Aankondiging • Jan 29
Genifi Announces Plan to Dissolve the Company genifi inc. announced that its Board of Directors has determined, after careful consideration of potential alternatives, that it is in the best interests of the Company and its shareholders to dissolve the Company and distribute out its assets (the "Dissolution"). Notwithstanding the foregoing, until such time as shareholder approval for the Dissolution is received, the Company will continue to evaluate other opportunities that have the potential of providing a return to its shareholders. The Board has called a special meeting of shareholders to be held on March 21, 2025 (the "Meeting"), at which time the shareholders will vote on a special resolution regarding the voluntary dissolution of the Company in accordance with the Canada Business Corporations Act. Shareholder approval for the Dissolution will be sought and must be approved by a special resolution of at least 66 2/3% of the votes cast by shareholders present in person or by proxy at the Meeting. Upon receipt of required shareholder approvals and any required regulatory approvals, it is expected that the Company will proceed with the wind up of its business and affairs and the Company will be dissolved in accordance with the Canada Business Corporations Act. The common shares of the Company are currently listed on the TSX Venture Exchange and the Company is a reporting issuer in the provinces of Ontario, Alberta, British Columbia and Saskatchewan. If the requisite shareholder approval is received, it is expected that the Company will take the appropriate steps to voluntarily delist from the TSXV and following the Dissolution will submit the certificate of dissolution to the applicable securities commissions causing it to cease to be a reporting issuer. Reported Earnings • Nov 21
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: CA$200.2k (down 64% from 3Q 2023). Net loss: CA$310.4k (loss narrowed 19% from 3Q 2023). Reported Earnings • Aug 28
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CA$256.0k (down 55% from 2Q 2023). Net loss: CA$104.0k (loss narrowed 79% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 59% per year, which means it is performing significantly worse than earnings. Board Change • Aug 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Stephen Moore was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Jul 26
Genifi inc. Announces Changes to its Board of Directors Genifi inc. announced that Jeffrey Shaul has joined its Board of Directors and Bill Maurin has resigned. Jeffrey Shaul is the President and CEO of Robson Capital Management Inc., an investment industry firm that he founded in 2003 following many years in senior investment banking positions with major Canadian investment firms including Scotia Capital and TD Securities. He began his career practicing corporate and securities law with Osler, Hoskin & Harcourt, a major Canadian law firm. Since its founding, Robson Capital Management has acted as exempt market dealer in Canada for more than 60 Canadian, US and other international asset managers, to assist in distributing their funds to accredited investors, family offices and institutional investors in Canada. In 2015 the firm created RBS/Connect, a platform enabling specialty private alternative investment funds access to the dealer members of the Canadian Investment Regulatory Organization. With roughly 30 fund groups representing over 40 separate funds, the platform is arguably the of its kind in Canada. Jeffrey also acts as independent director for a number of offshore alternative investment funds through Bell Rock Group, a Cayman-based corporate and directorship services firm. Aankondiging • May 26
Tom Beckerman cancelled the acquisition to acquire remaining 45.4% stake in genifi inc. (TSXV:GNFI). Tom Beckerman entered into an agreement to acquire remaining 45.4% stake in genifi inc. (TSXV:GNFI) for CAD 0.75 million on February 23, 2024. As of April 22, 2024, the Company entered into an amended and restated agreement continues to propose to complete a share consolidation and then compulsorily purchase of all common shares, other than the common shares held by Beckerman, but the cash consideration has increased from CAD 0.01 per pre-consolidation share to CAD 0.0115 per pre-consolidation common share. The increase to the proposed consideration resulted from updated information resulting from the preparation of the Company's audited annual financial statements for year ended December 31, 2023 as well as updated information provided since the date of the original privatization agreement. Beckerman currently owns 78,774,781 common shares representing approximately 54.6% of the Company's outstanding common shares. The Company has 144,287,403 common shares issued and outstanding as at February 23, 2024, of which 65,512,622 common shares representing approximately 45.4% of the Company’s outstanding common shares are not owned by Mr. Beckerman. Tom Beckerman will purchase all common shares, other than the common shares already held by him, for cash consideration of CAD 0.01 per pre-consolidation common share. Upon completion of the Transaction, Mr. Beckerman is expected to be the sole shareholder of the Company, which will then be delisted from the Exchange. The consideration payable to shareholders upon completion of the Transaction will be from the Company's cash on hand. The transaction is subject to a number of conditions including, but not limited to, receipt of all regulatory, third party consents, including the approval or acceptance from the TSXV, the D&O Insurance Coverage shall have been obtained in form acceptable to the Board and shareholder approvals. If and when these conditions are satisfied, it is expected that the completion of the Transaction will be completed following the shareholders' meeting. A special committee of independent directors, comprised of Bill Maurin and Stephen Moore, was established to consider and make recommendations regarding the Transaction. As of May 24, 2024, the target's shareholders rejected the transaction. Evans & Evans, Inc. acted as financial advisor and fairness opinion provider to special committee of Genifi. Computershare Investor Services Inc. acted as depository to genifi. Rubinoff LLP acted as legal counsel to Genifi and the Special Committee of the Board.
