Voxtur achieves 37% year-over-year Revenue growth for fiscal year 2020
GlobeNewswire — Voxtur Analytics Corp. (TSXV : VXTR ; OTCQB :ILATF) (“Voxtur” or “the Company”) today announced that its Audited Consolidated Financial Statements for the year ended December 31, 2020 and the related Management’s Discussion and Analysis (“MD&A”) are available at www.sedar.com and on the Company’s website at voxtur.com.
In a year of unprecedented challenges resulting from the Covid-19 pandemic, Voxtur persevered to lay a strategic foundation for the future growth and success of the Company. The Company’s 2020 milestones include the completion of an oversubscribed private placement, a substantial increase in credit resources with the Bank of Montreal’s Technology & Innovation Banking Group, the acquisition of Apex Software, and the execution of a binding letter of intent to acquire all of the shares of Voxtur Technologies, Inc. and Bright Line Title, LLC and certain non-legal assets of James E. Albertelli P.A., which closed February 3, 2021.
“The entire organization showed determination, perseverance and emotional fortitude as we all coped with the challenges presented by the global pandemic,” said CEO and Chairman Gary Yeoman, “The future of Voxtur is strong due to the foundational building blocks and innovative technology platforms we’ve put into place.”
| Unaudited | Audited | ||||
|---|---|---|---|---|---|
| Three months ended December 31 |
Year ended December 31 |
||||
| (In thousands of Canadian dollars) | 2020 | 2019 | 2020 | 2019 | |
| Revenue | 5,982 | 4,978 | 20,511 | 14,934 | |
| Adjusted EBITDA, Unaudited1 | 506 | (641) | (1031) | 98 | |
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.
About Voxtur
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
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 and information 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.
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.