“ 11:05p ET 11/29/2021 - Globe Newswire
Victory Square Technologies Reports Nine Months Ended September 30, 2021
"2021 has been a year of continued growth and new opportunities for Victory Square. Q3 2021 was another strong quarter in which we achieved a seventh consecutive quarter with positive comprehensive income, issued a share dividend, and successfully listed Fantasy 360 Technologies Inc. (CSE:VRAR). Our balance sheet has never been stronger and our team is laser focused on unlocking value from the existing portfolio, and building a pipeline of new opportunities through strategic investment and acquisitions." - Shafin Diamond Tejani, Chief Executive Officer of Victory Square.
Victory Square Technologies Inc. ("Victory Square" or "Company") (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that provides investors access to a diverse portfolio of next generation technology companies in key sectors including: Web 3.0, Blockchain, Gaming, the Creator Economy, NFTs and the Metaverse, announces it has filed its consolidated condensed interim financial statements and associated management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2021.
"Q3 2021 was another strong quarter for Victory Square in which we achieved a seventh consecutive quarter with positive comprehensive income, issued a share dividend, and successfully listed Fantasy 360 Technologies Inc. (CSE:VRAR)," said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. "We are living in the midst of the 4th Industrial Revolution; The Tech Revolution that will undoubtedly change everything as we know it. Web 3.0, Blockchain, Gaming, the Creator Economy and VR/AR are sectors that Victory Square has invested in. We offer investors the chance to invest in the most exciting tech trends all in one place," said Tejani.
Financial Highlights for the nine months ended September 30, 2021:
-- adjusted net income of $2,356,962*; and
-- adjusted basic earnings per share was $0.03*.
-- the Company ended the nine months with working capital of $7,800,277.
-- the Company had an unrealized fair value gain of $5,992,945 on their Covalent CQT tokens
* During the nine months ended September 30, 2021, the Company had a net loss from continuing operations of $1,097,818, adjusted for non-cash costs for share-based payments of $2,385,008 and non-controlling interest for the period of $1,069,772, the adjusted net income of the Company was $2,356,962. Adjusted basic earnings per share was $0.03. Comprehensive income for the nine months ended September 30, 2021 was $2,991,525.
The Company's condensed consolidated interim financial statements for the three and nine months ended September 30, 2021 along with its MD&A are available under the Company's profile on SEDAR at www.sedar.com.
Business Highlights for the nine months ending September 30, 2021:
-- The Company Implemented Normal Course Issuer Bid Share Buy-Back Program**
-- Issued a Special Common Share Dividend of Its Interest in GameOn Entertainment Technologies Inc.
-- Issued a Special Common Share Dividend of Its Interest in Fantasy 360 Technologies Inc. dba Immersive Tech
-- Announced Oversubscribed Financings for Portfolio Companies: GameOn (CSE:GET), Immersive Tech (CSE:VRAR), Fansunite (CSE:FANS) and Covalent CQT Token
-- Acquired IV Hydreight Inc., a Mobile Health and Online Pharmacy Solution
-- Completion of Investment in Renewable Energy Company - Stardust Solar Inc.
-- GameOn Entertainment Technologies (CSE:GET) officially began trading on the Canadian Securities Exchange in June 2021
-- Fantasy 360 Technologies Inc. dba Immersive Tech (CSE: VRAR) officially began trading on the Canadian Securities Exchange in September 2021
-- Signed a Follow-on Investment in the #4 Ranked Influencer Platform - Creator.co.
**In January 2021, the Company announced its intention to commence a normal course issuer bid ("NCIB") for its common shares. The board of directors of the Company believes that the recent market prices of the Company's common shares (the "Shares") do not properly reflect the underlying value of such Shares, and that the purchase of the Shares would be a desirable use of corporate funds in the best interests of the Company and its shareholders. During the nine months ended September 30, 2021, the Company purchased 130,000 common shares under the NCIB for cancellation.
Victory Square 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 are also dedicated to giving back to the communities in which we serve and operate. The Company's mandate is to assist organizations through its time, talent and treasure. The Company is committed to organizations that provide services in the youth, mental health, special needs, sport, tech, education, marginalized groups, First Nations, and accessibility sectors.
Check out VictorySquare.com and sign up to VST's official newsletter at www.VictorySquare.com/newsletter.
On behalf of the Board of Directors
"Shafin Diamond Tejani"
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations
Contact - Edge Communications Group”
