Prodigy Ventures Inc. Reports Q1 2023 Results

(TSXV-PGV)

TORONTO, May 25, 2023 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced its financial results for the three months ended March 31, 2023. The Company sold TCB Corporation ("Prodigy Labs") on January 18, 2023. As a result, its financial results are treated as discontinued operations for the reporting periods noted below.

First Quarter 2023 Financial Results

• Revenue for the three months ended March 31, 2023 totalled $544,758 as compared to $441,778 for the three months ended March 31, 2022, an increase of 23%.
• Gross profit for the three months ended March 31, 2023 of $395,789 as compared to $300,648 for the three months ended March 31, 2022, an increase of 32%.
• Expenses for the three months ended March 31, 2023 of $1,377,316 as compared to $1,099,009 for the three months ended March 31, 2022, an increase of 25%.
• Net and comprehensive loss from continuing operations for the three months ended March 31, 2023 of $780,453 as compared to $693,307 for the three months ended March 31, 2022.
• Income from discontinued operations net of tax for the three months ended March 31, 2023 of $6,732,497 as compared to $390,140 for the three months ended March 31, 2022.
• Net income for the three months ended March 31, 2023 totalled $5,952,044 as compared to a net loss of $303,167 for the three months ended March 31, 2022.
• The Company had working capital of $2,726,195 as of March 31, 2023 compared to $2,125,273 as of December 31, 2022.

			Three months ended    March 31
			2023 $	2022 $
Revenue			544,758	441,778
Gross Profit			395,789	300,648
Expenses			1,377,316	1,099,009
Net and comprehensive loss from continuing operations			(780,453)	(693,307)
Income from discontinued operations net of tax			6,732,497	390,140
Net and comprehensive income (loss) for the period			5,952,044	(303,167)
Net income (loss) per share – basic and diluted :
Continuing operations			(0.01)	(0.00)
Discontinued operations			0.05	0.00

The complete unaudited financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.com or the Company's website at www.prodigy.ventures.

About Prodigy Ventures Inc.

Prodigy delivers Fintech innovation. The Company provides leading edge platforms, including IDVerifact™ for digital identity, and tunl.™ for open banking and customer chat support, coupled with seamless integration of our partners best-of-breed Fintech platforms.

Forward-Looking and Cautionary Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the three months ended March 31, 2023, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

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 Prodigy Ventures Inc.

PRODIGY VENTURES INC., Andrew Hilton, Chief Financial Officer, [email protected], 416-606-8833