Blockchain Press Releases
Converge Technology Solutions Reports Second Quarter 2023 Financial Results
TORONTO and GATINEAU, QC, Aug. 9, 2023 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or “the Company“) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to provide its financial results for the three and six months period ended June 30, 2023 (“Q2-23”). All figures are in Canadian dollars unless otherwise stated.
Financial Summary
|
In $000s except per share amounts |
Q2 2023  |
Q2 2022 |
H1 2023 |
H1 2022 |
||
|
Gross Sales1 |
957,219 |
729,678 |
1,922,477 |
1,403,607 |
||
|
Revenue |
665,813 |
515,196 |
1,344,011 |
1,009,236 |
||
|
Gross profit (GP) |
175,672 |
133,152 |
347,260 |
242,196 |
||
|
Gross profit (GP) % |
26.4 % |
25.8 % |
25.8 % |
24.0 % |
||
|
Adjusted EBITDA1 |
41,527 |
39,187 |
82,735 |
68,836 |
||
|
Adjusted EBITDA1 as a % of GP |
23.6 % |
29.4 % |
23.8 % |
28.4 % |
||
|
Adjusted EBITDA1 as a % of Revenue |
6.2 % |
7.6 % |
6.2 % |
6.8 % |
||
|
Net (loss) income |
(4,495) |
11,678 |
(7,856) |
9,270 |
||
|
Adjusted net income1 |
$25,124 |
29,900 |
$49,565 |
52,410 |
||
|
Adjusted EPS1 |
$0.12 |
$0.14 |
$0.24 |
$0.24 |
Q2-23 Financial Highlights:
- Gross sales1 of $957.2 million compared to $729.7 million in Q2-22; an increase of $227.5 million or 31%
- Gross services sales1 of $317.2 million increased by 33% year-over-year
- Gross Profit of $175.7 million compared to $133.1 million in Q2-22; an increase of $42.5 million or 32%
- Organic gross profit growth for Q2-23 was 2.5% driven by 14.4% increase in services organic gross profit
- Adjusted EBITDA1 of $41.5 million, increasing from $39.2 million in Q2-22 by 6%
- Revenue for Q2-23 of $665.8 million, an increase of 29% over Q2-22
- Product Bookings backlog2 at the end of Q2-23 was $447.6 million
- Achieved 112 net new logos3 in Q2-23, securing 215 net new logos in H1-23
|
___________________________________ |
|
1 This is a Non-IFRS measure (including non-IFRS ratio) and not a recognized, defined or a standardized measure under IFRS. See the Non-IFRS Financial Measures section of this news release for definitions, uses and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures. |
|
2 Bookings backlog is calculated as purchase orders received from customers not yet delivered at the end of the fiscal period for North America Region. |
|
3 Statistic based on North American Region. |
Q2-23 Business Highlights & Subsequent to Quarter
- Board of Directors authorize second quarter dividend of $0.01 per common share to be paid on September 22nd, 2023 to shareholders of record at the close of business on September 8th, 2023
- Converge concluded its previously announced NCIB program after purchasing 4.28 million shares throughout Q2-23
- The Company announced that the Toronto Stock Exchange approved the Company’s Notice of Intention to make a Normal Course Issuer Bid. Pursuant to the NCIB, the Company may purchase for cancellation up to an aggregate of 19,427,276 common shares. All common shares acquired by the Company under the NCIB will be cancelled
“Converge continued to execute on its cross-sell strategy throughout the second quarter and drove high value solutions with clients by leveraging our advisory, implementation, and managed services across all practice areas. Today 60% of Converge sales representatives in North America are now driving more than 4 solution areas with their clients,” said Greg Berard, Converge Global CEO. “In today’s IT environment, Converge continues to shape and transform innovation, revolutionizing client-technology interactions. A distinguishing reason clients continue to partner with Converge is our ability to provide end-to-end solutions for cloud, hardware, and software, all while leveraging the technical expertise required for effective professional and managed services. Converge has built a unique set of skills supported by foundational partnerships across Analytics, AI, Cloud, and Cybersecurity and will continue to develop leading solutions to adapt with our clients’ growing needs. I am extremely proud of our team’s performance which has resulted in record gross profit in Q2-23.”
