(TSXV-PGV)

TORONTO, May 20, 2021 / CNW / – Prodigy Ventures Inc. (TSXV: PGV) (“Prodigy” or the “Company”) today announced its financial results for the three months ended March 31, 2021.

First Quarter 2021 Financial Results

  • Revenue for the three months ended March 31, 2021 totaled $ 3,328,987 compared to $ 4,484,140 for the three months ended March 31, 2020, a decrease of 26%.
  • Gross profit for the three months ended March 31, 2021 of $ 906,119 compared to $ 1,222,762 for the three months ended March 31, 2020, a decrease of 26%.
  • Operating expenses for the three months ended March 31, 2021 of $ 873,827 compared to $ 1,212,441 for the three months ended March 31, 2020, a decrease of 28%.
  • Net income for the three months ended March 31, 2021 totaled $ 19,092 compared to $ 1,969 for the three months ended March 31, 2020.
  • Adjusted EBITDA for the three months ended March 31, 2021 totaled $ 118,391 compared to $ 84,245 for the three months ended March 31, 2020.
  • The company had working capital of $ 2,625,597 from March 31, 2021 compared to $ 2,715,694 from December 31, 2020.


Three months ended
March, 31st




2021

$

2020

$






Returned



3,328,987

4,484,140

Gross profit



906 119

1 222 762

Expenses



873 827

1 212 441

Net and comprehensive income for the period



19,092

1,969

Net earnings (loss) per share – basic and diluted



0.00

0.00

Adjusted EBITDA(1)



118,391

84 245






(1)

Adjusted EBITDA is a non-GAAP financial measure defined as earnings before income taxes, finance costs, depreciation and stock compensation. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in our business performance. Adjusted EBITDA is used by management to assess our operational performance. The presentation of Adjusted EBITDA is intended to provide additional information useful to investors and analysts and the measure does not have any standardized meaning under IFRS. Adjusted EBITDA should therefore not be considered in isolation or used as a substitute for performance measures prepared in accordance with IFRS. Other issuers may calculate Adjusted EBITDA differently.

(2)

For more information on non-GAAP financial measures, please see the Company’s MD&A for the quarter ended March 31, 2021 under the heading “Non-GAAP Financial Measures”.

The complete unaudited financial statements and related MD&A are available under the Company Profile at www.sedar.com or the company website at www.prodigy.ventures.

“Prodigy continues to invest in its IDVerifact digital identity platform for future growth.” mentionned Tom beckerman, Chairman and CEO of Prodigy. “Once again, quarterly EBITDA performance year over year has improved, and our cash position is strong as Prodigy delivers innovation to its corporate clients and builds its revenue pipeline.”

COVID-19 UPDATE

Prodigy continues to carefully monitor and assess the evolving COVID-19 situation and its potential impact on its business, employees and customers. While the impact on future demand for the Company’s services remains unknown, the Company has a continuous pipeline of jobs that are delivered remotely without disruption. We believe the company is well positioned to absorb the economic impacts and maintain its long-term viability.

About Prodigy Ventures Inc.

Prodigy offers Fintech innovation. The company provides leading-edge platforms, including IDVerifact ™ for digital identity, and new Fintech platforms for banking and open payments. Our services business, Prodigy Labs ™, integrates and customizes our platforms to the unique needs of corporate customers, and provides technology services for digital identity, payments, open banking and digital transformation. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering, and staffing. Prodigy has been recognized as one of the fastest growing companies in Canada with numerous awards: Fast 50 Canada and Fast 500 North America from Deloitte (2016, 2017, 2018), Branham 300 (2017, 2018), Growth List (2018, 2019 and 2020), From Canada Main growing companies (2019 and 2020).

Forward-looking statements and cautions

Certain information contained in this press 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 ”,“ could ”,“ should ”,“ believe ”and similar expressions. Forward-looking statements contained in this press release include statements regarding the investment in the IDVerifact digital identity platform and the expected growth associated with the platform, as well as the impact of COVID-19 on the business of the society. Although the company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions and that information obtained from third-party sources is reliable, they can give no assurance that these expectations will prove to be correct. Readers are cautioned not to place undue reliance on any 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 materialize. By their nature, forward-looking statements involve many assumptions, known and unknown risks, and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not occur, which may result in differences between actual results of future periods. materially from any estimate or projection of performance or future results expressed or implied by these forward-looking statements. These risks and uncertainties include, among others, the risk factors set out in the Company’s MD&A for the quarter ended March 31, 2021, 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 of the date hereof and, except as otherwise required by law, the Company does not intend, nor assumes any obligation, to update these forward-looking statements.

Non-GAAP financial measures

Our financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Certain financial measures in this press release are not prescribed by GAAP. These non-GAAP financial measures are included because management uses the information to analyze operational performance. These non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. Unless otherwise indicated, these non-GAAP measures are calculated and presented on a consistent basis from period to period.

Neither the 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.

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



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