ScreenPro Security (Formerly Compel Capital Inc.) Announces Full Year 2020 Financial Results and Provides Update
Toronto, Ontario--(Newsfile Corp. - April 30, 2021) - ScreenPro Security Inc. (CSE: SCRN) ("ScreenPro" or the "Company") is pleased to report that it has filed on SEDAR the audited financial results for the full year ending December 31, 2020 and three months ending February 28, 2021 for Compel Capital Inc. and subsidiary ScreenPro Security Ltd.
Please refer to the Filing in its entirety, which is available under ScreenPro profile at www.sedar.com
Effective March 5, 2021 the Company completed the Reverse Take Over of Compel Capital Inc. and will report on calander quarter going forward beginning with the March 31, 2021 quarter.
Path to Profitability: The Company made strong progress throughout the first quarter accelerating its path to profitability by identifying revenue opportunities, including a rebalancing of the workforce and continued optimization of the Datametrex relationship, and consolidating its supply chain assets. This is reflected in the significantly improved revenue in Q1 2021.
Fiscal highlights of Q1 and subsequent events:
In the first quarter ScreenPro business model accelerated with successful onboarding of film and television productions in Montreal, Toronto and Vancouver and launch on the execution of its strategy on building out other business sectors.
On March 5, 2021 ScreenPro completed its reverse takeover ("RTO") of Compel Capital Inc. resulting in the listing on the Canadian Securities Exchange (the "CSE") under the symbol SCRN.
On March 29, 2021, the Company acquired 100% of the issued and outstanding equity of GoStop Inc. ("GoStop"), a private COVID-19 digital passport services company.
On April 15, the Company opened its first COVID-19 testing clinic in partnership with Concierge Medical Consultants, Inc. ("Concierge"), located in Coal Harbor, Vancouver.
On April 21, 2021, The Company has applied for US Listing on OTCQB Venture Market and Electronic Clearing with Depository Trust & Clearing Corp.
On April 26, 2021, The Company was been selected to process COVID-19 testings for the world's largest film and television streaming company in Vancouver
John McMullen, CEO of ScreenPro, stated, "The Company has experienced significant growth in testing and earnings in its first quarter of operations. We are proud of our entire team, who have worked tirelessly to maintain the highest standards of customer service through this period, which coincided with the new listing of the Company on the Canadian Securities Exchange. As stated in our press release dated April 20, 2021, going forward we will only be reporting audited quarterly information to ensure complete transparency and accuracy. We continue to drive forward with our business objectives as reported in news releases dated on April 22, 2021 and April 26, 2021. We look forward to reporting to shareholders on further business developments in the future."
Full Year 2020 Financial Review
* The consolidated financial statements were prepared in accordance with IFRS. The following is selected presentation of the Income Statement for the year end December 31, 2020:
All figures are in Canadian dollars unless otherwise noted:
|FY 2020||FY 2019|
|Cost of Sales||($3,672,885)||($478,520)||$0||$0|
|Income/Loss before income taxes||($62,723)||($1,000,580)||($72,332)||($52,429)|
|Income per share - basic||(0.00)||(0.03)||(0.00)||(0.01)|
|FY '20||FY '19||$ Change||% Change|
See the Company's 2020 MD&A for a detailed reconciliation of EBITDA and Adjusted EBITDA to Operating Income / (Loss).
*These audited year end and unaudited quarterly financial results are subject to customary financial statement procedures by the Company. Actual results could be affected by subsequent events or determinations. While the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary fiscal results represent forward-looking information. See "Forward-Looking Statements" and "Financial Outlook".
ScreenPro provides turnkey coronavirus screening solutions to the private sector including testing, track and tracing with GoStop alerting software. ScreenPro's unique access to multiple manufacturers of high quality South Korean test kits and its strategic partnership with Canvas Labs in Vancouver and Integrated Explorations in Ontario. This platform allows ScreenPro to be a nationwide provider of a full-service testing solutions across Canada. In addition to providing test kits, ScreenPro has its own nursing professionals, and access to high quality PPE to ensure that its clients are protected in all aspects of their testing needs. GoStop's passport was developed with a privacy preserving approach that will enable individuals to use the alerting software and downloadable app with authentication certificates. The alerts can be scheduled on an on-demand, daily, weekly, or monthly basis and can be used also for vaccine scheduling.
For additional information on ScreenPro and other corporate information, please visit the Company's website at www.screenprosecurity.com
Neither the Canadian Securities Exchange (the "CSE") nor it's Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Forward Looking Statements:
Certain statements contained in this news release may constitute forward‐looking information, including statements relating to expectations regarding the future development of ScreenPro's business. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The actual results of ScreenPro could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which ScreenPro operates, prevailing economic conditions, changes to ScreenPro's strategic growth plans, and other factors, many of which are beyond the control of ScreenPro. Management of ScreenPro believes that the expectations reflected in the forward‐looking information herein are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents ScreenPro's expectations as of the date hereof and is subject to change after such date. ScreenPro disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
Forward-looking statements included in this news release include, but are not limited to, statements in respect of the Company's expected performance in Q1 2021, the continued testing business, the acquisition of GoStop and ongoing consolidation of its supply chain and the impact thereof.
This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the first quarter of 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed in this press release and assumptions with respect to market conditions, pricing, and demand. The actual results of the Company's operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading "Forward-Looking Statements", it should not be relied on as necessarily indicative of future results.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82570