TORONTO, ON / ACCESSWIRE / May 31, 2023 / Sparta Group (TSXV:SAY)(OTC PINK:SCAXF) (the "Corporation", the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") announces it has released its financial results for the three months ended March 31, 2023. The Corporation's Q2 financial statements and Management's Discussion & Analysis are available on SEDAR (www.sedar.com) and on the Sparta's website at www.spartagroup.ca.
In Q2 Sparta's Environment division continued to see growth, especially within its electronic waste operation. In fact, the East-Toronto processing facility increased its workforce by 30 percent to accommodate an influx of new business, some of which was created by the introduction of the Company's carbon credit program in Q1. At the same time, the e-waste facility became one of the first in Canada to become R2v3 certified. While Sparta's Environment division added an electronic waste operation in Oman during Q1, work continues to bring it up to maximum operation.
Environmental health will remain a priority for Sparta going forward, but so will human health. During Q2 Sparta began the important groundwork for developing a health corporation to address the demand for the creation of new, advanced health technologies. The timing of this work coincided with trending headlines about Canada's crumbling healthcare system. Today, the World Health Organization (WHO) reports that a growing number of health organizations are feeling overburdened by worldwide emergencies, including those attributed to climate change. Sparta management hopes the Company's technologies can limit environmental damage and ease healthcare burdens in all types of settings, including remote areas of the world.
Here are a few highlights, at a glance, from Q2.
- The three and six month revenues are up 65% over last year's results for the same periods to $2,684,717 and $4,852,781 respectively.
- EBITDA calculated for the three and six month period is $276,561 and $430,257 respectively, resulting in earnings of $167,897 and $212,665 respectively, which translates to approximately 0.1 cents per share.
- Cash flow from operation for the three and six month periods was $191,701 and $324,944 respectively
- Workforce at e-waste processing facility in Toronto (ERS) increased by 30 percent.
- An operational audit at the Environment divisions e-waste facility culminated in the R2v3 certification, adding to three other quality and safety certifications held by ERS.
- The e-waste processing operation (ERS) underwent its yearly carbon credit verification process.
- Groundwork for the establishment of Sparta Health Corp begins and so do discussions with health, as well as digital technology experts who will contribute to the development and roll-out of the Company's first health technology.
- Research and planning began to incorporate artificial intelligence (AI), including machine Learning and Natural Language Processing (NLP) into some of Sparta's technologies.
- An extensive review of communications assets takes place resulting in a decision to rebrand to reflect Sparta's efforts in both environmental and human health technology. Communications collateral, including a new website is expected to be unveiled in Q3.
With the addition of two new revenue streams (Carbon credit program and Oman facility) added in Q1, and the efforts in health and wellness in Q2, management and staff believe they are poised for a busy Q3. The recent wildfires, including in Halifax and Nova Scotia underscore the need for environmental technologies but also demonstrats the demand for health tools to protect humans in the face of climate challenges.
Sparta Group™ is leading a green revolution in the business world with advanced technologies that reduce carbon footprint, save money, and enhance public image. Our products solve problems by leveraging Web 3 technologies such as artificial intelligence, blockchain and machine learning to fast-track the transition towards a sustainable future.
With Sparta, businesses can optimize their energy usage, upcycle electronic waste and accelerate health technologies such as autonomous medicine. Our symbiotically structured divisions - Environment, Innovation and Energy - enable us to deliver customized solutions that fit the specific needs of each client.
We take pride in being the first North American company to provide verified high-quality carbon credits to our customers through electronic waste processing. Our state-of-the-art facilities in Toronto, Canada, and Oman (Arabian Peninsula) ensure that we are at the forefront of reducing the impact of e-waste on our environment.
Join the movement towards a more sustainable future with Sparta Group, where advanced technology meets eco-consciousness.
Sparta is a publicly traded company listed on the TSX Venture Exchange under the ticker symbol "SAY" (TSX.V: SAY) and (OTC: SCAXF). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
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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