Thu, 19 May 2022

Sparta Capital Ltd. Releases Annual Financial Results

ACCESSWIRE
10 May 2022, 21:37 GMT+10

TORONTO, ON / ACCESSWIRE / May 10, 2022 / Sparta Group (TSXV:SAY) (the 'Corporation', the 'Company', 'Sparta Group', 'Sparta Capital', 'SAY.V' or 'Sparta') is announcing that further to its January 28, 2022, news release ('Default Acceptance') and its subsequent March 1, 2022 and April 4, 2022 news releases, it has released its financial results for the year ended September 30, 2021.

Highlights are as follows:

  • Positive cash flow from operations of $210,370 and a cash balance of $844,779 at year end, generated primarily form the Sparta Environmental division.
  • Less than 2% decrease in revenue despite on-going pandemic.
  • A decrease in operating expenses of 3% from 2020.
  • Secured secured multiple long-term contracts for materials upcycling.
  • Evolution from just environmental focus to human health focus.
  • Sparta Innovation division continued work with Datapult Inc., designers of the Achu Health App, to integrate the App into Sparta's Workplace Safe Entry Program. In addition, the division recently initiated work on incorporating decentralized blockchain into Workplace Safe Entry and secured deal with Concordia University to have CASPR technology installed in key areas.
  • Adopted a specialized payment platform in the Sparta Energy division, to help advance uptake of its Cleantech energy technologies.
  • Over past year all employees and key consultants were granted stock options; a small token of appreciation by the company, intended to reward those with commitment to the vision of Sparta. Thus allowing each player to benefit from the future growth of the company that was fueled by their collective efforts.
  • Excerpts from the published FY'2021 MD&A include;

While it is human nature to zero in on one crisis at a time, more business analysts agree we must juggle the world's most pressing problems all at once. Thankfully, due to advanced technology and the harnessing of data, cross-industry convergence can work - and Sparta has been doing it by not only addressing environmental concerns, but health concerns too.

Part of convergence includes collaboration and Sparta has demonstrated that it has strong partners. Bringing together experts in multiple disciplines related to science, the environment, and health means that Sparta is positioned as a company that can do the following: differentiate products and services, improve customer experiences, and drive sustainability and efficiency.

Currently, the Sparta team is customizing its technology to help multiple business sectors. At the same time, the company is working diligently on new technology that could make it easier for those in remote areas of the world to receive quick diagnosis and ultimately proper treatment for what ails them. The company's collaboration with Metrikus is evolving so that Sparta can advance its efforts in helping building managers keep indoor spaces energy efficient, as well as healthy for occupants.

Evolving from an environmental technology company to a company that addresses both health of the planet and health of humankind presents a growth opportunity for Sparta. With both personal health and environment health top-of-mind, individuals and businesses will be looking for effective, efficient technologies.

Along with its many partners, Sparta is proud to be part of the move towards safeguarding environmental and human health.

The Corporation's annual audited financial statements and Management's Discussion & Analysis (MD&A) for the period ending September 30, 2021, are available on SEDAR (www.sedar.com).

About Sparta

Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. In response to the COVID-19 crisis, Sparta has also expanded its scope to help facilitate supply of necessary materials while assisting talented inventors who are looking to introduce innovative technical solutions that will bring greater normalcy to the post COVID-19 world. Sparta's network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning, and other shared services to its independent businesses.

Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol 'SAY' (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.

For more information contact:

John O'Bireck, President & CTO
Email: jobireck@spartagroup.ca
Telephone: (905) 751-8004

This above may contain 'forward-looking information' within the meaning of applicable securities laws. When used in this address, the words 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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).

SOURCE: Sparta Group



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https://www.accesswire.com/700721/Sparta-Capital-Ltd-Releases-Annual-Financial-Results

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