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ATW Tech Inc.

Montreal –TheNewswire -August 28, 2023 – ATW Tech Inc. (  the "Company" or "  ATW Tech ")(TSXV:ATW)today announced its resultsforthe quarter ended June 30, 2023.

  • The Company generated revenues of $ 308k compared to $ 720k in 2022, a decrease of $ 412k 

  • Costof sales totalled $ 325k in 2023 compared to $ 653k in 2022, a decrease of $ 328k; 

  • Operatingexpensesdecreased from $ 555k in 2022 to $455k, a decrease of $ 100k; 

On June 21, 2022, the Company announced the signing of two letters of intent to acquire complementary technology companies in the areas of data engineering, business intelligence, advanced analytics and artificial intelligence-powered public safety software. On May 1, 2023, and with a final update on June 29, 2023, the Company announced its intention to close the acquisition of one of these two companies by August 31, 2023.

 

On April 14, 2023, the Company announced a late filing of its consolidated annual financial statements following the change of auditor. On June 29, 2023, the Corporation filed its annual audited financial statements, Management's Discussion and Analysis and related attestations for the year ended December 31, 2023. The general and extraordinary meeting of shareholders has been set for September 15, 2023.

 

On June 29, 2023, the Company partially completed a previously announced non-brokered private placement in the amount of $975,000 for an amount reduced to $725,000 . The $725,000 non-brokered private placement was completed through the issuance of 14,500,000 units at a price of $0.05 per unit.

 

Outlook

"The second quarter of 2023 was focused on transforming our business strategy," said Michel Guay, President and Chief Executive Officer. Since the signing of the letters of intent, and last updated on the transaction on June 29, the Company has mainly focused these efforts on the acquisition of one of the two targets and intends to close its acquisition by August 31, 2023.

 

The Company and target management are already working together in partnership on certain files and have set up a transition team that operates constructively and effectively. "In a tightening financial market, we strongly believe in the closing of this transaction and believe it will be highly beneficial for ATW and target shareholders, its customers and employees."

 

"In pursuing its efforts to identify and execute strategic acquisitions, the Company sees an opportunity in this acquisition to engage with our shareholders on the growth and future of ATW tech as a whole," said Michel Guay, President and Chief Executive Officer.

The information presented above is a summary of the highlights. For additional information, please refer to the Company’s interim condensed consolidated financial statements and the Management’s Discussion and Analysis for the three-month periods ended March 31, 2023, atwww.sedar.com.

Forward-Looking Statements and Disclaimer

Certain information in this press release may constitute “forward-looking” statements that involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such information may include words such as “anticipate”, “estimate”, “may”, “will”, “expect”, “believe”, “plan”, “project” and other terminology. This information reflects current expectations regarding future events and operating performance and speak only as of the date of this press release. Except as may be required by law, we do not assume any obligation to update or revise any forward-looking information to reflect new events or circumstances.

Additional information regarding ATW Tech is available on SEDARwww.sedar.com

The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept no responsibility for the adequacy or accuracy of this release. The Plan remains subject to the approval of the TSX Venture Exchange.

ATW Tech’s Profile

ATW Tech (TSX-V: ATW) is a technology company, owner of several recognized technology platforms such as VoxTel, Option.vote and Semeon. VoxTel specializes in telephone billing and alternative payment solutions for fixed and mobile lines. Option.vote offers a customized multimethod voting system for unions, political parties, professional associations, and anyone looking for a secure way to reduce their voting costs and improve their participation rate. Semeon is a highly accurate and flexible text analysis platform for customer reviews and uses a unique combination of machine learning and natural language processing (NLP) to discover significant trends in customer reviews across all channels.

SOURCE :       

ATW TECH

Michel Guay

President, Founder and Chief Executive Officer

Tel.: 844.298.5932 ext. 301

mguay@atwtech.com

www.atwtech.com

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