Vancouver, British Columbia – (Newsfile Corp. – July 5, 2021) – Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) (âUpcoâ) is pleased to inform shareholders of the First Quarter Fiscal 2021 Results. These documents are available on the SEDAR website at www.sedar.com.
The company began fiscal 2021 with a clear goal of starting to generate revenue and break even as quickly as possible.
Results of Operations – First Quarter – Three months ended March 31, 2021 compared to 2020
During the quarter ended March 31, 2021, the Company incurred a net aggregate loss of $ 152,725 (2020 – $ 312,328), a further reduction of 49% compared to the previous period.
Overall revenue increased compared to previous periods due to the restart of the business in the wholesale telecommunications business. Going forward, the Company strongly believes that the messaging application, along with its mentioned new features (“UpcoPay”), will evolve and revenues will clearly increase.
Revenue for the quarter ended March 31, 2021 amounted to $ 6,903 compared to $ 2,697 for the three months ended March 31, 2020 with a gross margin greater than 30%. The Company was only able to record income for the last week of March since a complete reorganization had taken place beforehand.
As at March 31, 2021, the Company had positive working capital of $ 1,475,160 (December 31, 2020 – working capital deficit of $ 511,667) and a treasury of $ 1,821,800 (December 31, 2020 – $ 5,134).
Andrea Pagani, CEO of Upco International Inc, said: âThe result of last year in controlling expenses, reducing debts, renegotiating contracts, all agreements brought a tangible result that will definitely change the value. of our company, with a strong cash position and a working team. We will reach important milestones in the future.
The complete interim financial results of the Company are available in its consolidated financial statements and MD&A for the first quarter of 2021, each filed with the Canadian securities regulatory authorities at www.sedar.com.
The operational and financial information contained in this press release is based on consolidated figures in accordance with international financial reporting standards (IFRS).
About Upco International Inc.
Upco International Inc. is a cloud-based mobile services company providing high-quality voice termination to a market driven by growing communications and e-commerce activity. Upco is a licensed global telecommunications operator in the international wholesale of VoIP (voice over IP). Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the upcoming addition of the Upco e-wallet using Blockchain payment services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The app will also allow vendors to share account information securely with their customers.
Please visit www.upcointernational.com for more information.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
+1 (646) 7661275
This press release contains forward-looking information or forward-looking statements (collectively âforward-looking informationâ) within the meaning of applicable securities laws. Forward-looking information is generally identified by words such as: “will”, “may”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development “,” To come “,” potentially “and similar expressions, or are those which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco does not constitute a guarantee of future results or performance.
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