Sparta Reports Q3 Financial Results: Demonstrating Increases in Revenues, Ebitda, and Overall Performance
- Revenues up 35% and 54% for three and nine months respectively
- EBITDA increased to $339,081
- Net Loss improved 86% to ($63,106)
- Doc-in-a-Box™ health project launched
- Expanded workforce at e-waste facility
- AI incorporation planned
- Rebranding complete
- None.
TORONTO, ON / ACCESSWIRE / August 30, 2023 / Sparta Group (TSXV:SAY)(OTC PINK:SCAXF) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") announces it has released its financial results for the three months ended June 30, 2023. The Corporation's Q3 financial statements and Management's Discussion & Analysis are available on SEDAR (www.sedar.com) and on the Sparta's website at www.spartagroup.ca.
In Q3 Sparta's Innovation Division launched its first major health project, an Autonomous Medicine technology called Doc-in-a-Box™. This project was launched after careful consultation with the science and medical community, as well as the Company's esteemed Technical Advisory Board ("TAB"). The conclusion was that the benefits of digital health technology are enormous, and Sparta has the human capital already in place to tackle a technology backed by artificial Intelligence ("AI"). Sparta management were also intrigued by the fact that the Canadian Space Agency ("CSA") had already proven part of the autonomous technology in a comprehensive concept study that focused on astronaut health in space.
"We are very excited to be the company that is working to bring this health technology over the finish line," stated John O'Bireck, Sparta President and Chief Technology Officer.
In addition to introducing the first medical technology project in Q3, Sparta's Environment division continued to flourish, specifically the Company's electronic-waste processing facility in Toronto. In Q2 Sparta announced it was increasing the workforce at the e-waste operation by 30 percent due to an influx of new and expanding accounts. In Q3 all new hires were trained and are now working to process large amounts of electronics. While Sparta's Environment division added an electronic waste operation in Oman during Q1, work continues to bring it up to maximum operation.
Here are a few Q3 highlights,
- The three- and nine-month revenues are up
35% and54% respectively over last year's results for the same periods to$2,080,664 and$6,933,445. - EBITDA calculated for the nine-month period increased to
$339,081. A significant increase over the same period in 2022. - Net Loss from operations for the nine-month period improved
86% to ($63,106) . - First major health project, Doc-in-a Box™ is launched.
- Data related to some common health problems, including asthma, COPD, and congestive heart failure have already been captured within part of the technology.
- Expanded workforce at e-waste processing facility in Toronto (ERS) fully trained and on the job.
- Doctor Craig Backs, Internal Medicine Specialist is added to the Technical Advisory Board
- Foundation to incorporate artificial intelligence ("AI"), including machine Learning and Natural Language Processing ("NLP") is set.
- Rebranding exercises are complete, and a new website is expected to be launched in Q4.
About Sparta
Sparta Group™ is leading a green revolution in the business world with advanced technologies that reduce carbon footprint, save money, and enhance public image. Our products solve problems by leveraging Web 3 technologies such as artificial intelligence, blockchain and machine learning to fast-track the transition towards a sustainable future.
With Sparta, businesses can optimize their energy usage, upcycle electronic waste and accelerate health technologies such as autonomous medicine. Our symbiotically structured divisions - Environment, Innovation and Energy - enable us to deliver customized solutions that fit the specific needs of each client.
We take pride in being the first North American company to provide verified high-quality carbon credits to our customers through electronic waste processing. Our state-of-the-art facilities in Toronto, Canada, and Oman (Arabian Peninsula) ensure that we are at the forefront of reducing the impact of e-waste on our environment.
Join the movement towards a more sustainable future with Sparta Group, where advanced technology meets eco-consciousness.
Sparta is a publicly traded company listed on the TSX Venture Exchange under the ticker symbol "SAY" (TSX.V: SAY) and (OTC: SCAXF). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact:
John O'Bireck, President & CTO
Email: jobireck@spartagroup.ca
Telephone: (905) 751-8004
This above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither 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 or accuracy of this release).
SOURCE: Sparta Group
View source version on accesswire.com:
https://www.accesswire.com/778394/Sparta-Reports-Q3-Financial-Results-Demonstrating-Increases-in-Revenues-Ebitda-and-Overall-Performance
