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Givex Information Technology Group Ltd (GIVX, GIVXF) announces that its client, BarBurrito Restaurants Inc., has become the largest Mexican restaurant chain in Canada, expanding from 80 to 185 locations in less than two years. This growth illustrates the effectiveness of Givex’s omnichannel technology solutions, which include POS systems, gift cards, and loyalty programs. BarBurrito, initially partnered with Givex in October 2020, has successfully integrated various services into its operations, further supporting its continuous expansion across Canada.
Givex Information Technology Group Limited (TSX: GIVX; OTCQX: GIVXF) announced on June 7, 2022, that its common shares are now eligible for book-entry services through the Depository Trust Company (DTC) in the United States. This significant milestone is expected to enhance liquidity and simplify trading processes for U.S. investors. Givex's CEO stated that DTC eligibility aligns with the company’s ongoing commitment to profitability and growth, further expanding the accessibility of its shares. Givex provides integrated fintech solutions across over 115,000 locations in more than 100 countries.
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On May 16, 2022, Givex announced its entry into an Automatic Securities Disposition Plan (ASDP) with Research Capital Corporation. The ASDP allows for the orderly sale of 225,115 common shares over a minimum 12-month term, commencing on the same date, with a minimum trading price set at $0.80 per share. The plan is designed to ensure trades are executed while the company is not privy to any undisclosed material information. Givex's stock is listed under the symbols GIVX on TSX and GIVXF on OTCQX.
Givex reported a 26% revenue increase to $16.3 million for Q1 2022, driven by a rise in customer locations to 115,000. The company also saw its POS Gross Transactional Value surge 93% to $237 million. Strategic acquisitions, including Kalex and Loyalty Lane, enhanced client bases and service offerings in grocery and convenience sectors. Adjusted EBITDA remained stable at $1.3 million, showing a 4% increase when normalized for prior COVID-19 subsidies. Growth in customer engagement solutions positioned Givex favorably in a post-pandemic environment.
Givex Information Technology Group reported a 7.1% revenue increase to $55.2 million and a 19% rise in gross transaction volume to $6.5 billion for the fiscal year ending Dec. 31, 2021. The number of customer locations reached 100,000, with a notable 54% growth in point-of-sale transactions. Adjusted EBITDA was $8.3 million, down from $9 million in 2020 when accounting for the COVID-19 wage subsidy. Givex also raised $22 million through a private placement and strengthened cash reserves to $35 million.
Givex Information Technology Group (GIVX) has recently commenced trading on the OTCQX Best Market under the symbol GIVXF. This uplisting is expected to enhance visibility for Givex among U.S. institutional and retail investors. The move aligns with Givex's strategy to expand its market reach and improve investor engagement. Meanwhile, Argentina Lithium (LIT) has finalized an agreement to acquire the Rincon West and Pocitos properties, which includes share issuances and cash payments over 36 months.
Givex Information Technology Group Limited has commenced trading on the OTCQX under the symbol GIVXF as of March 21, 2022. This move aims to enhance U.S. investor access to Givex shares in a cost-effective manner. The company's CEO, Don Gray, highlighted Givex's growth strategy, which includes successful acquisitions like Loyalty Lane and Kalex Equipment Services, as well as launching a gift card program with Maple Leaf Sports & Entertainment. Givex is a global fintech firm providing integrated solutions for merchant engagement across over 113,000 locations worldwide.