OneSoft Solutions Inc. Reports Record Revenue and Net Income for the Ten Months ended December 31, 2018
Revenue More Than Quadruples Over Last Year; Balance Sheet is Strengthened
EDMONTON, AB / March 26, 2019 / OneSoft Solutions Inc. (the “Company” or “OSS”) (TSX-V: OSS, OTCQB: OSSIF), a North American developer of cloud-based business solutions, provides a business update and announces its financial results for the ten months ended December 31, 2018. Please refer to the Audited Consolidated Financial Statements, Management’s Discussion and Analysis (“MD&A”) and the Annual Information Form for the ten months fiscal period ended December 31, 2018 (“FPE December 31, 2018”) filed on SEDAR at www.sedar.com for more information. Unless otherwise stated, all dollar amounts are Canadian dollars.
Note to reader: Effective in 2018, the Company changed its financial year-end from February 28 to December 31. The change in year-end resulted in the Company filing a one-time, ten-month transition year financial statement covering the period of March 1, 2018 to December 31, 2018. Subsequent to the transition year, the Company’s financial year will be the period January 1 to December 31.
|(in $,000)’s, per share in $||Ten months|
|Comprehensive income (loss)||295||(2,880)||110.2|
|Weighted average common shares |
outstanding – basic (000)’s
|Weighted average common shares |
outstanding – diluted (000)’s
|Comprehensive income (loss) – basic||0.00||(0.03)||100.0|
|Comprehensive income (loss) – diluted||0.00||(0.03)||100.0|
|Cash and cash equivalents||2,015||3,661||(44.9)|
“OneSoft’s technology is gaining traction with clients, and our financial performance has significantly improved year-over-year,” said Dwayne Kushniruk, CEO of OneSoft. “Subsequent to the year end we added 4 new clients, including a Super-major, two Fortune 500 companies and an independent operator, to increase our total pipeline data miles to approximately 51,000. This is expected to result in cash break even operations in 2019, based on the current business plan. We look forward to the continued growth of our business and sincerely thank all of our employees, clients and stakeholders for supporting our vision and objectives.”
HIGHLIGHTS FOR THE TEN MONTHS ENDED DECEMBER 31, 2018
- Revenue more than quadrupled to $4,327,845 from $1,005,045.
- Gross profit increased to $4,142,662 from $910,390.
- Operating income increased to a profit of $340,686 from a loss of $2,773,943.
- Comprehensive income increased to a profit of $294,780 this period from a loss of $2,880,440 last year.
- Adjusted EBITDA2 increased to positive $876,022 this period from negative $1,795,196 last year. Adjusted EBITDA in FPE December 31, 2018 represented 20.2% of revenue.
- FPE December 31, 2018 represents the first period of profitable operations since the Company sold its desktop computing business units and reorganized the Company to refocus on R&D initiatives to pursue and leverage machine learning, data science and cloud computing opportunities.
- OneSoft ended December 2018 with working capital having improved to $2,419,367, from $1,322,932 as at February 28, 2018. The Company has no liabilities other than accounts payable, accrued liabilities and deferred revenue.
- All remaining outstanding warrants (4,200,333) were exercised, generating $567,050 of cash for the Company and employees exercised 600,000 options, generating an additional $101,000 of cash.
- The Company completed its Cognitive Integrity Management (“CIM”) version 3.0 (formerly referred to as “Polaris”) development sprint in FPE December 31, 2018, on time and on budget. This was an extensive effort wherein we migrated comprehensive on-premise software applications developed by Phillips 66 to manage their own pipeline infrastructure, and integrated components of our machine learning and data science technologies to create CIM 3.0 which now operates on Microsoft’s Azure Cloud computing platform as a software-as-a-service (“SaaS”) application. CIM 3.0 provides full “cradle to grave” functionality that oil and gas (“O&G”) pipeline operators world-wide typically require to perform integrity and logistics management of their transmission pipeline infrastructure.
- The Company’s CIM solutions and underlying technology made significant gains with respect to positive market acceptance within the industry and the value of CIM has now been validated by numerous clients, prospective clients and industry experts.
