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GINSMS Inc. (GOK.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.15000.0000 (0.00%)
As of 9:50AM EDT. Market open.
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Previous Close0.1500
Open0.1500
Bid0.1400 x N/A
Ask0.1500 x N/A
Day's Range0.1500 - 0.1500
52 Week Range0.0100 - 0.2900
Volume500
Avg. Volume27,388
Market Cap22.469M
Beta (5Y Monthly)-4.06
PE Ratio (TTM)N/A
EPS (TTM)-0.0000
Earnings DateFeb. 11, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GINSMS Announces Audited Financial Results for the Twelve-Month Period Ended December 31, 2020
    GlobeNewswire

    GINSMS Announces Audited Financial Results for the Twelve-Month Period Ended December 31, 2020

    CALGARY, Alberta, March 26, 2021 (GLOBE NEWSWIRE) -- GINSMS Inc. (TSXV: GOK) (the “Corporation” or “GINSMS”) is pleased to announce that its audited financial statements for the twelve-month period ended December 31, 2020 have been filed today on SEDAR and are available at www.sedar.com. On February 11, 2021, GINSMS had disclosed through the issuance of a press release unaudited financial results for the three-month and the twelve-month periods ended December 31, 2020 and provided financial forecasts for the 2021 financial year. This financial disclosure was done in advance of today’s filing of the audited financial statements of the Corporation to allow GINSMS’ ultimate holding company, Beat Holdings Limited (“BHL”), a public company in Japan, to use certain of GINSMS’ financial information in the preparation of BHL’s financial statements. GINSMS’ financial information for the twelve-month period ended December 31, 2020 was prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). GINSMS is pleased to report that there is no significant change between the audited financial statements filed today and the unaudited financial information it disclosed earlier on February 11, 2021, except for the following amendments: (1)Amendment of the profit / (loss) per share – basic (In Canadian cents) from (0.002) cents to (0.001) cents for the twelve months ended December 31, 2020. The loss per share – basic (In Canadian cents) for the three months ended December 31, 2020 remained unchanged. (2)Amendment of the profit / (loss) per share – diluted (In Canadian cents) from N/A cents to 0.06 cents for the three months ended December 31, 2020. The profit / (loss) per share – diluted (In Canadian cents) for the twelve months ended December 31, 2020 remained unchanged. (3)Amendment of the unallocated segment liabilities and total segment liabilities from $2,319,958 and $7,437,216 to $2,319,955 and $7,437,213 as at December 31, 2020 respectively. About GINSMS GINSMS is a mobile technology and services company focusing on 2 areas namely its A2P Messaging Service and its Software Products and Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and have successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia. For further information, please contact: GINSMS Inc.Joel Chin, CEOTel: +65-6441-1029Email: investor.relations@ginsms.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.

  • Panchshil Realty Brings the Small-Office Home-Office (SOHO) Concept to Pune
    CNW Group

    Panchshil Realty Brings the Small-Office Home-Office (SOHO) Concept to Pune

    \- SOHO Pune Features Multi-Use Spaces Combining Living & Work SpacesPUNE, India, Feb. 12, 2021 /CNW/ -- Panchshil Realty today announced that it has launched Pune's first-ever Small-Office Home-Office development branded as SOHO in Pune's eastern IT corridor near the World Trade Centre and EON Free Zone Pune.

