Correction From JEMTEC-Second Quarter Results
VANCOUVER, BRITISH COLUMBIA–( EMWNews – March 31, 2008) – In the JEMTEC (TSX VENTURE:JTC) (“JEMTEC” or the “Company”) news release of March 31, 2008, the title erroneously referred to JEMTEC’s first quarter results. JEMTEC confirms that the information contained in the release referred to its second quarter results, as follows:
All results are expressed in Canadian dollars and are reported in accordance with Canadian Generally Accepted Accounting Principles (GAAP).
Increased Revenues – Overall revenues have increased by 11% to $1,586,079 in the six month period ended January 31, 2008 compared to $1,428,919 for the same period in 2007. The Company continued to earn solid revenue on its main contracts with an increase in the number of monitored clients, and commenced earning revenues on a new contract with the Province of Nova Scotia.
Increased Net Earnings – For the six month period ended January 31, 2008, net earnings increased by 11% to $379,241 or $0.16 per common share from $340,347 or $0.15 per share for the six month period ended January 31, 2007. This increase in net earnings is attributable to increased revenues.
Increased Liquidity – The Company’s cash and cash equivalents increased to $3,022,343 as at January 31, 2008 from $2,786,723 as at July 31, 2007. The Company had working capital of $3,104,604 as at January 31, 2008 compared to working capital of $2,694,273 as at July 31, 2007.
Established in 1981, JEMTEC holds exclusive rights for a variety of offender community control technologies and is the leading provider of community offender monitoring solutions to Canadian Corrections. The common shares of JEMTEC trade through the facilities of the TSX-Venture Exchange under the symbol JTC.
This news release may contain forward-looking information. Actual future results may differ materially. All figures are in Canadian dollars. The risks, uncertainties, and other factors that could influence actual results are described in the Company’s annual report to shareholders and in TSX reports.
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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