Tom Beckerman cancelled the acquisition to acquire remaining 45.4% stake in genifi inc. (TSXV:GNFI) on May 24, 2024. Reported Earnings • Apr 21
Full year 2023 earnings released: CA$0.01 loss per share (vs CA$0.048 loss in FY 2022) Full year 2023 results: CA$0.01 loss per share (improved from CA$0.048 loss in FY 2022). Revenue: CA$2.01m (up 16% from FY 2022). Net loss: CA$1.38m (loss narrowed 80% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 54% per year whereas the company’s share price has fallen by 55% per year. Aankondiging • Mar 26
genifi inc., Annual General Meeting, May 24, 2024 genifi inc., Annual General Meeting, May 24, 2024. Reported Earnings • Aug 14
Second quarter 2023 earnings released: CA$0.003 loss per share (vs CA$0.022 loss in 2Q 2022) Second quarter 2023 results: CA$0.003 loss per share (improved from CA$0.022 loss in 2Q 2022). Revenue: CA$564.7k (up 35% from 2Q 2022). Net loss: CA$487.0k (loss narrowed 85% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Aug 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.2m free cash flow). Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings have declined by 76% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$5.05m market cap, or US$3.76m). Reported Earnings • May 27
First quarter 2023 earnings released: CA$0.01 loss per share (vs CA$0.002 loss in 1Q 2022) First quarter 2023 results: CA$0.01 loss per share (further deteriorated from CA$0.002 loss in 1Q 2022). Revenue: CA$544.8k (down 84% from 1Q 2022). Net loss: CA$780.5k (loss widened 157% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 17
Full year 2022 earnings released: CA$0.05 loss per share (vs CA$0.007 loss in FY 2021) Full year 2022 results: CA$0.05 loss per share (further deteriorated from CA$0.007 loss in FY 2021). Revenue: CA$1.73m (down 87% from FY 2021). Net loss: CA$6.90m (loss widened CA$6.03m from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 16
Upcoming dividend of CA$0.041 per share Eligible shareholders must have bought the stock before 23 March 2023. Payment date: 22 March 2023. The company last paid an ordinary dividend in September 2019. The average dividend yield among industry peers is 1.6%. Aankondiging • Jan 19
UST Global (Canada) Inc. completed the acquisition of Prodigy Labs from Prodigy Ventures Inc. (TSXV:PGV) for CAD 12.5 million. UST Global (Canada) Inc. entered into an agreement to acquire Prodigy Labs from Prodigy Ventures Inc. (TSXV:PGV) for CAD 12.5 million on December 30, 2022. Pursuant to the terms of the proposed Transaction, Prodigy would receive cash consideration of up to CAD 12.5 million, CAD 8.5 million of which would be paid on closing and up to CAD 4 million of which would be payable upon achieving certain EBITDA and revenue targets. The earn-out payment of up to CAD 4 million is anticipated to be paid within sixty (60) days following the expiry of the earn-out period ending on June 30, 2024. In addition, Prodigy will be entitled to a payment in respect of TCB’s working capital on closing which is anticipated to be approximately CAD 500,000 but will vary based on the amount of accounts receivable collected following closing of the Transaction. There are no finders fees payable in connection with the Transaction. The Transaction remains subject to the receipt of all applicable regulatory and third party approvals, including the approval of the TSX Venture Exchange, and the satisfaction of other closing conditions including no material adverse change having occurred between the execution of the Agreement and closing of the Transaction. It is anticipated that shareholder approval for the Transaction will be required by the Exchange but that such approval will be provided by way of written consent of the holders of at least 50% of the outstanding common shares of Prodigy. Eric Robin of Fogler, Rubinoff LLP acted as legal advisor to Prodigy Ventures Inc. Luciano Aguilera of Goodmans LLP acted as legal advisor to UST Global.
