Uniserve 2nd Quarter Results for the period ended November 30, 2020

VANCOUVER, British Columbia, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce second quarter fiscal 2021 financial results. Q2 and Q2 year to date fiscal 2021 revenues decreased by 34% and 31% respectively as compared to the same periods in the prior fiscal year. Q2 fiscal 2021 Net loss was $57K and Q2 year to date fiscal 2021 Net loss was $318K, as compared to Net loss of $988K and Net loss of $1,383K respectively for the prior year fiscal periods. In upcoming quarters the Company will continue focusing on generating recurring revenue through new higher profit margin product offerings while continuing to focus on cost savings.

Uniserve Communications Corporation
Consolidated Statements of Comprehensive Loss
(Expressed in Canadian dollars)
	Three months ended November 30,						Six months ended November 30,
		2020			2019			2020			2019
Revenue	$ 1,642,626			$ 2,497,157			$ 3,528,102			$ 5,084,555
Cost of revenues		936,127			1,509,093			2,073,851			3,070,897
		706,499			988,064			1,454,251			2,013,658
Expenses
Operations and service delivery expenses		384,140			1,447,867			1,130,075			2,416,017
Sales and marketing		160,401			237,588			264,750			523,863
Amortization of property and equipment		131,422			178,686			236,849			355,724
Amortization of intangible assets		18,614			59,520			38,695			121,486
		694,577			1,923,661			1,670,369			3,417,090
Operating Income (Loss)		11,922			(935,597	)		(216,118	)		(1,403,432	)
Other Expenses (Income)
Finance charges		68,910			63,351			128,399			138,135
Gain on foreign exchange		313			(11,426	)		(26,791	)		(24,828	)
Gain on settlements and reversals of debts		-			-			-			(133,914	)
		69,223			51,924			101,608			(20,608	)
Net and Comprehensive Loss for the period	($ 57,301		)	($ 987,521		)	($ 317,726		)	($ 1,382,824		)

About Uniserve

Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact.

Uniserve prides itself on world class customer service based in Canada. When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

Learn more at www.uniserve.com or at www.sedar.com.

Walter Schultz
Chairman of the Board

For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.

Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.