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Voxtur achieves 183% year-over-year revenue growth from Q1 2020
TORONTO and TAMPA, Fla., May 31, 2021 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or “the Company”) today announced that its unaudited condensed interim consolidated financial statements for the three months ended March 31, 2021, and the related Management’s Discussion and Analysis (“MD&A”), are available at sedar.com and on the Company’s website at voxtur.com.
Voxtur entered 2021 with robust growth initiatives in place and achieved a 183% increase in revenue year-over-year for the first quarter.
The Company achieved its first milestone of the quarter with the merger of iLOOKABOUT Corp., Voxtur Technologies, Inc., Bright Line Title, LLC, and certain technology assets of James E. Albertelli, P.A. The merger was a critical turning point that resulted in the Company’s name change from iLOOKABOUT to Voxtur and laid the foundation for future growth. The first full month of operations for the merged entity (March 1 to March 31, 2021) resulted in revenue of approximately $7.3 million (CAD).
Following the merger, the Company achieved a second milestone by closing an oversubscribed, non-brokered private placement of common shares of the Company for gross proceeds of $35 million (CAD).
“The success of the private placement is a sign of confidence from our investors and reflects their belief in and support for our growth strategy. This infusion of capital will allow us to accelerate our strategic plan,” said CEO and Chairman Gary Yeoman. “More specifically, we will use this money to grow and scale our platforms across North America, creating efficiencies for our stakeholders and increased returns for our investors.”
The Company achieved its third milestone of the quarter when it entered into an agreement to acquire Appraisers Now, Ltd. (“Anow”), an automated appraisal workflow management platform for the global appraisal market. The acquisition of Anow bolsters the Company’s recurring revenue stream and accelerates the development of its data ingestion engine.
“We believe in a proactive approach to solving industry-wide problems,” said President Jim Albertelli. “We will continue to focus our efforts on modernizing real estate finance and setting new standards in the industry.”
Highlights of Financial Results
Three months ended March 31
(In thousands of Canadian dollars)
Adjusted EBITDA, Unaudited1
Discussion with respect to the above noted results can be found in the Company’s MD&A.
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.
The Company will host a conference call on Wednesday, June 2, 2021 at 10:00 A.M. Eastern Standard Time to review first quarter financial results and discuss corporate developments. The call can be accessed from the U.S. and Canada using the information below.
Meeting ID: 814 6126 8753
+1 253 215 8782 US (Tacoma)
Voxtur is a transformational real estate technology company that is redefining industry standards in the real estate finance lifecycle. The Company offers automated workflows and targeted data analytics to simplify property valuation, tax solutions, and settlement services for investors, lenders, government agencies and mortgage servicers. Voxtur’s proprietary data hub and platforms accurately and efficiently value assets, service loans, securitized portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States (“US”) and Canada. For more information, visit www.voxtur.com.
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 VXTRF.
This news release contains forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may not be realized. These statements relate to future events or future performance and reflect management’s current expectations and assumptions which are based on information currently available to management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements discussed in the forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation of Voxtur or any other person that the anticipated results will be achieved and investors are cautioned not to place undue reliance on such information. These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. Voxtur 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.
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.
CONTACT: Contact Gary Yeoman, CEO | email@example.com | 416-347-7707