HUNTER TECHNOLOGY ANNOUNCES FINANCIAL UPDATE FOR FISCAL YEAR END 2020
Hunter Technology Corp. (HOILF) reported its fiscal year-end results for 2020, showcasing significant operational changes. The company transitioned from oil exploration to technology, highlighted by a $2 million CAD private placement and the acquisition of FinFabrik Limited. Total assets soared to $11.8 million USD, while total equity surged by 795% to $10.4 million USD. However, the company reported a loss of $1.1 million USD, a 78% increase compared to 2019. The OilEx and OilExchange platforms are under development, targeting a public launch in Q4 2021.
- Total assets increased by 824% to $11.8 million USD.
- Total equity rose by 795% to $10.4 million USD.
- Successfully completed a $2 million CAD private placement financing.
- Reported a loss of $1.1 million USD, up 78% from the previous year.
- Basic and diluted EPS decreased by 25% to ($0.05).
VANCOUVER, British Columbia, April 28, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Company”) is pleased to announce its fiscal year-end results for the year ended December 31, 2020.
In Q4, the Company concluded a series of reorganizations and transactions that resulted in a significant change in operations, increased balance sheet, and improved capitalization. Significant transactions completed during the year include:
2020 Highlights:
- the successful change of business and name change to Hunter Technology Corp.;
$2,000,000 CAD in a private placement financing;- commencing development of the Company’s OilEx and OilExchange platforms;
- acquiring
100% of the outstanding stock of FinFabrik Limited in exchange for:- 12,110,203 common shares at a deemed price $.90 USD per share and;
$250,000 USD cash
- increasing total assets of the Company to
$11.8 million USD
Hunter CEO Florian M. Spiegl commented: “2020 was a year of change and reorientation for Hunter. The Company successfully completed several critical transactions as it pivoted from oil exploration and production into the technology sector to facilitate sustainable global production and trading of energy resources. An improved balance sheet and financial metrics provide a solid base for development of our technology platforms and market entry in 2021.”
Select Financial Highlights*:
| For the years ended December 31, | 2020 | 2019 | Change | |||
| (USD) | ($) | ($) | ||||
| Total Assets | 11,775,350 | 1,274,919 | ||||
| Total Equity | 10,353,668 | 1,156,246 | ||||
| Cash on hand | 1,665,936 | 1,111,717 | ||||
| Loss for the year | (1,093,439) | (613,836) | ||||
| Per Share Basic & Diluted | (0.05) | (0.04) | ||||
* Complete audited financial statements as available on the Company’s website and www.sedar.com
Operational Update
With the acquisition of FinFabrik completed, the Company has shifted its focus on the development of OilEx, a digital marketplace for connecting independent producers with international buyers of physical oil, with a private test version of the platform brought live in Q1. It will continue its path towards planned pilot transactions in Q3 and public go-live of the platform in Q4.
About Hunter Technology Corp.
Hunter Technology Corp. develops interactive software platforms powered by blockchain technology that digitalize and streamline physical oil trading throughout the transaction lifecycle. With its solutions, Hunter delivers more favorable economics and fair market access for all and promotes the transition towards a more environmentally and ethically responsible ecosystem. Its flagship product OilEx will connect independent oil producers, buyers, and traders in a trusted digital marketplace to optimize prices, simplify processes, improve transparency, and support a reduced carbon footprint. Through its data analytics capabilities, Hunter will offer real time supply chain management tools for tracking the origin, transhipment and processing of hydrocarbons and the environmental, social and governance (ESG) compliance during their life cycle.
ON BEHALF OF THE BOARD OF DIRECTORS
Florian M Spiegl
Chief Executive Officer
(888) 977-0970
For further information, visit our website at www.huntertechnology.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information.
This news release contains certain statements which may constitute forward-looking statements or information (collectively, "forward-looking statements") regarding Hunter’s business development plans. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, including factors beyond Hunter’s control, and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and "intend," statements that an action or event "may," "might," "could," "should," "will" or be "on track to" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements (including execution risk, market risk, industry risk, market reaction, the impact of general economic conditions and competition from other industry participants, as well as stock market volatility). In this news release, forward-looking statements relate to, among other things, Hunter’s business development plans as well as Hunter’s future performance as it develops its business. Although Hunter believes that the expectations in its forward-looking statements are reasonable, they are based on factors, estimates and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statement. Such factors include, but are not limited to: risks relating to delays, development and marketing risks, unforeseen requirements resulting from the COVID-19 pandemic, commodity prices, inability to access, on favorable terms, sufficient capital from internal and external sources, the ability to access, hire and retain employees; regulatory changes and impacts, timing and completion of the Company's online platforms as well as general business, economic, competitive, political and social uncertainties. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Hunter does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Hunter should be considered highly speculative. There can be no assurance that Hunter will be able to achieve all or any of its proposed objectives. Please review Hunter’s SEDAR filings including its management discussion and analysis available under the Company's profile at www.sedar.com for a more fulsome discussion of risk factors affecting Hunter.
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