmented and virtual reality, blockchain, cybersecurity and more.
Equally important is identifying promising entrepreneurial talent early and in overlooked places. To find our proverbial needle in a haystack, we use a magnet. VST partners with a global network of incubators and accelerators to source top startups from North and South America, the Middle East, India, throughout Africa and beyond. From thousands of candidates, we’ve assembled our current portfolio of 20-plus companies.
These companies are brought to Canada and paired with an accomplished leadership team for rapid scale-up and commercialization. Our venture-build approach matches founders with established investors and entrepreneurs with a track record of success, including Canadian Angel Investors of the Year, EY Technology Entrepreneurs of the Year, Forbes 30 under 30 and more. These advisors provide tactical and logistical expertise, while also securing access to a rich network of partnerships and clients, ranging from Intel, Ebay, Bayer, Allegiant Air and Capital One to Canada’s Digital Technology Supercluster and the renowned Waterloo Artificial Intelligence Institute.
Finally, VST integrates a strong ESG (environmental, social and corporate governance) component throughout its operations. Our portfolio highlights minority entrepreneurs, often overlooked by traditional investors, including many from developing countries. We also have an explicit philanthropic mandate to support vulnerable youth in securing access to education, healthcare housing and nutritious food. Over the years, VST has donated more than 10,000 volunteer hours and helped raise more than $88 million in support of these causes.
The VST flywheel in action
Together, all of these components have helped to build the VST flywheel. As Jim Collins keenly points out, flywheels — those massive metal disks used in industrial processes — are slow to get moving. But with each push, you gain more and more momentum: “Each turn of the flywheel builds upon work done earlier, compounding your investment of effort.”
The VST flywheel has been gaining momentum for more than 20 years, the result of getting in early on emerging trends, patiently building and finding synergies between existing businesses. We’ve seen this flywheel approach yield exceptional results this quarter, as disruptions wrought by the pandemic fast-forward existing tech trends:
Launched in 2016 to accelerate personalized health diagnostics, Victory Square Health (VSH) is now applying cutting-edge tech to the Covid-19 crisis. With FDA permission for its flagship product, Safetest, the company is poised for continued growth.
Esports and online gaming have surged as the pandemic has limited social interaction and live sports. To serve that audience, our portfolio company FansUnite has just completed a series of key acquisitions to become a leading technology platform for the B2B and B2C market.
Online learning has emerged as a critical resource, and Next Decentrum is building the infrastructure that makes this possible.
As digital networking replaces in-person prospecting, CoPilot Advisor’s tools for automating social connections are experiencing surging demand.
Augmented and virtual reality are more important than ever during social distancing. Our portfolio companies, Immersive Tech and Shape Immersive are at the forefront of bringing real-life experiences to homes and offices.
From growing demand for decentralized finance technology (Covalent) to increased use of cloud services (Taloflow) to extra needs for secure data (Bluzelle), we’ve seen the crisis accelerate so many of the core sectors of VST.
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