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3 Sixty Risk Solutions Ltd. (SAFE.CN)

Canadian Sec - Canadian Sec Real Time Price. Currency in CAD
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0.05500.0000 (0.00%)
At close: 3:01PM EDT
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Previous Close0.0550
Open0.0000
Bid0.0350 x 0
Ask0.0350 x 0
Day's Range0.0550 - 0.0550
52 Week Range0.0300 - 0.0950
Volume0
Avg. Volume0
Market Cap8.491M
Beta (5Y Monthly)1.40
PE Ratio (TTM)N/A
EPS (TTM)-0.1360
Earnings DateApr. 28, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMay 29, 2017
1y Target EstN/A
  • 3 Sixty – Correction
    GlobeNewswire

    3 Sixty – Correction

    ALMONTE, Ontario, Dec. 24, 2020 (GLOBE NEWSWIRE) -- 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) is pleased to provide an update regarding its business and operations to company stakeholders. CorrectionFor purposes of clarity, accuracy, and fairness, 3 Sixty Secure (the “Company”) would like to unequivocally state that all relevant financial records were provided to the Company by David Hyde, formerly of David Hyde and Associates. Since my arrival on the Board of Directors and much more recently after assuming the interim CEO position with the firm, Mr. Hyde and his team have been nothing short of exceptional. They have been unrelenting in their assistance to our team and to the auditors. When the financials are completed, which the firm requires to apply to have the Cease Trade Order (“CTO”) lifted, much of the credit will go to David and Pauline Hyde.In our rush and enthusiasm to convey information to our shareholders, of which Mr. Hyde is one, we may have left an impression that is not as clear as it should have been.Wishing you all a safe, happy, and healthy holiday season.Merry ChristmasR. Andrew Ellis CEO (Interim) 3Sixty Secure About 3 Sixty Risk Solutions Ltd.3 Sixty Secure Corp, a wholly-owned subsidiary, is a multi-national security services company. 3|Sixty proudly offers customized security solutions to public and private sector clients across the globe. Services include: cash in transit; high value storage; protective services; secured transport; high risk training, personal protection, and security risk management consulting. 3 Sixty has a staff of over 600 employees and operates a fleet of over 120 vehicles, with seven secure facilities nationwide and a combined security footprint of approximately 35 million square feet of patrolled area across Canada.Further Information.For further information regarding the Company, please contact: David Beck 1 (866) 360-3360 ir@3sixtysecure.comForward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