  • GINSMS Announces Financial Results for the Three and Twelve Months Ended December 31, 2020 and Provides Financial Forecasts for Year 2021
    GlobeNewswire

    GINSMS Announces Financial Results for the Three and Twelve Months Ended December 31, 2020 and Provides Financial Forecasts for Year 2021

    CALGARY, Alberta, Feb. 11, 2021 (GLOBE NEWSWIRE) -- GINSMS Inc. (TSXV: GOK) (“GINSMS” or the “Corporation”) has announced its financial results for the fourth quarter and twelve months ended December 31, 2020. The annual audited financial statements of the Corporation for the twelve months ended December 31, 2020 are currently under audit and in the process of preparation. As required under Canadian securities law regulations, the Corporation will be disclosing and filing on SEDAR its annual audited financial statements and the related management’s discussion and analysis (“MD&A”) of the Corporation will be ready within 120 days after the end of its year end of December 31, 2020. This financial disclosure was done in advance of the filing of the audited financial statements of the Corporation to allow GINSMS’ ultimate holding company, Beat Holdings Limited (“BHL”), a public company in Japan, to use certain of GINSMS’ financial information in the preparation of BHL’s financial statements and announcements. The Corporation’s financial information for the twelve months ended December 31, 2020 is prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Highlights include: Revenue of $2,823,335 for the twelve-month period ended December 31, 2020 as compared to $2,638,717 for the twelve-month period ended December 31, 2019.Revenue of $684,260 for the three-month period ended December 31, 2020 as compared to Revenue of $633,951 for the three-month period ended December 31, 2019Gross Profit of $1,031,565 for the twelve-month period ended December 31, 2020 as compared to gross profit of $726,394 for the twelve-month period ended December 31, 2019.Gross Profit of $281,754 for the three-month period ended December 31, 2020 as compared to gross profit of $228,164 for the three-month period ended December 31, 2019.Operating expenses and finance costs decreased from $1,041,952 for the twelve-month period ended December 31, 2019 to $1,034,124 for the twelve-month period ended December 31, 2020.Operating expenses and finance costs decreased from $316,617 for the three-month period ended December 31, 2019 to $194,419 for the three-month period ended December 31, 2020.Net loss of $3,508 for twelve-month period ended December 31, 2020 as compared to a net loss of $315,311 for twelve-month period ended December 31, 2019.Net profit of $85,094 for three-month period ended December 31, 2020 as compared to a net loss of $87,334 for three-month period ended December 31, 2019 . Selected Profit and Loss Information Financial HighlightsThree-month period ended December 31,2020 (Unaudited) Three-month period ended December 31,2019 (Unaudited) Twelve-month period ended December 31,2020 (Unaudited) Twelve-month period ended December 31, 2019 (Audited) Revenues $ A2P Messaging Service241,944 321,329 1,386,756 1,589,957 Software Product & Services442,316 312,622 1,436,579 1,048,760 684,260 633,951 2,823,335 2,638,717 Cost of sales $ A2P Messaging Service220,288 234,705 1,102,704 1,292,061 Software Product & Services182,218 171,082 689,066 620,262 402,506 405,787 1,791,770 1,912,323 Gross profit $ A2P Messaging Service21,656 86,624 284,052 297,896 Software Product & Services260,098 141,540 747,513 428,498 281,754 228,164 1,031,565 726,394 Gross margin % A2P Messaging Service9.0% 27.0% 20.5% 18.7% Software Product & Services58.8% 45.3% 52.0% 40.9% 41.2% 36.0% 36.5% 27.5% Adjusted EBITDA(1) $94,018 (56,041) 10,641 (183,524) Adjusted EBITDA margin13.7% (8.8)% 0.4% (7.0)% Net earnings profit/(loss) $85,094 (87,334) (3,508) (315,311) Net earnings profit/(loss) margin12.4% (13.8)% (0.1)% (11.9)% Net earnings profit/(loss) per share $ Basic (in Canadian cents)0.06 (0.06) (0.002) (0.21) DilutedN/A N/A N/A N/A (1) Adjusted EBITDA is a non-IFRS measure which does not have any standardized meaning under IFRS. Adjusted EBITDA is related to cash earnings and is defined for these purposes as earnings before income taxes, depreciation and amortization (in both cost of sales and general and administration expenses), interest expenses and also excludes certain non-recurring or non-cash expenditure and income. This non-IFRS measure is not recognized under IFRS and accordingly, shareholders are cautioned that this measure should not be construed as an alternative to net income determined in accordance with IFRS. The non-IFRS measure presented is unlikely to be comparable to similar measure