Voxtur Announces Results for Q4 and Year Ended December 31, 2020
Voxtur Analytics Corp. (OTCQB: ILATF) reported a 37% year-over-year revenue growth for fiscal year 2020, totaling $20.5 million compared to $14.9 million in 2019. The firm underwent significant changes, including the acquisition of Apex Software and a letter of intent for further acquisitions. Additionally, the company enhanced its financial stability through an oversubscribed private placement and strengthened ties with the Bank of Montreal. Despite the challenges posed by the Covid-19 pandemic, Voxtur aims for continued growth by leveraging innovative technologies.
- Revenue increased by 37% year-over-year, reaching $20.5 million in 2020.
- Completed an oversubscribed private placement.
- Acquired Apex Software, enhancing service offerings.
- Secured additional credit resources from the Bank of Montreal.
- None.
Voxtur achieves
TORONTO and TAMPA, Fla., April 30, 2021 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV : VXTR ; OTCQB : ILATF) (“Voxtur” or “the Company”) today announced that its Audited Consolidated Financial Statements for the year ended December 31, 2020 and the related Management’s Discussion and Analysis (“MD&A”) are available at www.sedar.com and on the Company’s website at voxtur.com.
In a year of unprecedented challenges resulting from the Covid-19 pandemic, Voxtur persevered to lay a strategic foundation for the future growth and success of the Company. The Company’s 2020 milestones include the completion of an oversubscribed private placement, a substantial increase in credit resources with the Bank of Montreal’s Technology & Innovation Banking Group, the acquisition of Apex Software, and the execution of a binding letter of intent to acquire all of the shares of Voxtur Technologies, Inc. and Bright Line Title, LLC and certain non-legal assets of James E. Albertelli P.A., which closed February 3, 2021.
“The entire organization showed determination, perseverance and emotional fortitude as we all coped with the challenges presented by the global pandemic,” said CEO and Chairman Gary Yeoman. “The future of Voxtur is strong due to the foundational building blocks and innovative technology platforms we’ve put into place.”
Fourth Quarter & Year Ended December 31, 2020 Highlights
| Unaudited | Audited | |||||||||||
| Three months ended December 31 | Year ended December 31 | |||||||||||
| (In thousands of Canadian dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||
| Revenue | $ | 5,982 | $ | 4,978 | $ | 20,511 | $ | 14,934 | ||||
| Adjusted EBITDA, Unaudited1 | 506 | (641 | ) | (1,031 | ) | 98 | ||||||
¹Adjusted EBITDA is an unaudited non-GAAP measure and does not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense, foreign exchange gains (losses) recorded through profit and loss, and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.
About Voxtur
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”). Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include, but is not limited to: expectations for the effects of certain milestones or the ability of the Company to successfully achieve certain business objectives, including integrating Apex Software, Bright Line Title, and Voxtur Technologies; the effects of unexpected costs, liabilities or delays; success of software activities; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; changing global financial conditions, especially in light of the COVID-19 global pandemic; uncertainty related to existing foreclosure moratoriums in the United States; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure or failure to implement technological upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol ILATF.
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