Edmonton, Alberta--(Newsfile Corp. - January 27, 2025) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announced today financial results for the year ended September 30, 2024, and the related Management's Discussion and Analysis ("MD&A").
For the year ended September 30, 2024, compared to 2023, the Company successfully executed its multi-year strategy to streamline operations and reduce expenses:
- Net loss and comprehensive loss of $710,765, as compared to $3,073,808 in 2023, improved by $2,363,043 or 76.9%;
- Cash used in operating activities of $103,396, as compared to $639,944, improved by $536,548 or 83.8% in 2023;
- Revenue of $1,577,985, as compared to $2,128,401 in 2023, reduced by $550,416 or 25.9%; and
- Operating expenses of $2,161,181, as compared to $4,435,699 in 2023, improved by $2,274,518 or 51.3%.
"In 2024, Alberta Food Security received over $5,000,000 in contracts for its indoor farming technology. Due to manufacturing challenges, delivery and corresponding revenue recognition have been delayed. We are solidifying our North American manufacturing relationships to fulfill the orders in 2025," said Hubert Lau, TrustBIX CEO.
The Company's financial results for the year ended September 30, 2024, and the related MD&A, have been filed and are available on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca.
About TrustBIX (TSXV: TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.
www.TrustBIX.com
Forward-Looking Information
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com
Neither the 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 of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238660
SOURCE: TrustBIX Inc.