presented by other issuers. The Corporation believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Corporation can use to fund working capital requirements, service interest and principal debt repayment and fund future growth initiatives. Cost of Sales Three-month period ended December 31,2020 (Unaudited) Three-month period ended December 31,2019 (Unaudited) Twelve-month period ended December 31, 2020(Unaudited) Twelve-month period ended December 31,2019 (Audited) Depreciation- Property, plant and equipment5,087 5,411 22,469 19,819 Loss on written off of suspended project costs- - - 9,466 Salaries and wages188,818 164,997 675,716 581,141 Subcontractor costs208,427 234,015 1,091,158 1,293,792 Software and hardware- 37 147 279 Others174 1,327 2,280 7,826 402,506 405,787 1,791,770 1,912,323 Operating Expenses and Finance Costs Three-month period ended December 31,2020 (Unaudited) Three-month period ended December 31,2019 (Unaudited) Twelve-month period ended December 31, 2020(Unaudited) Twelve-month period ended December 31,2019 (Audited) Salaries and wages199,835 175,992 496,128 485,726 Directors’ fees10,000 40,000 40,000 40,000 Professional fees52,610 58,081 272,101 273,470 Foreign currency exchange loss/(gain)(118,487) (25,332) 20,192 (68,688) Other general & administrative expenses34,221 37,729 137,577 202,911 Allowance for doubtful debts515 - 2,083 6,131 Reversal of allowance for doubtful debts- - - (12,959) Depreciation - Property, plant and equipment1,596 1,550 6,217 2,732 - Right-of-use assets10,892 3,749 44,340 15,017 Interest expenses- 23,275 - 91,081 Loss on written-off of property, plant and equipment- - - - Lease interest on right-of-use assets3,237 1,573 15,486 6,531 194,419 316,617 1,034,124 1,041,952 Selected Balance Sheet Information The figures reported below are based on the unaudited consolidated financial statements of the Corporation which have been prepared in accordance with IFRS. December 31, 2020(Unaudited)$ December 31, 2019(Audited)$ Current Assets Accounts receivable557,834 360,885 Other receivables, prepayments and deposits76,576 82,133 Bank and cash balances296,312 194,411 930,722 637,429 Non-Current Assets Right-of-use assets73,331 120,385 Property, plant and equipment39,999 50,859 TOTAL ASSETS1,044,052 808,673 Current Liabilities Accounts payable and accrued liabilities749,061 670,400 Advances from related parties1,100,130 887,512 Loan from a related party4,933,186 4,168,840 Lease liabilities38,717 40,071 Promissory note payable580,000 580,000 Current tax liabilities1,490 590 7,402,584 6,347,413 Non-Current Liabilities Loans from related parties- 824,628 Lease liabilities34,629 76,777 TOTAL LIABILITIES7,437,213 7,248,818 Equity Share capital11,415,709 11,415,709 Deficit(18,034,210) (18,032,088) Accumulated other comprehensive income239,449 189,253 Total deficiency attributable to equity shareholders(6,379,052) (6,427,126) Non-controlling interest(14,109) (13,019) TOTAL DEFICIENCY(6,393,161) (6,440,145) TOTAL LIABILITIES & EQUITY1,044,052 808,673 Total assets of GINSMS including cash, accounts receivable, other receivables, prepayment and deposits, property, plant and equipment and right-of-use assets as at December 31, 2020 amounted to $1,044,052 compared to December 31, 2019 amounted to $808,673. Bank and cash balances amounted to $296,312 as at December 31, 2020 an increase of 52.4% compared to $194,411 as at December 31, 2019. This increase was mainly due to decrease of cash flow used in the operation of the Corporation. The cash flow used in operating activities is $7,787 for the twelve months ended December 31, 2020 against the cash flow used in operating activities of $477,633 for the twelve months ended December 31, 2019. The lower cashflow used in the operating activities is partially offset by the lower cash flow generated from financing activities which was $166,183 for the twelve months ended December 31, 2020 as compared to $469,503 for the twelve months ended December 31, 2019. Selected Liquidity and Capital Resources Information Financial HighlightsThree-month period ended December 31,2020(Unaudited)$ Three-month period ended December 31,2019(Unaudited)$ Twelve-month period ended December 31,2020(Unaudited)$ Twelve-month period ended December 31,2019(Audited)$ Cash, beginning of period/year264,303 159,798 194,411 267,951 Operating activities Net profit/(loss) for the period/year85,094 (87,334) (3,508) (315,311) Deferred tax expenses/(credit)1,292 (1,119) - (1,034) Current tax expenses949 - 949 787 Interest expenses on other borrowings- 23,275 - 91,081 Interest expenses on lease liabilities3,237 1,573 15,486 6,531 Foreign currency exchange (gain)/loss(118,487) (25,332) 20,192 (68,688) Allowance