  • 3 Sixty – Letter to Stakeholders
    GlobeNewswire

    3 Sixty – Letter to Stakeholders

    ALMONTE, Ontario, Dec. 23, 2020 (GLOBE NEWSWIRE) -- 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) is pleased to provide an update regarding its business and operations to company stakeholders. Dear Stakeholders of 3 Sixty Risk Solutions Ltd.:Please let me introduce myself: my name is David Beck. I am the Chairman of the Board of Directors (BOD) at 3 Sixty Risk Solutions Ltd. (‘3 Sixty’). I am writing this letter to all company stakeholders as an extension of, and further to a press release dated November 23, 2020 entitled ‘Business Update’. In April 2020, I joined the 3 Sixty BOD and was subsequently appointed to Chairman in September. While my priority and statutory duty is to work to the benefit of all stakeholders of 3 Sixty, with 16.2 million shares, I am also the second largest shareholder of 3 Sixty.In October, I was joined on the BOD by Andrew Ellis and Rita Simkin. Andrew and Rita have since taken active roles in the company as interim CEO and interim COO, respectively. Andrew and Rita join existing BOD members, myself, Christian Grunt and Nitin Kaushal. Further, 3 Sixty founder, Thomas Gerstenecker, resigned as CEO and Director.Before I elaborate on details, it is important to state two things. First, all current BOD members are not receiving any cash or equity compensation. We are accruing modest cash and stock compensation, which will be honoured only when we are confident of the company’s financial position, including satisfaction of critical payables. Second, the company’s management and employees continue to deliver on customer commitments, build a pipeline of new business opportunities and produce revenue.Our Priority – Enabling trading on the CSE The BOD is focused on ensuring the Company files all outstanding financial statements, MD&A and other continuous disclosure documents in order to apply for a revocation of the current cease trade order (CTO) imposed against 3 Sixty’ securities by the Ontario Securities Commission on July 15, 2020. It is important to understand that the CTO impacts more than our equity shareholders. It impacts our ability to recruit and retain key employees, pay and work with dedicated suppliers, and service and build customer relationships and we are working diligently to rectify the situation.In order to have the CTO revoked so that the company’s shares can again trade on the Canadian Securities Exchange, 3 Sixty is required to not only file its audited 2019 financial statements (including refiling Q1, Q2, and Q3 of 2019) and related documents, but also interim unaudited financial statements for Q1, Q2, and Q3 of 2020. While the company has largely completed financial statements for 2020, full completion of these statements cannot occur until ending accounting balances for 2019 are known and audited. Understandably, the completion of our 2019 audit is critical.To provide context, 3 Sixty became a public company in January 2019. As such, 2019 marks the company’s first year to be audited as a public company. It is also the first year the company has engaged with our auditor MNP LLP. MNP has been a patient partner in working through this audit process. However, please understand, MNP can only audit information that 3 Sixty provides. Unfortunately, during its rapid growth, and in particular, growth through acquisition in 2018 and 2019, 3 Sixty management did not effectively integrate the disparate entities. This has caused enormous effort to correct.These efforts have largely paid off with the exception of one situation. We are unable to locate records related to one of the company’s subsidiaries, David Hyde and Associates which are required in order to complete the financial statements audit. While on the surface this may seem worrisome, on a materiality basis, David Hyde and Associates represented roughly $2 million of the approximately $30 million of gross revenue for 2019. MNP is acutely aware of this situation, and continues to work daily with 3 Sixty in the upmost professional manner.Our Future - Building a World Class Security Services CompanyAs management and BOD are completing our 2019 audit, we are working diligently in parallel with the task of defining our go-forward business strategy. Fortunately, our experience and strength of the company’s platform should enable the company to demonstrate immediate results. Looking at each of our business units, I provide this brief summary: * Guarding * Current strengths – Significant contracts with name brand entities. * Future opportunities – Outsourcing of non-core police services, and expansion into offering complementary high margin security solutions. * FSS (Financial Security Solutions) * Current strengths – Long term established business relationship with one of Canada largest Schedule 1 banks. * Future opportunities – Expansion of current customer relationship and securing additional Schedule 1 bank relationship. * Secure transport * Current strengths – Differentiated and proven logistics and transportation service offering with highly loyal clientele. * Future opportunities – Targeted niche and high product value markets that leverage our expertise in climate controlled and segregated handling of customer goods. Our Appreciation – 3 Sixty StakeholdersGoing forward, we seek to improve communication both with internal and external stakeholders of 3 Sixty. As such, we are committed to scheduling a well overdue shareholders meeting at the earliest date possible following the expected lifting of our CTO.On behalf of your BOD, we look at this holiday season with great appreciation for the support we have received and continue to receive from all stakeholders. This is not an easy undertaking. We wish we had more progress to communicate to you at this time. However, please understand the challenges we are going through combined with the opportunities available to 3 Sixty we see as only building our resolve.I sincerely thank you for your support and patience,David BeckChairman, 3 SixtyAbout 3 Sixty Risk Solutions Ltd.3 Sixty Secure Corp, a wholly-owned subsidiary, is a multi-national security services company. 3|Sixty proudly offers customized security solutions to public and private sector clients across the globe. Services include: cash in transit; high value storage; protective services; secured transport; high risk training, personal protection, and security risk management consulting. 3 Sixty has a staff of over 600 employees and operates a fleet of over 120 vehicles, with seven secure facilities nationwide and a combined security footprint of approximately 35 million square feet of patrolled area across Canada.Further Information.For further information regarding the Company, please contact:David Beck (866) 360-3360 ir@3sixtysecure.comForward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

