Vancouver, British Columbia--(Newsfile Corp. - December 20, 2023) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTC: NTTCF) ("NetCents" or the "Company"), a cryptocurrency payments company, is pleased to announce its significant revenue growth from FY 2020 to FY 2023 and its extensive global reach, now processing merchants in 48 countries.
In a sector where innovation is critical, NetCents has kept pace and set a benchmark for growth in the cryptocurrency payment processing industry. The impressive year-over-year revenue increases evidence this:
- FY 2021 saw revenues of $577,843.
- Continuing the upward trend, FY 2022 revenues reached $1,033,275.22, a 79% increase from FY 2021.
- The fiscal year ending October 31, 2023, has been a landmark year for NetCents, with revenues increasing to $3,691,613.26, a 257% increase from FY 2022.
- Overall, the revenue from FY 2021 to FY 2023 reflects a cumulative growth of over 538%.1
In fiscal 2023, NetCents processed over $90 million, marking a significant achievement in the Company's operational success and global market penetration. This substantial processing volume not only highlights NetCents' capacity to thrive in the dynamic cryptocurrency market but also complements the company's impressive revenue growth trajectory over the past three years.
During this period, NetCents has solidified its position in the cryptocurrency payment industry, attributed to strategic expansions into key markets across North America, Europe, and the Middle East. Notably, the successful launch in the United Arab Emirates, which included securing PSP Licensing and Central Bank Approval, has been a pivotal part of this growth. These combined efforts over the last three years underscore NetCents' ability to effectively adapt and expand in the evolving global market.
NetCents' capability to process for merchants in 48 countries highlights the global reach and scalability of its model. The Company is now set to replicate this success in Eastern Europe and South America, regions ripe for cryptocurrency integration due to their emerging economies.
In line with the Company's strategic growth and expansion, NetCents has been focused on enhancing its financial systems. The Company has moved beyond just streamlining its accounting processes; the accounting systems are now fully up to date and ready for the completion of audits. This progression not only reflects NetCents' commitment to financial transparency and compliance but also positions it for timely audit completions and ensures its readiness for on-schedule filings moving forward.
As NetCents continues to grow sales and bring its audit to a completion, the Company's attention is also directed toward the upcoming February 24th BCSC hearing. NetCents' goal is to resolve the ongoing matter, focusing on the return of NCCO funds to users, which is a priority for the Company. This commitment to resolving regulatory issues complements our expansion efforts and underscores its dedication to leading the cryptocurrency payment sector.
As of today, the Company continues to be subject to a cease trade order and is working diligently to complete the annual financial statements for the fiscal year ending October 31, 2021, and the fiscal year ending October 31, 2022.
About NetCents
NetCents Technology Inc., the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
For more information, please visit the corporate website at www.net-cents.com or contact Investor Relations at investor@net-cents.com.
On Behalf of the Board of Directors
NetCents Technology Inc.
"Clayton Moore"
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
350 - 375 Water Street
Vancouver, BC, V6B 5C6
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements including without limitation, timing of finalizing and filing of the Company's financial statements, expected growth and success of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change
1 Unaudited financial numbers.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191752
SOURCE: NetCents Technology Inc.