SUBSEQUENT TO PERIOD END
Subsequent to the fiscal period ended December 31, 2018 the Company made several announcements about its business progress, as follows:
- On March 25, 2019 the Company announced another Fortune 500 client addition, which increases pipeline data miles under multi-year contract for CIM SaaS services to approximately 51,000.
- On February 22, 2019, the Company announced that OneSoft Solutions had been named to the TSX Venture 50 list due to it being ranked the fourth highest top performer in the Technology sector on the TSX Venture Exchange in 2018. The 2019 TSX Venture 50 list is comprised of 10 companies from each of five industry sectors, with selection criteria based on equally weighted factors of market capitalization growth, share price appreciation and trading volume. OneSoft recorded market capitalization growth of 136% over the prior year, traded 29,408,991 shares during 2018, and the Company’s share price increased 96% year over year.
- On February 20, 2018, the Company announced that a subsidiary of a large conglomerate that operates pipelines situated primarily in the mid-west U.S.A. and Texas had adopted CIM for long term use. The Client is working with us to develop the most advanced cloud computing platform leveraging machine learning and data science for the integrity management of pipelines. The Client engaged in a Pilot Project using OneBridge CIM 2.0 in September 2017 and participated in the CIM 3.0 Private Preview program in 2018. The Client intends to initially operate CIM enterprise-wide in parallel with its internal systems, with a view of ultimately adopting CIM as its primary solution to manage its pipeline infrastructure later this year.
- On January 24, 2019, the Company published its Q3 financial report in accordance with the prior February 28 fiscal year end date, before the year end date was changed to December 31.
- On January 14, 2019, the Company published a business update, announcing completion of the Polaris development project.
- On January 7, 2019, the Company announced that two new clients, including one industry Super-major1, adopted CIM solutions for long term use. Management believes that this was a key milestone because of stringent vulnerability assessment testing conducted by the Super-major prior to choosing CIM and the credibility associated therewith, which may contribute to accelerated adoption of OneBridge solutions by other prospective customers in the future.
1 Super-majors are considered to be amongst the seven largest oil and gas pipeline companies world-wide.
OneSoft is at an important inflection point wherein the Company has commenced transitioning from its R&D focus to commercialization of its CIM solutions. Revenue growth will be commensurate with the pace of market adoption of the Company’s solutions. We believe the user experiences and strong validations of our solutions by our early adopter clients are now resonating positively within the U.S.A. marketplace, which serves to boost confidence and encourage wider industry acceptance of our new machine learning technologies and processes to replace legacy systems.
As explained in the Company’s FYE February 28, 2018 MD&A (page 9) published on SEDAR, the Oil and Gas (“O&G”) pipeline industry has an estimated annual expenditure of more than USD $600 million by U.S.A operators, and USD $1.1 billion by operators globally, dedicated to pipeline data evaluation processes. These expenditures represent the “sweet spot” for OneSoft’s CIM solution, which is a cloud computing platform optimized to perform advanced data analytics using advanced data science and machine learning technologies.
OneSoft’s challenge is to disrupt the status quo with its new technology solutions and claim market share. To disrupt established legacy technology and processes with new technology solutions, we believe it is necessary to initially offer superior software and analytics capabilities to clients at a reduced cost. Our first clients were granted special pricing, because it was necessary to onboard them in order to solicit user experience and input into our solutions, and to achieve industry validation that confirms our solutions offer a higher value proposition than legacy systems. We anticipate that revenue opportunities for our solutions will continue to increase as more clients gain confidence regarding our solutions, and as we add new functionality modules and increase market share. OneSoft’s objective is to increase our client and prospect base as quickly as possible, by continuing to pursue prospective clients in our current sales pipeline who collectively operate approximately 200,000 miles of pipeline infrastructure in the U.S.A., and work collaboratively with clients, Microsoft, WorleyParsons and other reseller partners to pursue sales opportunities in the U.S.A. and Canada and certain international markets.
