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Venzee Technologies Announces Year-End Results
Venzee Technologies Announces Year-End Results Canada NewsWire CHICAGO, May 28, ...
About this update from Jasperx Technologies Inc.
[{"type":"text","content":"\n\n\n\nVenzee Technologies Announces Year-End Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCHICAGO, May 28, 2020\n\n\n\nCHICAGO, May 28, 2020 /CNW/ - Venzee Technologies Inc. (TSX-V:VENZ) (\"Venzee\" or the \"Company\") today reported annual results for the year ended December 31, 2019, including revenues of $163,602 (2018 – 196,654), a net loss of $3,310,818 (2018 - $5,219,727), and loss per share of $0.03 (2018 - $0.08). The financial statements and related Management's Discussion and Analysis (\"MD&A\") can be viewed on SEDAR at www.sedar.com.\nFor the three months ending December 31, 2019, revenues were $15,371 (2018 - $48,698) net loss of $589,181 (2018 - $1,421,922), and loss per share of $0.00 (2018 - $0.02). \nNet loss decreased during the three and 12 months ended December 31, 2019, as compared to the prior-year periods primarily as the result of cost-cutting measures employed during the year where the Company (i) decreased headcount throughout all segments of the business, (ii) decreased legal and professional needs as well as investor relation campaigns, and (iii) limited marketing expenses. \nVenzee CFO Darren Battersby said, \"Fiscal 2019 was a pivot year for Venzee. The Company implemented significant changes to its business strategy, its executive team, board composition, and revenue model. By the end of Fiscal 2019, we were able to refocus the sales strategy and streamline operations, reducing overhead and cash burn significantly. With strong support from key partners and the public markets, we were able to initiate the turnaround of the business, setting it up for success in the coming year and beyond.\"\nAccording to John Abrams, Venzee CEO, \"While our intelligent supply chain platform remains unchanged, Venzee made significant strategic shifts in 2019. We shed underperforming and non-essential elements of our business; we adopted a virtual workplace model that helped us avoid any pandemic-related operational disruption, and; we met our operational performance goals. We look forward - as a more effici...