Victory Square Technologies Inc. Provides an Update on Its Share Buy-Back Program
Victory Square Technologies reports steady financial health with a record net income of $19,733,031 for FY2020 and a positive earnings per share of $0.30. The company maintains a healthy balance sheet, having achieved six consecutive quarters of positive net income. Victory Square has also initiated a Normal Course Issuer Bid (NCIB) to buy back shares, aiming to enhance shareholder value by purchasing shares below their underlying worth. The company remains committed to its diversified portfolio of over 20 companies across technology sectors including health, gaming, and cybersecurity.
- Record net income of $19,733,031 in FY2020.
- Earnings per share of $0.30, showing profitability.
- Six consecutive quarters of positive net income.
- Diverse portfolio with 20+ companies across key sectors.
- Initiating NCIB to potentially enhance shareholder value.
- No specific negative aspects reported.
- Victory Square has a diverse portfolio of 20+ companies from around the world in key sectors: digital health, gaming, crypto, VR/AR, creator economy, cybersecurity and green tech
- Healthy balance sheet of 6 consecutive quarters of positive net income and earnings per share
- Record Net Income of
$19,733,031 and positive earnings per share of$0.30 in Fiscal 2020 - Victory Square issued 2 special common share dividends in 2021 in connection with its positions in GameOn Entertainment Technologies Inc. (CSE:GET) and Fantasy 360 Technologies Inc. (CSE:VRAR)
VANCOUVER, British Columbia, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. ("Victory Square" or the "Company") (CSE:VST) (OTC:VSQTF) (FWB:6F6), a technology accelerator building future tech giants, reports on the progress of its normal course issuer bid program (the "NCIB"). The NCIB was initiated on January 25, 2021, pursuant to applicable securities laws and the rules of the Canadian Securities Exchange (the "Exchange").
In connection with the NCIB, the Company has retained the services of Haywood Securities Inc., as its Exchange member and broker (the "Broker") to assist with the NCIB. The common shares of the Company (the "Shares") are purchased over the facilities of the Exchange, or through alternative trading systems to the extent approved by the Exchange, at the market price on the date the Shares are acquired by or on behalf of the Company. The NCIB is an automatic securities purchase plan, such that the specific timing of any share purchase under the program will be determined by the Broker in accordance with applicable laws and standing instructions from management with respect to maximum price and total funds available for purchases.
The Company has and intends to continue to (a) not purchase Shares in the aggregate number of more than
The following transactions have been made under the program:
| Date | Number Of Shares | Average Purchase Price | |
| 5 March 2021 | 55,000 | ||
| 16 March 2021 | 50,000 | ||
| 30 September 2021 | 25,000 | ||
| 1 October 2021 | 22,000 | ||
| 4 October 2021 | 12,500 | ||
| 8 October 2021 | 8,000 | ||
| 12 October 2021 | 30,500 | ||
| 13 October 2021 | 15,000 | ||
| 14 October 2021 | 19,500 | ||
| 15 October 2021 | 19,000 | ||
| 18 October 2021 | 23,500 | ||
| 19 October 2021 | 12,500 | ||
| Total | 292,500 | ||
The Company intends to continue the NCIB because it believes that the market price of the Shares, from time to time, may not reflect their underlying value. The Company is of the view that expending some of the Company's available capital to purchase Shares for cancellation, so that they can be reissued at a higher share price in future financings, is expected to provide a net benefit to the Company and its shareholders.
Check out Victory Square corporate update below:
Victory Square Technologies Provides Corporate Update as at August 17, 2021
On behalf of the board,
Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies
For further information about the Company, please contact:
Investor Relations Contact – Edge Communications Group
Email: ir@victorysquare.com
Telephone: 604 283-9166
Media Relations Contact – Howard Blank, Director
Email: howard@victorysquare.com
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record.
Victory Square's sweet spot is the cutting-edge tech that's shaping the fourth industrial revolution. Our portfolio consists of 20+ global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
Victory Square isn't just another investor. With real skin in the game, we're committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24- 36 months, you'll scale and be ready to monetize.
What we do differently for investors
For investors, we offer early-stage access to the next unicorns before they're unicorns. Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we're able to provide strong and stable returns while also tapping into emerging global trends with big upsides.
Environmental, Social and Corporate Governance ("ESG")
Victory Square integrates a strong ESG component throughout its operations. Our portfolio highlights minority entrepreneurs, often overlooked by traditional investors, including many from developing countries. We are also dedicated to giving back to the communities in which we serve and operate. The Company's mandate is to assist organizations through its time, talent and treasure. The Company is committed to organizations that provide services in the youth, mental health, special needs, sport, tech, education, marginalized groups, First Nations, and accessibility sectors.
Victory Square is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSTQF).
For more information, please visit www.victorysquare.com.
Forward Looking Statement
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries, the anticipated benefits of the NCIB and continued implementation of the NCIB, and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as "believes", "expects", "anticipates", "estimates", "intends", "plans", "continues", "project", "potential", "possible", "contemplate", "seek", "goal", or similar expressions, or may employ such future or conditional verbs as "may", "might", "will", "could", "should" or "would", or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
FAQ
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