June 23, 2008 08:00 ET

JEMTEC Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - JEMTEC (TSX VENTURE:JTC) ("JEMTEC" or the "Company") comments on financial results for the third quarter ended April 30, 2008. All results are expressed in Canadian dollars and are reported in accordance with Canadian Generally Accepted Accounting Principles (GAAP).

Increased Revenues - Overall revenues have increased by 13% to $2,429,978 in the nine month period ended April 30, 2008 compared to $2,145,257 for the same period in 2007. The Company continued to earn solid revenues on its main contracts with an increase in the number of monitored clients, and commenced to earn revenues on new contracts in Nova Scotia and Manitoba.

Increased Net Earnings - For the nine month period ended April 30, 2008, net earnings increased by 17% to $571,753 or $0.24 per common share from $489,078 or $0.21 per share for the nine month period ended April 30, 2007. This increase in net earnings is attributable to increased revenues.

Increased Liquidity - The Company's cash and cash equivalents increased to $3,335,726 as at April 30, 2008 from $2,786,723 as at July 31, 2007. The Company had working capital of $3,280,704 as at April 30, 2008 compared to working capital of $2,694,273 as at July 31, 2007.

Established in 1981, JEMTEC holds exclusive rights for a variety of offender community control technologies and is the leading provider of community offender monitoring solutions to Canadian Corrections. The common shares of JEMTEC trade through the facilities of the TSX-Venture Exchange under the symbol JTC.

This news release may contain forward-looking information. Actual future results may differ materially. All figures are in Canadian dollars. The risks, uncertainties, and other factors that could influence actual results are described in the Company's annual report to shareholders and in TSX reports.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • JEMTEC Inc.
    Eric Caton
    1-877-929-4198 (FAX)