Uniserve reports results for fiscal year ended May 31, 2020

VANCOUVER, British Columbia, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce its annual fiscal 2020 financial results. Revenues for fiscal 2020 were $12,359K as compared to $12,251K for the prior fiscal year, an increase of 1%. The annual fiscal 2020 Operating loss was $1,632K compared to an operating loss of $2,507K for the prior fiscal year. Net loss for fiscal 2020 was $3,496K as compared to $3,009K for the prior fiscal year. Included in the current year Net Loss were impairment charges totaling $1,772K. During the year Uniserve focused on reducing operational costs and improving processes across the organization.

Uniserve Communications Corporation
Consolidated Statements of Comprehensive Loss
(Expressed in Canadian dollars)
		Year ended May 31,
			2020			2019
Revenue			$12,358,516			$12,251,466
Cost of revenues			8,132,964			7,726,165
			4,225,552			4,525,301
			34	%		37	%
Expenses
Operations and service delivery expenses			3,965,172			5,058,973
Sales and marketing			1,033,588			1,295,709
Amortization of property and equipment			721,592			503,187
Amortization of intangible assets			137,351			174,068
			5,857,703			7,031,937
Operating Loss			(1,632,151	)		(2,506,636	)
Other Expenses (Income)
Finance charges			266,792			336,480
Loss on foreign exchange			3,886			137,123
Loss (Gain) on settlements and reversals of debts			(171,714	)		28,868
Miscellaneous income			(7,674	)		-
Impairment of customer relationships			118,500			-
Impairment of goodwill			1,653,657			-
			1,863,447			502,471
Net and Comprehensive Loss for the year			($3,495,598	)		($3,009,107	)
EBITDA			($773,208	)		($1,829,381	)

About Uniserve

Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact.

Uniserve prides itself on world class customer service based in Canada. When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

Learn more at www.uniserve.com or at www.sedar.com.

Walter Schultz
Chairman of the Board

For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.

Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.