Fintech Select Announces Quarterly Financial Results

https://ceo.ca/@newswire/fintech-select-announces-quarterly-financial-results

TORONTO, Nov. 29, 2023 /CNW/ - Fintech Select Ltd. ("Fintech Select" or the "Company") (TSXV: FTEC) is pleased to announce its financial results for the third quarter (Q3) of the fiscal year 2023. The company is confident that it achieved some significant milestones in key financial metrics, including increased revenue and improved profitability.

Key Highlights:

Loss Mitigation in Q3:

Despite facing challenges in the current economic climate, Fintech Select management feels it managed its Q3 financial performance effectively, navigating traditional seasonal challenges. The company reported a diminished loss from operations of $141,368 for the quarter, compared to a loss of $160,029 during the same period in 2022.

Robust Revenue Growth:

Management for Fintech Select sees remarkable success in revenue generation of $3,169,078 for the first nine months of 2023, compared to $1,971,608 during the same period in 2022. As such, on a year-over-year basis, the Company recorded an increase of 60%, which management strongly feels demonstrates the Company's ability to capture market opportunities and adapt to evolving customer needs.

Profitability Milestone for the Accumulated 9 Months:

The accumulated profit from operations for the first nine months of 2023 is $477,422, compared to a loss of $448,622 during the same period in 2022. Management feels this indicates the Company's efforts to continue focusing on lean profitability.

Fintech Select attributes these positive results to a combination of strategic initiatives, operational efficiencies, and a focus on delivering value to its customers. The company remains dedicated to its core values of innovation, customer satisfaction, and financial prudence.

The Company's CEO and President, Mohammad Abuleil, commented on the financial results, stating, "We are pleased with the Company's performance during the first nine months of this fiscal year. The increased revenue and improved profitability from operations underscore our commitment to long-term success and sustainability. We will continue to invest in innovation and operational excellence to drive future growth and deliver value to our stakeholders."

Grant of Options

The board of directors of the Company has also approved the grant of 3.6 million stock options to purchase common shares of the Company to its directors, officers, employees and certain consultants at a price of CDN$0.05 per share for a period of three (3) years. The total number of shares reserved for issuance under the Company's stock option plan is 8,004,951. The issuance of these options is subject to all necessary approvals by the TSX Venture Exchange.

About Fintech Select Ltd.

Fintech Select is a provider of robust and disruptive Pre-Paid Card programs and e-wallet payment solutions. Fintech Select has enabled these core assets, which operate through separate divisions to work together harmoniously, to create a new and ubiquitous environment for consumers and businesses alike. Fintech Select also operates an international call centre that provides fulfillment and customer service support to customers across all the company's platforms. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.