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Voxtur Announces Financial Results for the Year and Quarter Ended December 31, 2023
TORONTO and TAMPA, Fla., April 29, 2024 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV:VXTR, OTCQB:VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today announced its financial results for the three months and year ended December 31, 2023. The Company's Audited Consolidated Financial Statements for year ended December 31, 2023, and the related Management's Discussion and Analysis ("MD&A") are available at www.sedarplus.ca and at www.voxtur.com.
"Despite facing challenges throughout 2023 with unprecedented increases in mortgage rates and management changes, we remain dedicated in our commitment to growth and resilience," said Gary Yeoman, CEO of Voxtur. "Our optimism is rooted in the belief that setbacks are merely stepping stones toward greater success. As we navigate these fluctuations, we're doubling down on innovation, strategic initiatives, and unwavering dedication to decreasing our debt. With a clear vision and proactive measures in place, we are confident in our ability to adapt, thrive, and deliver long-term value to our stakeholders."
Financial Results for Q4 and year to date ("YTD") 2023:
On November 1, 2023, the Company finalized the sale of its wholly owned appraisal management company ("AMC") business. In accordance with International Financial Reporting Standards, the Company has presented its AMC business as a discontinued operation for the year ended December 31, 2023, resulting in the reporting of revenue and gross profit excluding discontinued operations for the three months and year ended December 31, 2023 and 2022.
The disposal of the AMC business enabled the Company to repay the full balance of approximately $22M term debt facilities, and retain the remaining funds for working capital purposes. Annual principal and interest savings related to the reduction of the debt balance will be approximately $8.2M.
Unaudited
Audited
Three months ended December 31
Years ended December
(In thousands of Canadian dollars)
2023
2022
2023
2022