Prodigy Ventures Inc. Extends Growth Streak, Anticipates Long Term Growth From Verified.Me Technology Partnership

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Prodigy Ventures Inc. Extends Growth Streak, Anticipates Long Term Growth From Verified.Me Technology Partnership

Canada NewsWire

(TSXV-PGV)

TORONTO, May 24, 2019 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced the results for the first quarter ended March 31, 2019.

"Prodigy extended its consistent growth trend in Q1 2019, with significant increases in both revenues and profits," said Tom Beckerman, Prodigy's CEO. "And, as an early entrant Technology Partner for SecureKey Technologies Inc.'s Verified.Me digital identity platform, launched on May 1, 2019, Prodigy anticipates additional growth as the Company helps enable the integration of new enterprise participants onto the Verified.Me network. Organizations such as the Digital ID Authentication Council of Canada, the Command Control and Interoperability Center for Advanced Data Analytics (CCICADA), and many of Canada's leading financial institutions (BMO, CIBC, Desjardins, RBC, Scotiabank and TD) have been engaged as both investors and partners in the development of this digital identity ecosystem. This unique collaboration will ensure the effective delivery of new innovation, and improved privacy, security and digital fraud protection for both consumers and service providers across Canada."

First Quarter 2019 Financial Results

  • Revenue for the three months ended March 31, 2019 totalled $4,877,728 compared to $3,568,622 for the three months ended March 31, 2018, an increase of 37%.
  • Gross profit for the three months ended March 31, 2019 of $1,361,359 as compared to $897,921 for the three months ended March 31, 2018, an increase of 52%.
  • Operating expenses for the three months ended March 31, 2019 of $1,157,359 as compared to $863,318 for the three months ended March 31, 2018, an increase of 34%, primarily due to increases in staff costs.
  • Net Income for the three months ended March 31, 2019 totalled $144,822 as compared to $24,372 for the three months ended March 31, 2018, an increase of 494%.
  • The Company had working capital of $2,703,075 as of March 31, 2019 compared to $2,688,268 as of December 31, 2018.

The complete unaudited interim financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.com or the Company's website at www.prodigy.ventures.


Three months ended
March 31


2019

$

2018

$




Revenue

4,877,728

3,568,622

Gross Profit

1,361,359

897,921

Expenses

1,157,359

863,318

Net and comprehensive income for the period

144,822

24,372

Net income per share – basic and diluted

0.00

0.00

 

Neither 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.

About Prodigy Ventures Inc.

Prodigy is an innovation company that has combined an enterprise technology services business - Prodigy Labs - with a Venture Builder business. The two businesses work together to create and deliver new enterprise and consumer platforms and apps using emerging technologies in mobile, video, digital identity, voice, blockchain, artificial intelligence, payments and augmented reality.

Prodigy has been ranked as the 9th fastest growing Canadian company on the 2018 Growth 500, Canadian Business' Ranking of Fastest-Growing Canadian Companies. Prodigy has also been named as one of Canada's fastest growing technology companies in the 19th, 20th and 21st annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. In addition, Prodigy also ranked on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Prodigy has also been named to the prestigious Branham300 list for the second consecutive year. This ranking recognizes the financial performance of Canadian companies in the Information and Communications Technologies sector.

Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things, the Company's expectations with respect to its relationship with Secure Key Technologies Inc. and the Verified.me digital identity platform. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the three months ended March 31, 2019, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

SOURCE Prodigy Ventures Inc.

View original content: http://www.newswire.ca/en/releases/archive/May2019/24/c1670.html

Copyright CNW Group 2019

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