for doubtful debts515 - 2,083 6,131 Reversal of allowance for doubtful debts- - - (12,959) Loss on written off of suspended project costs- - - 9,466 Depreciation of property, plant and equipment6,683 6,961 28,686 22,551 Depreciation of right-of-use assets10,892 3,749 44,340 15,017 Changes in working capital items104,274 (51,331) (100,529) (223,887) Interest expenses on lease liabilities(3,237) (6,531) (15,486) (6,531) Income tax paid- - (787) Net cash generated from / (used in) operating activities91,212 (136,089) (7,787) (477,633) Financing activities Advances from related parties2,000 220,628 212,377 570,806 Repayment of advance from a related party(845) (26,929) (2,690) (82,758) Principal elements of lease payments(8,600) (4,314) (43,504) (18,545) Net cash (used in) / generated from financing activities(7,445) 189,385 166,183 469,503 Investing activities Purchase of property, plant and equipment(7,226) (6,012) (18,732) (37,579) Net cash used in investing activities(7,226) (6,012) (18,732) (37,579) Effect of exchange rate changes on cash held in foreign currencies(44,532) (12,671) (37,763) (27,831) Increase/(Decrease) in cash32,009 34,613 101,901 (73,540) Cash, end of period/year296,312 194,411 296,312 194,411 SEGMENTED INFORMATION a) Revenue by customers Twelve-month period ended December 31, 2020 (Unaudited)Twelve-month period ended December 31, 2019(Audited) $ % of total revenue $ % of total revenue Customer A967,115 34.3 715,735 27.1 Next five top customers Customer B466,487 16.5 306,676 11.6 Customer C418,707 14.8 508,608 19.3 Customer D233,917 8.3 301,059 11.4 Customer E201,072 7.1 44,289 1.7 Customer F164,597 5.8 134,064 5.1 All other customers371,440 13.2 628,286 23.8 Total2,823,335 100.0 2,638,717 100.0 b) Revenue by geographical location (by location of operations) Twelve-month period ended December 31, 2020(Unaudited)Twelve-month period ended December 31, 2019 (Audited) $ % of totalrevenue $ % of total revenue Singapore1,228,385 43.5 778,854 29.5 Indonesia293,055 10.4 441,679 16.7 Other Asia countries160,856 5.7 289,087 11.0 Europe225,155 8.0 234,651 8.9 United States885,199 31.4 815,840 30.9 Other regions30,685 1.0 78,606 3.0 Total2,823,335 100.0 2,638,717 100.0 c) Total assets by geographical location As at December 31, 2020 (Unaudited)As at December 31, 2019 (Audited) $ % of total assets $ % of total assets Singapore45,245 4.3 83,739 10.4 Indonesia586,881 56.2 435,139 53.8 Other Asia countries381,092 36.5 205,461 25.4 Europe5,006 0.5 11,512 1.4 United States20,717 2.0 51,005 6.3 Other regions5,111 0.5 21,817 2.7 Total1,044,052 100.0 808,673 100.0 d) Financial information by business segments MessagingSoftware products and servicesUnallocatedTotal $$$$Twelve-month period ended December 31, 2020 (Unaudited) Revenue1,386,756 1,436,579 - 2,823,335 Intersegment revenue- 11,382 - 11,382 Amortization and depreciation- 73,026 - 73,026 Interest income1 200 - 201 Interest and finance expenses- 15,486 - 15,486 Income tax expense- 949 - 949 Segment profits/(losses)255,253 (102,672) (156,089) (3,508) Additions to segment non-current assets- 18,732 - 18,732 At December 31, 2020 (Unaudited) Segment assets195,671 846,158 2,223 1,044,052 Segment liabilities(3,730,960) (1,386,298) (2,319,958) (7,437,216) MessagingSoftware products and servicesUnallocatedTotal $$$$Twelve-month period ended December 31, 2019 (Audited) Revenue1,589,957 1,048,760 - 2,638,717 Intersegment revenue- 364,701 - 364,701 Amortization and depreciation- 37,568 - 37,568 Interest income119 267 - 386 Interest and finance expenses- 6,531 91,081 97,612 Income tax credit- 247 - 247 Segment profits/(losses)583,856 (104,342) (794,825) (315,311) Additions to segment non-current assets- 37,579 - 37,579 At December 31, 2019 (Audited) Segment assets171,894 636,021 758 808,673 Segment liabilities(3,119,501) (2,971,487) (1,157,830) (7,248,818) Outlook The Corporation announces its financial forecasts for the twelve months ending December 31, 2021. The information included in this news release represents management’s guidance as approved on February 11, 2021. The financial outlook was prepared for BHL, the ultimate holding company of the Corporation, for its public company reporting obligations in Japan. The material factors and assumptions used to develop the financial outlook include: Continued business from the Corporation’s major customers. The actual gross margin of Software Products and Services achieved 36.5% for the year ended December 31, 2020 and with the expected decrease in revenue earned from business with key customers of the Corporation, the forecasted gross margin of 22.3% in 2021 is reasonable and achievable. The man-hour rates in 2020 have been adjusted substantially