Business
Telescope Presents 2022 Fiscal Year Highlights and Investor Update
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2023) - Telescope Innovations Corp. (C...
About this update from Telescope Innovations Corp
[{"type":"text","content":"Telescope Presents 2022 Fiscal Year Highlights and Investor UpdateVancouver, British Columbia--(Newsfile Corp. - January 23, 2023) - Telescope Innovations Corp. (CSE: TELI) (OTCQB: TELIF) (\"Telescope\" or the \"Company\"), a leading developer of advanced technologies and services for the global pharmaceutical and chemical industries, provides a financial and corporate update.KEY HIGHLIGHTSTelescope generated revenues of CAD $595,398 in its first full fiscal year of operation ending August 31, 2022 A new Master Services Agreement with Aqualung Carbon Capture Four investor outreach and client business development activities by the end of March, 2022FINANCIAL UPDATESDuring its first full year of operations ending August 31st, 2022, Telescope generated contract revenues of $595,398. Contributing contract research clients include Standard Lithium, Pfizer, and Hatch. As a result of these contracts and other ongoing business activities, Telescope opened Fiscal Year 2023 with deferred revenues of $831,375 which are expected to be fully recognized as project milestones are met throughout FY2023. The Company has also secured continuing and repeat business anticipated to contribute to FY2023 revenues. These projects include ongoing work with Standard Lithium under an established Master Services Agreement and repeat business with Pfizer following the successful completion of a feasibility study in 2022.\"Our successful delivery on contract work last year has built trust with our clients and partners,\" commented Jason Hein, CEO of Telescope. \"We are seeing repeat business from Pfizer, Hatch, and Standard Lithium, which helps us build towards a strong 2023 for Telescope.\"PRODUCTS & PROJECTSTelescope is partnering with Aqualung Carbon Capture AS (\"Aqualung\"), an innovator in carbon capture technology for industrial flue gas and biogas. Under a signed Master Services Agreement, Telescope will leverage its unique chemical analysis tools to optimize the commercial manufacturing of Agualung's carbon capture materials. This project builds on Telescope's portfolio of decarbonization initiatives, including CO2 capture and clean energy projects with Standard Lithium and Natural Resources Canada.Jason Hein said, \"Telescope's crucial role is to bridge the gap between the discovery of innovative new materials and their commercial deployment. W...