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Ivrnet Announces Filing of Interim Financial Statements

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  • IVI.V

CALGARY, AB / ACCESSWIRE / November 10, 2021 / Ivrnet Inc. (TSXV:IVI) ("Ivrnet" or the "Company") announces that it has filed its Interim Financial Statements for the three and nine months ended September 30, 2021 and the accompanying Management's Discussion and Analysis ("MD&A").

The following Q3 2021 financial highlights should be read in conjunction with the unaudited Interim Financial Statements and the accompanying MD&A for the three and nine months ended September 30, 2021, which can be found on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.

Financial Highlights - Q3 2021:

  • Earnings before Interest, Depreciation and Amortization ("EBITDA") for the three months ended September 30, 2021 was $118,094 compared to $38,643 for the three months ended September 30, 2020. This represents an increase of approximately 200% in EBITDA. The increase is a result of growth in financial technology services and one-time communication services revenues in Q3 2021 and a one-time operational restructuring charge recorded in Q3 2020.

  • Growth in revenues from financial technology services. An increase in fixed recurring revenue of $68,141 or 344% to $87,941 in Q3 2021 compared to $19,800 in Q3 2020 and an increase in variable recurring revenue of $26,261 or 63% to $67,666 in Q3 2021 compared to $41,405 in Q3 2020. These increases in financial technology services revenue are driven by the addition of new customers, including a tier one Canadian wireless carrier.

  • An increase in variable recurring revenue from Central services of $19,887 or 63% to $51,213 in Q3 2021 compared to $31,326 in Q3 2020. This increase was due to an increase in customer memberships in Q3 2021 compared to Q3 2020. This increase was offset by an expected corresponding decrease in fixed recurring revenues from Central services of $20,830 or 32% to $44,975 in Q3 2021 compared to $65,805 in Q3 2020 due to the planned phasing out of the Company's sports registration services.

  • One-time revenue from communications services of $53,825 in Q3 2021 arising from initial customer setup fees, product integration fees, and other non-recurring product sales. This increase was offset by an expected decline in variable recurring revenue from communications services of $56,317 or 29% to $140,187 in Q3 2021 compared to $196,504 in Q3 2020 primarily due to the temporary increase in these revenues in 2020 from the onset of the COVID-19 pandemic as more companies switch to telephone and audio-conferencing solutions to remain connected. As companies have adapted to the COVID-19 restrictions the use of these solutions has declined.

About Ivrnet

Ivrnet is a software and communications company that develops, hosts, sells and supports value‐added business automation software. The company's products and services are delivered through the Internet and traditional phone network. These applications facilitate automated interaction through personalized communication between people, mass communication for disseminating information to thousands of people concurrently, and personalized communication between people and automated systems.

For further information: please contact Andrew Watts, President and CEO, Ivrnet Inc.; Suite 1400, 350 - 7th Avenue S.W., Calgary, Alberta T2P 3N9; Tel/fax 1.800.351.7227; E-mail: investors@ivrnet.com; www.ivrnet.com.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Ivrnet Inc.



View source version on accesswire.com:
https://www.accesswire.com/672285/Ivrnet-Announces-Filing-of-Interim-Financial-Statements

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