Revenue metrics over the past two years indicate that recurring and repeating SaaS revenues equated to approximately $100 per mile per year of pipeline data (“data mile”) processed. While we do not have enough data points to accurately project future data mile revenue metrics, we believe that historic figures can reasonably be assumed for general planning purposes and anticipate that revenue per data mile metrics may increase as our software functionality enhancements generate incremental revenue opportunities.
Fiscal 2019 Expectations
The Fiscal 2019 operational plan focuses on Evolving CIM Solution Functionality, contracting new clients and pursuing R&D to Commercialize Cognitive Learning. The R&D projects will be initiated once client participation and appropriate funding for required resources is determined.
We believe that our efforts to date have positioned the Company to evolve the CIM platform for future opportunities and commence significant revenue growth. We anticipate that recurring and repeating revenue associated with CIM clients will increase in Fiscal 2019, and that other revenue potentially derived from software trials will continue to be sporadic, in accordance with historic experience.
New R&D sprints commenced in Fiscal 2019 are expected to be ongoing beyond the Fiscal 2019 year-end, with incurrence of associated R&D costs, and that similarly to the CIM 3.0 project, part of the development costs may potentially be funded in some manner by early-adopter customers. Recognition of revenue associated with these development sprints, if any, is not likely to occur until Fiscal 2020.
In summary, the Company’s strategies, business, technology and operational plans for Fiscal 2019 have all been crafted to increase shareholder value through achievement of two key objectives: (a) increasing our technological lead, which we believe is significant; and (b) increasing market share and revenues.
Management expects the Company will achieve a cash break even scenario in Fiscal 2019 based on the current business plan.
CALCULATION OF ADJUSTED EBITDA:
|Three months ended|
|Ten months ended|
|Comprehensive income (loss)||2,528,592||(964,462)||294,780||(2,880,440)|
|Depreciation and amortization||22,360||(79,826)||221,933||385,304|
|Stock based compensation||35,379||101,629||386,510||445,367|
|Impairment of intangible assets||–||254,601||–||254,601|
ON BEHALF OF THE BOARD OF DIRECTORS
ONESOFT SOLUTIONS INC.
For more information, please contact
Dwayne Kushniruk, CEO
Sean Peasgood, Investor Relations
This news release contains forward-looking statements relating to the future operations and profitability of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects”, “believe”, “will”, “intends”, “plans” and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking information is provided to deliver information about management’s current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.
In respect of the forward-looking information and statements the Company has placed reliance on certain assumptions that it believes are reasonable at this time, including expectations and assumptions concerning, among other things: interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; the efficacy of its software; our interpretation based on various industry information sources regarding the total miles of pipeline in the USA and globally, which segments are piggable; our understanding of metrics, activities and costs regarding evaluation, inspection and maintenance is in alignment with various industry information sources and costs of performing pipeline evaluation, inspection and maintenance in the USA are representative of those in the rest of the world, are reasonably accurate; the success of growth projects; future operating costs; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; and that there are no unforeseen material development or other costs related to current growth projects or current operations. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to many factors and risks. These include but are not limited to the risks associated with the industries in which the Company operates in general such as: costs and expenses; interest rate and exchange rate fluctuations; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws.
Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by Canadian securities law.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
OneSoft Solutions Inc. Provides Business Update and Reports Financial Results for the Three Months Ended May 31st, 2017
Edmonton, Alberta, Canada (July 27, 2017) – OneSoft Solutions Inc. (the “Company” or “OSS”) (Canada TSX-V: OSS; USA OTCQB: OSSIF, a North American developer of cloud-based business solutions announces its financial results for the three months ended May 31, 2017.
Financial results are summarized as follows:
Q1 Fiscal 2018 Operational Highlights
Our Cognitive Integrity Management (“CIM”) and HoloLens solutions were demonstrated at the annual Pipeline Pigging and Integrity Management (“PPIM”) tradeshow held in Houston, Texas between February 27 and March 3, 2017. On March 29, 2017, OneBridge presented its solutions at a Pipeline Asset Management Workshop hosted by Microsoft at their Technology Center in Houston, which was attended by senior managers from approximately 30 companies who are responsible for pipeline integrity roles including integrity management, maintenance, data science, analytics and information technologies. OneBridge presented from a tradeshow booth at the Banff 2017 Pipeline Workshop from April 3-6, 2017 which focused on various aspects of the oil and gas pipeline industry, including regulatory and standards development; corrosion; integrity, and emergency preparedness and response. Microsoft sales teams worked collaboratively with us by donating computer hardware, personnel and other resources which assisted our presence at these venues. We consider these activities as being successful in that they raised awareness of the OneBridge solution, allowed us to make important industry contacts and initiated interest with service organizations which could lead to subscriptions to use our product at some future date.