  • 3 Sixty – Business Update
    GlobeNewswire

    3 Sixty – Business Update

    ALMONTE, Ontario, Nov. 23, 2020 (GLOBE NEWSWIRE) -- 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) is pleased to provide an update regarding its business and operations to company stakeholders. Changes to the Board of DirectorsDavid Beck has been appointed as Chairman of the Board of Directors. Committee Chairpersons have been established as follows: Audit Committee Chair, Nitin Kaushal, and Compensation Chair, Christian Grunt.Margarita Simkin has been appointed to the Board of Directors. Ms. Simkin is co-founder and Chairwoman of INKAS Group of Companies and has been instrumental in building INKAS into a global brand specializing in products and services that aid with civilian safety, environmental protection, financial aid, security, logistics, fabrication and manufacturing.Andrew Ellis has been appointed to the Board of Directors.  Mr. Ellis served as Assistant Director of Operations (ADO) of the Canadian Security Intelligence Service (CSIS) and was strategically responsible for the leadership of all national operational programs.Ariel Mashiyev has resigned as a Director of the Company for personal reasons. The Company thanks Mr. Mashiyev for his contribution to, and support of 3 Sixty Risk Solutions.Changes to ManagementThomas Gerstenecker has decided to step down as Chief Executive Officer (CEO) of the Company. Mr. Gerstenecker founded and built 3 Sixty Risk Solutions. His efforts are greatly appreciated. The Company thanks him for his contribution to, and support of 3 Sixty. In addition, Mr. Gerstenecker has resigned from the Board of Directors effective immediately.In addition to being a newly appointed Board Member, Andrew Ellis has been appointed interim CEO.In addition to being a newly appointed Board Member, Margarita Simkin has been appointed interim Chief Operating Officer (COO).Ernest Petrasovic has resigned as Chief Financial Officer (CFO). The Company thanks Mr. Petrasovic for his contribution to, and support of 3 Sixty. As Chair of the Audit Committee, Nitin Kaushal will provide oversight on the company’s financial operations as it seeks a replacement CFO.Update on FinancingThe Company announces that it has secured additional capital of $2.6 million through an asset-based lending facility (“ABL Facility”) with Pillar Capital Corp. (“Pillar”). The agreement will provide additional financial flexibility for the Company and is intended to support near term working capital. Pillar has been granted a General Security Agreement, including specific charges against owned and unencumbered equipment, registered in first position.Additionally, 3 Sixty has also secured up to $4 million through the outsourcing of receivables (the “Receivables Facility”) with Sallyport Commercial Finance LLC (“Sallyport”). The agreement will provide additional financial flexibility to the Company and is intended to help fund the Company’s growth capital, in particular, leasehold improvements for impending accretive contract requirements.  Under the terms of the Receivables Facility, the Company has agreed to a 12-month term to sell up to 90% of its accounts receivable to Sallyport.The financing transactions were completed in reliance upon an order of the Ontario Securities Commission granted a partial revocation of the cease trade order (the “CTO”) against the Company’s securities in order to permit all trades and acts in furtherance of trades in connection with such financings.Update on the Completion of 2019 Audit The Company continues to work expeditiously to file all outstanding continuous disclosure documentation as soon as possible in order to apply for a full revocation of the CTO. Further advancement has been made on the issues previously announced as it relates to assessing the accounting for the Company’s acquisition of Total Cannabis Security Solutions (TCSS) in January 2019, and includes assessing the potential impact on the recoverability of intangible assets and goodwill in the interim financial statements, as well as assessing the accounting for transactions, post-acquisition in the TCSS business, prior to finalizing and filing the financial results for the fourth quarter and fiscal year ended December 31, 2019.Any changes that result from this ongoing assessment of the TCSS transaction will be amended and restated in the interim financial statements and related Management Discussion and Analysis as applicable, prior to finalizing filing financial results for the fourth quarter and fiscal year ended 2019. Based on the above, further information will be provided regarding the date of the Annual General Meeting in the near future.About 3 Sixty Risk Solutions Ltd.3 Sixty Secure Corp, a wholly-owned subsidiary, is a multi-national security services company. 3|Sixty proudly offers customized security solutions to public and private sector clients across the globe. Services include: cash in transit; high value storage; protective services; secured transport; high risk training, personal protection, and security risk management consulting. 3 Sixty has a staff of over 600 employees and operates a fleet of over 120 vehicles, with seven secure facilities nationwide and a combined security footprint of approximately 35 million square feet of patrolled area across Canada.Further Information.For further information regarding the Company, please contact: Kelly Anne King Manager, Corporate Services 1 (866) 360-3360 IR@3sixtysecure.comForward-Looking InformationThis news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.