- Results show significant increases in Revenue, Investments, Cash and Working Capital
- Year highlighted by investment and acquisition of 11 new private companies in 2018
- $10,000,000 convertible note to build, develop and create long-term value for portfolio companies and VST shareholders.
VANCOUVER, British Columbia, Aug. 21, 2019 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) successfully filed its annual consolidated financial statements for 2018 along with its MD&A on Friday, August 16th, 2019. The Company will also be filing its interim financial report and MD&A for the quarterly period ended March 31st, 2019 on or before Friday, August 23rd, 2019.
In a letter to Victory Square shareholders, Chief Executive Officer Shafin Diamond Tejani pointed to significant year-over-year increases in revenues, investments, cash and working capital. The 2018 fiscal year was marked by the addition of 11 new private companies to the Victory Square portfolio (either through investment or acquisition).
Tejani noted a series of financial highlights in his letter to shareholders, including that:
- Revenue increased by $3,746,522 or 505.48%
- Portfolio Investments increased by $4,883,293
- Cash and short term investments increased by 37.62% to $3,736,683
- Working capital increased to $3,128,864
“The complex nature and scope of the investments in and acquisitions of 11 private companies during Fiscal 2018 created substantive delays in the filing of our audited financial statements,” said Tejani. “We apologize for any inconvenience caused by these delays and will take the requisite steps to ensure that we never again experience that kind of a bump in the road. We are already heading down the path of infrastructure and process improvements that will ensure that we are able to make the most of all of the opportunities before us in 2019 and beyond.”
LETTER TO OUR SHAREHOLDERS
Dear Fellow Shareholders,