In the quarter, the Company added to its operational capabilities by hiring additional software development staff, data scientists, and a marketing director whom together we believe will reduce our development timelines and increase our sales and marketing effectiveness.
On March 6, 2017, certain insiders sold some of their shares and used a portion of the sale proceeds to exercise warrants to replace the shares sold, which raised $1,822,389 for the Company without incurring any dilution for other shareholders. The Company completed listing its shares on the U.S. OTCQB market in May 2017 to provide a venue for U.S. citizens to trade the Company’s shares.
The three months ended May 31, 2017 (“Q1 Fiscal 2018”) was the first full quarter wherein revenue generation from the Company’s CIM product was recorded following its commercial market release in January 2017. Revenue for the quarter was $223,093, of which $210,593 was derived from a CIM SaaS subscription, versus $102,528 in the same quarter last year, none of which was due to CIM. Gross profit was $206,255 this quarter versus $85,311 in the comparative quarter last year. $284,705 of costs met the criteria for capitalization as software development costs as compared to $309,435 this period last year. The net loss for the quarter was $500,745 versus $404,473 in the comparative prior year quarter.
Financial outlook for fiscal 2018 and progress in Q1 2018
We continue to focus on the US market with its 2.7 million miles of oil and gas transmission pipeline infrastructure of which approximately 600,000 miles is our initial target market, as these are the sections of pipelines that are accessible by inline inspection tools and have, or could have, ILI data. OneBridge’s commercial pricing of CIM for Fiscal 2018 is at a fixed fee of USD $60 (or CAD $78, assuming a currency exchange premium of 30%) per data mile for one year of service. Azure computing fees are incremental to CIM charge out rates. Cost of goods sold, with the possible exception of staff salaries allocated to direct costs, are expected to remain low for the foreseeable future. In Fiscal 2018, these will be near zero due to Azure costs being offset by unused Azure credits previously granted by Microsoft, and less than 10% of revenue thereafter.
In our Q4, Fiscal 2017 MD&A (published on SEDAR on June 1, 2017), we provided a summary of our revenue and cash expense targets for our fiscal year ending February 28, 2018 (the “Fiscal 2018 Budget”), along with key factors and assumptions made by Management. The following table provides updated disclosure regarding the Company’s Fiscal 2018 Budget and achievement of stated objectives in Fiscal 2018 Q1 ended May 31, 2017.
