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Uniserve reports 22% increase in revenue and reduction in operating costs for the 3rd quarter ended February 28, 2019

VANCOUVER, British Columbia, April 29, 2019 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce third quarter fiscal 2019 financial results. Q3 revenues for fiscal 2019 were $3,956K as compared to $3,253K for Q2 fiscal 2019, an increase of 22%.  Q3 Operating loss was $95K compared to an operating loss of $758K in Q2.  During Q3 the company continued to focus on top line revenue growth with continued investment in sales personnel and marketing efforts.  Additionally, the effect of a continued focus on cost reduction and cost savings has resulted in a significant reduction to operating costs for Q3.

Uniserve Communications Corporation
Condensed Interim Consolidated Statements of Comprehensive Loss
(Expressed in Canadian dollars)

  Three months ended
February 28,
2019
  Three months ended
November 30,
2018
  Nine months ended
February 28,
2019
 
  $   $   $  
             
Revenue 3,955,560   3,252,539   10,245,452  
Cost of Revenue 2,704,982   2,043,028   6,763,895  
  1,250,578   1,209,511   3,481,557  
             
Expenses            
Operations and service delivery expenses 912,854   1,566,618   4,052,137  
Sales and marketing 276,051   247,294   917,729  
Amortization of property and equipment  130,062   123,486   377,482  
Amortization of intangible assets 26,341   29,929   90,274  
  1,345,308   1,967,327   5,437,622  
             
Operating loss (94,730 ) (757,816 ) (1,956,065 )
             
Other expenses (income)            
Finance charges 79,375   81,434   247,789  
Foreign exchange 41,772   23,660   99,074  
Gain on settlements and reversals of debts 2,117   7,555   24,782  
  123,264   112,649   371,645  
             
Net loss and comprehensive loss (217,994 ) (870,465 ) (2,327,710 )
EBITDA 61,673   (604,401 ) (1,488,309 )

About Uniserve

Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact. 

Uniserve prides itself on world class customer service based in Canada.  When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

Learn more at www.uniserve.com or at www.sedar.com.

Michael C. Scholz
Chairman of the Board

For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.

Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.