UST Global (Canada) Inc. completed the acquisition of Prodigy Labs from Prodigy Ventures Inc. (TSXV:PGV) for CAD 12.5 million on January 18, 2023. Reported Earnings • Nov 20
Third quarter 2022 earnings released: CA$0.002 loss per share (vs CA$0.003 loss in 3Q 2021) Third quarter 2022 results: CA$0.002 loss per share. Revenue: CA$3.41m (flat on 3Q 2021). Net loss: CA$434.7k (loss widened 11% from 3Q 2021). Reported Earnings • Aug 27
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: CA$3.46m (up 6.5% from 2Q 2021). Net loss: CA$2.78m (loss widened CA$2.70m from 2Q 2021). Aankondiging • Jun 04
Prodigy Ventures Inc. Announces Board Changes Prodigy Ventures Inc. at the Company's Annual and Special Meeting of Shareholders held on June 3, 2022 announced Rob MacLean and Gayemarie Brown did not be stand for re-election. As such, the number of directors was reduced from five to three. Reported Earnings • May 01
Full year 2021 earnings released: CA$0.01 loss per share (vs CA$0.005 profit in FY 2020) Full year 2021 results: CA$0.01 loss per share (down from CA$0.005 profit in FY 2020). Revenue: CA$13.5m (down 16% from FY 2020). Net loss: CA$871.7k (down 266% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 06
Prodigy Ventures Inc., Annual General Meeting, Jun 03, 2022 Prodigy Ventures Inc., Annual General Meeting, Jun 03, 2022. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: CA$3.40m (down 10% from 3Q 2020). Net loss: CA$391.0k (down 338% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 19
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: CA$3.25m (down 21% from 2Q 2020). Net loss: CA$83.5k (down 269% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Aankondiging • Jul 14
Prodigy Ventures Inc. (TSXV:PGV) entered into a definitive agreement to acquire FICANEX Technology Inc. for CAD 6.7 million. Prodigy Ventures Inc. (TSXV:PGV) entered into a definitive agreement to acquire FICANEX Technology Inc. for CAD 6.7 million on July 12, 2021. As part of this transaction, Prodigy is delighted to welcome FICANEX Technology’s many credit union and bank limited partners as new shareholders of Prodigy Ventures. On closing Prodigy Ventures will issue the vendors an aggregate of 26,666,667 units in the capital of Prodigy. Each Prodigy unit will consist of one common share of Prodigy Ventures and 0.15 of a common share purchase warrant. Each warrant will be exercisable to acquire one common share at a price of CAD 0.25 for a period of 2 years from the closing of the transaction, provided that if, at any time prior to the date that is 2 years from the closing date, the volume weighted average trading price of the common shares on the TSX Venture Exchange, or other principal exchange on which the common shares are listed, is greater than CAD 0.35 for 20 consecutive trading days, Prodigy may, within 15 days of the occurrence of such event, deliver a notice to the holders of warrants accelerating the expiry date of the warrants to the date that is 45 days following the date of such notice. Any unexercised warrants shall automatically expire at the end of the accelerated exercise period. As at December 31, 2020, FICANEX Technology reported CAD 1.9 million in net assets and for the year ended December 31, 2020, the first year operating its platform, FICANEX Technology reported revenue of CAD 690,000. Transaction remains subject to a number of conditions including receipt of applicable regulatory approvals. It is anticipated that the closing will take place on or before July 30, 2021. Aankondiging • Jun 01
Prodigy Ventures Inc. Announces the Launch of IDVerifact Prodigy Ventures Inc. announced the launch of IDVerifact, a platform designed and developed to simplify the complexity of multiple digital identity solutions. Demands for digital identity are on the rise. Online stores, regulated products, lottery and igaming, banks, financial service providers and insurers are all looking to protect their customers, their revenues and their brand reputations. Currently, multiple identity verification platforms must be used to ensure trusted transactions, each one addressing only a small part of each individual identity verification requirement. Reported Earnings • Apr 09
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: CA$16.0m (down 22% from FY 2019). Net income: CA$524.8k (up 53% from FY 2019). Profit margin: 3.3% (up from 1.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Aankondiging • Mar 20
Prodigy Ventures Inc., Annual General Meeting, May 20, 2021 Prodigy Ventures Inc., Annual General Meeting, May 20, 2021. Is New 90 Day High Low • Feb 23
New 90-day high: CA$0.29 The company is up 247% from its price of CA$0.085 on 24 November 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 17% over the same period.