|Objectives stated for the Fiscal 2018 Budget published in the Feb. 28, 2017 MD&A||Updates as at May 31, 2017|
|Management’s stated cash generation objective is to invoice sufficient data miles of CIM subscriptions to pay the majority portion of our cash expenses prior to working capital requirements and to continue increasing the capabilities of CIM by developing additional functionality.||Management’s budgetary forecast for the three months ended May 31, 2017 (“Q1 2018”) included in the Fiscal 2018 Budget was achieved. In the quarter, a new data base schema was initiated for CIM to allow the addition of new features. New functionality added during the quarter was the ability to mark pipeline segments as having been repaired, the ability to project corrosion growth 10 years into the future and the ability to export data from the system. Improvements were also made to the algorithms that align the features of multiple pipeline assessment data sets.|
|Revenue Scenario 1 Using the charge out rate of USD $5.00 per pipeline data mile per month plus Pilot Project and Azure usage fees, revenue of $3,018,000 is projected to be generated, providing the full 359,505 cumulative data miles are invoiced. Under this scenario, cash of $858,000 will be consumed in the year, comprised of a $150,000 cash loss (pre-software capitalization), $594,000 for working capital purposes and $114,000 for computer upgrades and additions. Revenue Scenario 2 – Lower level of SalesOnly 259,753 cumulative data miles are invoiced due to a lower attainment of new customers and our second private preview customer using CIM for a reduced level of mileage than assumed in Revenue Scenario 1. Using the same billing rate per mile and Pilot Project fees as stated above, the invoiced mileage would generate revenue of $2,120,000. Cash expenses would be unchanged from Scenario 1 of the Fiscal 2018 Budget and revenue less cash expenses would leave a shortfall of $1,048,000. Capital assets purchases would be unchanged and working capital requirements would reduce to $396,000. The Company would consume cash of $1,558,000 in the year. After conversion of warrants as stated below, the Company would end the fiscal year with cash of $1,517,000.||In Q1 2018, cumulative data miles invoiced, rate per mile and revenue invoiced were achieved in accordance with Fiscal 2018 Budget expectations. As at the quarter end, contract negotiations were underway with one private preview customer and one Pilot Project customer, and sales processes were underway with additional potential customers whom we believe will engage in Pilot Projects to use CIM for their operations. We continue to attempt to engage a second private preview customer to use CIM on a commercial basis, which has not yet occurred as at the quarter end. Expenses were less than those budgeted in the Fiscal 2018 Budget. Cash generated in the first quarter of 2018 was $91,000 higher than that budgeted primarily due to less cash being consumed for working capital purposes than budgeted.
|Warrant Financings under Revenue Scenario 1Management believes that $4,050,000 will be raised from exercise of the share purchase warrants currently outstanding due to their average exercise price of $0.13 being less than the price of the Company’s shares in the publicly traded markets and due to the warrants expiry date in February and March of 2018. Warrant Financings under Revenue Scenario 2
Due to lower revenue, only 50% of the outstanding warrants may be exercised, generating cash of $2,983,000
|Cash received from warrants exercised during the quarter was $1,907,680. Management’s Fiscal 2018 Budget forecasts for exercise of Warrants remains unchanged as at Fiscal 2018 Q1 ended May 31, 2017.|
|Expenses in $000’s (for both Revenue Scenarios 1 & 2), Year ending Feb. 28, 2018. Salaries & Benefits 2,702 General & Administrative 387Sales & Marketing 375
Non-cash expense: stock compensation costs (295)
Total cash expenses 3,168
Revenue less cash expenses (150)
Note: Revenue is expected to increase monthly during the year while expenses will be essentially unchanged each quarter.
|Expenses in $000’s for Q1 2018. Direct costs – salary allocation 12
Salaries & Benefits 659
General & Administrative 162
Sales & Marketing 74
Non-cash expense: stock compensation costs (102)
Total cash expenses 805
Revenue less cash expenses (582)
Fiscal 2018 Q1 ended May 31, 2017 essentially met our operational budget expectations.
We are actively engaged in discussions and actions with multiple potential new customers. As is often the case with the adoption of disruptive technologies, our two main challenges appear to be long sales cycles which we anticipate may be six months or more and the reluctance to embrace a new solution to replace legacy practices.
To address these challenges, OneBridge created a Pilot Project program to allow prospective customers to use CIM on a trial basis by submitting their data for a portion of their pipeline and using CIM to quickly analyze and report on it so they can experience first-hand the value proposition of using CIM. Pricing for a Pilot Project participant has been set within the typical financial authorization levels of integrity management personnel, to reduce sales cycles and to expedite the onboarding of new customers using CIM. We believe the value proposition of using CIM, once demonstrated with a customer’s specific data, will be highly compelling and lead to quicker acceptance by new customers to use our product. We further believe that once key industry participants who have used our solution share their CIM user experience with their peers, which typically occurs at industry gatherings, work-shops and conventions, our CIM solution will gain traction as a credible alternative to less effective and efficient legacy solutions used by industry today.