to be in line with prevailing market rates hence the increment in man-hour rates in 2021 will be at reduced rate while the salary increments factored in the 2021 budget. Management believes that the forecast revenue and gross margin is conservative and reasonable.The actual traffic growth rate of A2P business for the year ended December 31, 2020 declined by 40.3% compared to the year ended December 31, 2019. Both the North Asia and South East Asia region experienced stiff competition and the growth from this region was affected. The Corporation also adjusted the prices to improve gross margin but that also resulted in a decrease in traffic from customers. Revenue for the year ended December 31, 2020 decreased by 12.8% but annual gross margin increased marginally to 20.5% compared with gross margin of 18.7% for the year ended December 31, 2019. The actual gross margin for the quarter ended December 31, 2020 of 9.0% showed that the gross margin declined steeply as the Corporation experienced delayed impact of the coronavirus (COVID-19) outbreak in the second half year of 2020. The extent that the coronavirus (COVID-19) outbreak will spread widely and its impact on our result will depend on future developments, which are highly uncertain and unpredictable. Although uncertain at this time, the outbreak could impede our ability to sell, grow and attract new customers. A number of our employees travel frequently to establish and maintain relationships with our customers. Although we continue to monitor the situation and may adjust our current policies as more information and guidance become available, suspending travel, not doing business in-person, and employees government imposed quarantined or sanitary public health authority imposed closures could negatively impact our operations and marketing efforts and also challenge our ability to enter into new customer contracts in a timely manner, which in turn could harm our business performance.No significant changes in the environment (including competition) where the Corporation operates that will significantly affect the pricing of the Corporation’s services resulting in changes of the gross margin for the various business segments, except what is disclosed in note b above.Timely completion and launch of certain additional value-added services for the Corporation’s customers.The related parties agreed to convert their interest-bearing loans and notes payable to interest-free loans with effect from the year 2019 / 2020, no interest expense expected in 2021.Continued ability to obtain financing through loans and cash advances to support the sales operations of the Corporation. The purpose of this financial outlook is to allow the Corporation’s ultimate holding company, BHL, to make reference and/or to use such outlook in its own financial disclosure. The operation of GINSMS is a major part of the growth strategy of BHL. As such, BHL believes that disclosing such information would be useful for its shareholders. Consequently readers of this press release are cautioned that the financial outlook of GINSMS concerning its expected gross margin and revenue is forward looking information and may not be appropriate for other purposes. Financial HighlightsForecastForecastForecastForecast($)Jan – Mar 2021Apr – Jun 2021Jul – Sep 2021Oct – Dec 2021Revenues $ A2P Messaging Service175,868 178,076 180,311 182,574 Software Product & Services299,632 299,632 299,633 299,633 475,500 477,708 479,944 482,207 Cost of sales $ A2P Messaging Service150,173 152,058 153,966 155,898 Software Product & Services206,706 206,706 206,706 207,226 356,879 358,764 360,672 363,124 Gross profit $ A2P Messaging Service25,695 26,018 26,345 26,676 Software Product & Services92,926 92,926 92,927 92,407 118,621 118,944 119,272 119,083 Gross margin % A2P Messaging Service14.6% 14.6% 14.9% 14.6% Software Product & Services31.0% 31.0% 31.0% 30.8% 24.9% 24.9% 24.9% 24.7% Selling, general and administrative expenses(236,149) (236,149) (236,149) (236,149) Operating loss(117,528) (117,205) (116,877) (117,066) Non-operating income (1)- - - - Non-operating expenses (1)(4,791) (4,791) (4,791) (4,791) Ordinary loss(122,319) (121,996) (121,668) (121,857) Extraordinary gains- - - - Extraordinary losses- - - - Loss before tax and non-controlling interest(122,319) (121,996) (121,668) (121,857) Income taxes- - - - Non-controlling interest- - - - Net loss for the period(122,319) (121,996) (121,668) (121,857) Adjusted EBITDA (2)(100,428) (100,105) (99,777) (99,966) (1) Non-operating income included interest income and other non-operating income. Non-operating expenses included loss on foreign exchange and interest expense. (2) Adjusted EBITDA is a