TORONTO, ON / ACCESSWIRE / August 31, 2021 / Sparta Group (TSXV:SAY) (the "Corporation" the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") has just released its financial results for the three months ended June 30, 2021, and is also reporting significant interest in its suite of technology, especially those assembled through its health, transport and e-waste upcycling divisions; helping companies get back up and running safely as we move through the many stages of the pandemic .
Highlights for the third quarter are as follows:
- Total revenue of $1,142,267 was realized; representing a 48% increase over the same period in 2020
- While revenue grew by 48%, total expenses increased by only "6% over the same period in 2020", with most of the net increase attributed to an increase in business development expenditure where "significant future growth relative to such expenditure is anticipated".
- Materials upcycling division has "secured a number of important long-term contracts, generating an impressive level of backlog, which, when processed is expected to more than double revenues over the upcoming year".
The Corporation's Q3 financial statements and Management's Discussion & Analysis ("MD&A") are available on SEDAR (www.sedar.com).
While Sparta Group has always focused on environmental technology and helping commercial and industrial clients operate more efficiently, in an effort to build a more sustainable environment for future generations, the third quarter also saw a flurry of activity within the Company's health division. Uncertainty created by the ongoing COVID-19 pandemic led to opportunity for Sparta around workplace safety technology. Several business sectors have expressed interest in Sparta's Workplace Pathogen Protection™ program, including the tourism sector. In Q3 Sparta signed an MOU to acquire a position in SBL Testing Technologies ("SBL"), a US based workplace pathogen protection company, to expand the offering for both the TruckSuite™ and Sparta Health Group™ divisions. The agreement should provide Sparta with expanded market reach, including in the U.S and abroad for its workplace virus protection systems; especially for the many trucking fleets that are anxiously awaiting such a program. Additionally, Sparta's ability to provide CASPR® technology (Continuous Air and Surface Pathogen Reduction) is expected to spurn continued growth in the same two market verticals.
This summer, Sparta broke into one of North America's hottest fitness franchise's when it installed the CASPR® technology inside the HVAC system of an F45 gym in Toronto's Leslieville District. The F45 empire, which includes almost 2,000 gyms worldwide, is supported by several high-profile names, including Magic Johnson, Mark Wahlberg, Greg Norman, and Cindy Crawford. The F-45 installation in Toronto led to a Sparta business profile by the largest radio newsroom in Canada, 680 News. Aside from F45, the CASPR system can be found in some U.S universities, such as Texas A & M and various medical clinics in the United States.
In July, Sparta moved ahead as planned, with further investigation into different natural oxidizing agents, such as HOCI and trace levels of H2O2. The Company attracted the attention of Mr. Pete Young, who is the co-founder of Indiva Limited and a well-known cannabis consultant. Mr. Young is now a member of Sparta's Technical Advisory Board and is working closely with the Company's scientific team to demonstrate how agents like HOCI may improve the cultivation of cannabis.
"Our health division is shaping up to be even stronger than we envisioned. We've been able to leverage some great partners and we're very excited about helping customers navigate the many issues that surround health and safety, especially in the workplace, but also in other sectors," said Sparta President and CTO, John O'Bireck.
Sparta's e-waste division ReECO Tech/ERS International has also been particularly busy in Q3. This is due to the fact that Sparta has been able to ease the uncertainty felt by electronics manufacturers and importers under new Ontario e-waste regulations. Word travelled fast that Sparta was one of few organizations approved to handle the new rules. As a result, some significant high-profile clients have been signed by account managers in Sparta's e-waste division.
Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company that owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions and increase operating efficiencies in various industries. In response to the COVID-19 crisis, Sparta has also expanded its scope to help facilitate supply of necessary materials while assisting talented inventors who are looking to introduce innovative technical solutions that will bring greater normalcy to the post COVID-19 world. Sparta's network of independent businesses provides a wide range of specialized energy capturing, converting, optimizing, and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning, and other shared services to its independent businesses.
Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact:
John O'Bireck, President
Email: [email protected]
Telephone: (905) 751-8004
This news release contains "forward-looking information" within the meaning of applicable securities laws. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this news release and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. These include, but are not limited to, the failure to obtain necessary regulatory approvals, necessary financing and risks associated with the environmental technologies industry in general. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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SOURCE : Sparta Group