It is our belief that the combination of: (i) OneSoft’s alignment with Microsoft cloud deployment strategies; (ii) our deep domain expertise with respect to the pipeline industry and development expertise regarding cloud computing; (iii) the high degree of interest and motivation of oil and gas pipeline customers to improve their safety practices; and (iv) the need for hazardous pipeline operators to comply with increasingly stringent operational, safety and regulatory requirements are compelling factors that have potentially positioned the Company for significant future growth and opportunity. We believe that our solutions are ideally poised to provide the comprehensive and cost-effective functionality that our potential customers are seeking. We also believe that legacy systems in use today are not able to replicate the capabilities that our cloud-based solutions that leverage big data and machine learning data science can provide.
Our corporate development strategy continues to encompass investigation and pursuit of initiatives that foster value creation for our shareholders, including synergistic joint ventures and potentially merger and acquisition scenarios.
Please review the Management’s Discussion and Analysis and Condensed Consolidated Financial Statements for the three months ended May 31, 2017 on SEDAR (www.sedar.com) for more detailed information regarding the Company’s results.
Grant of stock options
On July 25, 2017, the Company granted 275,000 stock options to the Directors and Officers of the Company as a result of their reappointment following the Annual General Meeting of the shareholders. 325,000 stock options were also granted to senior executives as part of their compensation. All options have a strike price of $0.27 per share, vest 50% on grant date and 50% on the anniversary date, and will expire in five years if not exercised.
ON BEHALF OF THE BOARD OF DIRECTORS
ONESOFT SOLUTIONS INC.
For more information, please contact:
Dwayne Kushniruk, CEO
This Press Release contains historical information, descriptions of current circumstances and statements about potential future developments and anticipated financial results, performance or achievements of the Company. The latter statements, which are forward-looking statements, are presented to provide guidance to the reader but their accuracy depends on several assumptions and are subject to various known and unknown risks and uncertainties. Forward-looking statements are included under the headings, “Business Outlook” and “Financial Outlook for Fiscal 2018 and Progress in Q1 2018”, When used in this Press Release, such statements may contain such words as “may,” “will,” “intend,” “should,” “expect,” “believe,” “outlook,” “predict,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “could,” “might,” “project”, “targeting” or the negative of these terms or other similar terminology. Forward looking information in this Press Release includes, without limitation, statements regarding funding requirements. These statements are based on management’s current expectations regarding future events and operating performance, are based on information currently available to management, speak only as of the date of this Press Release and are subject to risks which are referenced on page 16 of the Management Discussion and Analysis for the year ended February 28, 2017 and in the Company’s other public filings on the Canadian Securities Administrators’ website at www.sedar.com (“SEDAR”) and as updated from time to time, and would include, but are not limited to, dependence on market economic conditions, sales and margin risk, acquisition and integration risks, competition, information system risks, risks associated with the introduction of new products, product design risk, environmental risks, customer and vendor risks, credit risks, currency risks, tax risks, risks of legislative changes, risks relating to remote operations, key executive risk and litigation risks. In addition, there are numerous risks associated with an investment in the Company’s common shares, which are also further described in the “Risks and Uncertainties” section referenced on page 16 of the Management Discussion and Analysis for the year ended February 28, 2017, and as updated from time to time, the Company’s other public filings on SEDAR. These risks and uncertainties may cause actual results to differ materially from those contained in the statements. Such statements reflect management’s current views and are based on certain assumptions. Some of the key assumptions include, but are not limited to: assumptions regarding the performance of the Canadian and the United States economies; interest rates; exchange rates; capital availability; the amount of the Company’s cash flow from operations; tax laws; laws and regulations relating to the protection of the environment; and capital spending requirements or planning in respect thereto, including but not limited to the performance of any such business and its operation. They are, by necessity, only estimates of future developments and actual developments may differ materially from these statements due to several known and unknown factors. Investors are cautioned not to place undue reliance on these forward-looking statements. All forward-looking information in this Press Release is qualified by these cautionary statements. Although the forward-looking information contained in this Press Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Certain statements included in this Press Release may be considered “financial outlook” for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this Press Release.
The forward-looking statements contained in this Press Release are made as of the date of this report, and should not be relied upon as representing management’s views as of any date subsequent to the date of this report. Except as required by applicable law, the Company undertakes no obligation to publicly update or otherwise revise any forward-looking statement, whether because of new information, future events, or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.