non-IFRS measure which does not have any standardized meaning under IFRS. Adjusted EBITDA is related to cash earnings and is defined for these purposes as earnings before income taxes, depreciation and amortization (in both cost of sales and general and administration expenses), interest expenses and also excludes certain non-recurring or non-cash expenditure and income. This non-IFRS measure is not recognized under IFRS and accordingly, shareholders are cautioned that this measure should not be construed as an alternative to net income determined in accordance with IFRS. The non-IFRS measure presented is unlikely to be comparable to similar measure presented by other issuers. The Corporation believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Corporation can use to fund working capital requirements, service interest and principal debt repayment and fund future growth initiatives. About GINSMS GINSMS is a mobile technology and services company focusing on 2 areas namely its A2P Messaging Service and its Software Products and Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and have successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia. Forward Looking Statements Certain information included in this press release may contain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, ”could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “continue” or the negative thereof or variations thereon or similar terminology. These statements are not historical facts, but reflect management’s current beliefs and are based on information currently available to management regarding future results and events. Particularly, these forward-looking statements are based on management’s estimate of future events based on technological advances relating to the Corporation’s services, current market conditions and past experiences of management in relation to how certain contracts will affect revenues. Forward-looking statements, by their very nature, involve significant risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to dependence on major customers, system failures, delays and other problems, increasing competition, security and privacy breaches, dependence on third-party software and equipment, adequacy of network reliance, network diversity and backup systems, loss of significant information, insurance coverage, capacity limits, rapid technology changes, market acceptance, decline in volume of attractions, retention of key members of the management team, success of expansion into Chinese and other Asian markets, credit risk, consolidation of existing customers, dependence on required licenses, economy and politics in countries where the Corporation operates, conflicts of interest, effect of the COVID-19 and residency of directors and officers. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Corporation cannot assure the reader that actual results will be consistent with these forward-looking statements. In particular, forward-looking statements include the following assumptions: Management’s belief that the Corporation’s software products and services are expected to take on a different focus based on an outsourcing model approach leveraging on the lower cost base in Indonesia and Malaysia. Therefore the revenue for the software segment in Indonesia and Malaysia should continue to increase. Management’s belief that the future growth in messaging is in the area of A2P Messaging Service and the Corporation’s investment in this area will create a viable and profitable business in the future.Management’s belief that the Corporation is able to generate sufficient amounts of cash through operations and financing activities to fulfil the working capital requirements of its present operations. These forward-looking statements are made as of the date of this press release and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances except as may be required by law. Accordingly, readers should not place undue reliance on the forward-looking statements. Forward looking statements are presented in this news release for the purpose of assisting investors and others in understanding certain key elements of our expected fiscal 2020 and 2021 financial results, as well as our objectives, strategic priorities and business outlook for fiscal 2020 and 2021, and in obtaining a better understanding of the Corporation’s anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. All forward-looking statements contained in this press release are qualified by this cautionary statement. For further information, please contact: GINSMS Inc.Joel Chin, CEOTel: +65-6441-1029Email: investor.relations@ginsms.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.