JEMTEC 2024 Q1 & FINANCIAL UPDATE

VANCOUVER, BC, Dec. 20, 2023

VANCOUVER, BC, Dec. 20, 2023 /CNW/ - JEMTEC Inc. (TSXV: JTC) (the "Company") is pleased to provide an update on its performance for the fiscal Quarter ended October 31, 2023 (2024 Q1) and the Companies situation, showing a quarterly profit, no debt, strong liquidity and net worth.

Q1 Revenues
Revenues have increased by 2% during the quarter ended October 31, 2023 compared to the quarter ended October 31, 2022. The Company earned revenues on its agreements with the Provinces of Saskatchewan and CSC. The Company also earned revenues from private bail clients by presenting the release plans for court cases.

Q1 Expenses
During the quarter ended October 31, 2023, expenses decreased by 5% compared to the quarter ended October 31, 2022 primarily due to the fluctuations in consulting fees, equipment rent and installation, foreign exchange, monitoring and activation fees, repairs and maintenance, and share-based payments, shipping and travel.

Q1 Income Tax
For the quarter ended October 31, 2023, the Company recognized a current income tax expense of $2,050 (October 31, 2022 - $nil) and a deferred income tax expense of $nil (October 31, 2022 - $1,000 recovery). The current income tax expense was related to income tax in Canada. The deferred income tax recovery was related to unrecognized deferred tax assets.

Q1 Net Income
For the quarter ended October 31, 2023, the Company recorded a net income of $8,007 compared to a net loss of $16,627 during the quarter ended October 31, 2022. This increase in net income is primarily due to the decrease in expenses related to the loss of contracts.

Q1 Liquidity
At October 31, 2023, the Company had cash and cash equivalents of $2,219,999 and working capital of $2,250,677. All cash and cash equivalents are on deposit with a Schedule I bank in Canada in current or interest accruing accounts.