Nerds On Site Revenues Increase Overall and Market Expands Due to COVID-19 Remote Workplace Growth
STRATEGIC EMPHASIS ON CYBERSECURITY DELIVERING RESULTS, GROSS REVENUES FOR THREE QUARTERS ENDING FEBRUARY 29TH UP 22.4%
TORONTO, April 14, 2020 /CNW/ - Nerds On Site Inc. ("NERDS" or the "Company") (CSE: NERD) (FSE: 3NS.F) (QTCQB: NOSUF), a mobile IT solutions company servicing the SME marketplace in Canada and the USA is pleased to announce that its gross revenues for the three quarters, from June 1st, 2019 through February 29th, 2020 have increased 22.4%.
In light of the COVID – 19 pandemic, Nerds On Site is operating at full capacity, classified as an essential service by all jurisdictions in the USA and Canada where the Company operates. "Our trusted team of NERDS are safely assisting existing and new Clients during these unprecedented conditions, with remote work from home and cybersecurity solutions," said NERDS CEO, Mr. Charles Regan. "Our model is ideally suited to adapt to changing environments where remote workplaces are likely to be a more prevalent feature in the future, representing a market expansion for NERDS, which we are monitoring and responding to on a daily basis."
"The business is growing in an accretive fashion, the strategic emphasis on cybersecurity, which we implemented, is creating new business and broadening the uptake of our overall offerings," said Mr. Charles Regan. "We are establishing new Client relationships in markets throughout North America as a result of the primary focus on cybersecurity services, and those Clients are trending toward our comprehensive IT services once their cybersecurity requirements are met."
Highlights
- Cybersecurity growth strategy taking hold across North American markets
- 22.4% increase in fiscal gross revenues from June 2019 through February 2020 with reduction in net loss by 65%
- The revenues for the three-month period of December - February 2020 is up 15.5% over the same period in 2019 whereas net loss has decreased by 75% over same period of 2019
The Company has identified a major growth area in the cybersecurity needs for small and medium enterprises, and the results from its efforts are validating the model. "What we are seeing is indicative of a continuing growth pattern, currently our cybersecurity marketing program is proving very effective and we are in the enviable position of putting operational measures in place to service the resulting backlog," added Mr. Regan.
About Nerds On Site:
Nerds On Site, a company founded in 1995, specializes in providing cost effective, leading edge solutions to Small and Medium sized Enterprise (SME), serving as the complete SME IT solution specialists. Nerds On Site was established in London, Ontario with current annual revenues of approximately $10,000,000. The company services over 12,000 clients per year with a superb 96.5% customer satisfaction rating. NOS's business model is based on Nerds sub-contracts in Canada and a Franchise model for USA expansion.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements - Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE Nerds On Site Inc.
Mr. Charles Regan, CEO of Nerds On Site, Please visit www.investors.nerdsonsite.com, Call 1-877-778-2335, or email [email protected].
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