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Toronto, Ontario--(Newsfile Corp. - November 4, 2021) - Universal PropTech Inc. (TSXV: UPI) (OTCQB: UPIPF) (FSE:8LH) ("UPI" or the "Company") is pleased to provide updates on the execution of approximately CAD $3 million of the Company's sales backlog over 3 months, producing approximately CAD $15 Million in distribution proposals by the Company's distributors, and on indoor air quality equipment sales commission.
The CEO of UPI Chris Hazelton comments: "We had a very busy summer, and we are very appreciative of our staff who literally worked around the clock for our customers considering the state of the pandemic." Chris Hazelton continued: "Our sales staff remains committed to growing our sales backlog and we look forward to increased orders from new and existing clients both in Canada and in the United States."
Over the course of the summer the company has begun to work diligently through its CAD $6 Million in sales backlog (please see the Company's press release dated July 12, 2021). Over the period of three months from July to September, the Company had delivered on approximately CAD $3 Million of the backlog. The Company's end of September sales backlog, awarded work yet to be completed, stood at approximately CAD $4.5 Million.
Sales backlog does not include any ongoing service work executed for customers, as those revenues are recorded separately from sales backlog. Full revenue will be reported in regularly scheduled quarterly and annual financial result disclosures.
The Company would also like to inform investors that the Company currently has approximately CAD $15 Million worth of proposals which have been issued over last 45 days to prospective clients through its distributors of Air Sniper products for air purification equipment. The Company's distributors are awaiting responses from school administrators across Canada and the US. There can be no assurance that any outstanding proposals will result in awarded sales.
Indoor Air Quality Equipment Commission
On June 7, 2021, the Company announced a significant Purchase Order by one of its Indoor Air Quality ("IAQ") partners for equipment with a value ranging between CAD $6.5 and $10 Million for Indoor Air Quality equipment. As reported, the Company expects to receive commissions in the range of approximately CAD $350,000 to CAD $500,000.
The Company can confirm that during the period of July 2021 and October 2021 it is in receipt and/or invoiced approximately CAD $316,000 in sales commissions, representing approximately CAD $6,320,000 in sales by the IAQ partner.
About Universal PropTech Inc.
Universal PropTech Inc. (TSXV:UPI) (OTCQB:UPIPF) (FSE:8LH) is a leading building innovation company, selecting, integrating, deploying, and maintaining PropTech in healthy buildings. As trusted advisors, we provide holistic evidence-driven solutions and services for building developers, owners, and operators in Canada. UPI operates through its wholly owned subsidiary, VCI Controls Inc. ("VCI"), a leading supplier and integrator of PropTech healthy building solutions and services. VCI is an industry leader in the acquisition and deployment of intelligent building technology, including the integration of all building systems utilizing the latest in communications technologies and standards. VCI's business focuses on digital controls and mechanical services, performance monitoring, and energy efficiency solutions.
With headquarters in Toronto, Universal PropTech Inc. has offices across Canada including, Halifax, Montreal, and Ottawa. For more information, visit www.universalproptech.com.
Universal PropTech Inc.
President and Chief Executive Officer
Additional Universal PropTech Statement
The Company diligently posts updates through videos from the official company YouTube channel: https://www.youtube.com/channel/UCRYxig8nvpmMeDNaK_6OOSw
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Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "forecast", expect", "plan", "intend", "estimate", "propose", "project", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities not to place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.
The forward-looking information included herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange ("Exchange"), nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101926