TORONTO, ON / ACCESSWIRE / April 12, 2023 / Sparta Group (TSXV:SAY)(OTC PINK:SCAXF) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is announcing that it has released its financial results for the year ended September 30, 2022.
Highlights are as follows:
- Revenue growth of 15% compared to fiscal year 2021.
- Development of a certified Carbon Credit Program through our Environment division. A first in the e-waste upcycling/recycling space in North America.
- Commencement of a research project with partner uOttawa to look at ways to recover Lithium from spent Lithium -ion ("Li-ion") batteries, as demand for EV's soars.
- Expansion of our e-waste upcycling/recycling operations by establishing a processing facility in Oman. The first of its kind in this area of the Middle East.
- Along with partner Achu Health™ Sparta Group boosted its rapid testing program to provide workplaces with an easy and secure way to trace cases of illness. The authenticated testing protocol is backed by decentralized blockchain technology.
- Sparta's e-waste operation signed a deal with General Motors to discard the auto maker's electronic waste.
Progressing into Q1'2023, revenue grew to $2,168,064, a 61% increase compared to Q1 of the previous year. This was the first time the company surpassed $2 million in revenue for one quarter since 2019. Net income was $44,768 for Q1, compared to a net loss of $195,655 for Q1 of the previous year. Cash flow from operations was $140,495 for Q1, a 57% growth over the previous year's cash flow from operations of $89,754. Sparta's Environment division, and specifically the electronic waste operation, saw considerable progress in Q1. This included the launch of a verified carbon credit program to help customers achieve sustainability goals, as well as the opening of an e-waste upcycling operation in the Middle East. The Oman facility is the first of its kind in this region of the world and will handle a significant amount of waste, some of which the country has been stockpiling for years as government officials hoped for the right recycling operation to come along.
Sparta management are thrilled about that addition of the two new revenue streams (Carbon Credit program and Oman facility), and expect to reap the benefits in the months to come, especially as more companies shift their focus on sustainability from talk to action.
Sparta Group (a.k.a. Sparta Capital Ltd.) is a company focused on advanced technology designed to improve the health of the planet, the health of businesses, and the health of humankind. Sparta 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. At the same time, the company also diverts waste from landfill, transforming it into something of value. While it began as an environmental technology company, Sparta expanded its technological expertise to address the growing demand for healthier workplaces and healthy employees. Its strong Technical Advisory Board reflects Sparta's dedication to advancing technologies that incorporate the latest in high-tech, including Artificial Intelligence (AI), to solve some of the world's pressing problems, including climate change, viral outbreaks, and mounting waste. The company is now structured into three divisions: Environment, Innovation, and Energy. These divisions better categorize the growing list of products and services offered by the Company.
For more information contact:
John O'Bireck, President & CTO
Telephone: (905) 751-8004
This above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, 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 information 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. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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 : Sparta Group
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