Conference Call Details:
Date: Wednesday, Aug 9th, 2023
Time: 8:00 AM Eastern Time
Participant Webcast Link:
Webcast Link – https://app.webinar.net/gkXqYQ1YE8v
Participant Dial-in Details with Operator Assistance:
Conference ID: 70789128
Toronto: 416-764-8609
North American Toll Free: 888-390-0605
International Toll-Free Numbers:
Germany: 08007240293
Ireland: 1800939111
Spain: 900834776
Switzerland: 0800312635
United Kingdom: 08006522435
You may register and enter your phone number to receive an instant automated call back via
https://emportal.ink/3OgdiaZ
Recording Playback:
Webcast Link – https://app.webinar.net/gkXqYQ1YE8v
Toronto: 416-764-8677
North American Toll Free: 1-888-390-0541
Replay Code: 789128 #
Expiry Date: August 16th, 2023
Please connect at least 15 minutes prior to the conference call to ensure time for any software download that may be required to access the webcast. A live audio webcast accompanied by presentation slides and archive of the conference call and webcast will be available by visiting the Company’s website at https://convergetp.com/investor-relations/.
About Converge
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
Summary of Consolidated Statements of Financial Position
(expressed in thousands of Canadian dollars)
|
June 30, 2023 |
December 31, 2022 |
|||||
|
Assets |
||||||
|
Current |
||||||
|
Cash |
$ 78,443 |
$ 159,890 |
||||
|
Restricted cash |
2,611 |
5,230 |
||||
|
Trade and other receivables |
781,330 |
781,683 |
||||
|
Inventories |
160,411 |
158,430 |
||||
|
Prepaid expenses and other assets |
23,337 |
23,046 |
||||
|
1,046,132 |
1,128,279 |
|||||
|
Non-current |
||||||
|
Other assets |
17,943 |
4,646 |
||||
|
Property, equipment, and right-of-use assets, net |
73,659 |
88,352 |
||||
|
Intangible assets, net |
419,403 |
463,751 |
||||
|
Goodwill |
561,283 |
563,848 |
||||
|
Total assets |
$ 2,118,420 |
$ 2,248,876 |
||||
|
Liabilities |
||||||
|
Current |
||||||
|
Trade and other payables |
$ 814,855 |
$ 824,924 |
||||
|
Other financial liabilities |
63,082 |
123,932 |
||||
|
Deferred revenue |
47,475 |
60,210 |
||||
|
Borrowings |
398 |
421,728 |
||||
|
Income taxes payable |
7,816 |
7,112 |
||||
|
933,626 |
1,437,906 |
|||||
|
Non-current |
||||||
|
Other financial liabilities |
51,701 |
77,183 |
||||
|
Borrowings |
429,909 |
– |
||||
|
Deferred tax liabilities |
88,278 |
102,977 |
||||
|
Total liabilities |
$ 1,503,514 |
$ 1,618,066 |
||||
|
Shareholders’ equity |
||||||
|
Common shares |
604,144 |
595,019 |
||||
|
Contributed surplus |
9,243 |
7,919 |
||||
|
Exchange rights |
– |
1,705 |
||||
|
Accumulated other comprehensive income |
156 |
13,708 |
||||
|
Deficit |
(27,186) |
(18,441) |
||||
|
Total equity attributable to shareholders of Converge |
586,357 |
599,910 |
||||
|
Non-controlling interest |
28,549 |
30,900 |
||||
|
614,906 |
630,810 |
|||||
|
Total liabilities and shareholders’ equity |
$ 2,118,420 |
$ 2,248,876 |
||||
Summary of Consolidated Statements of Loss and Comprehensive Loss
(expressed in thousands of Canadian dollars)
|
Three months ended |
Six months ended |
|||||||||
|
2023 |
2022 |
2023 |
2022 |
|||||||
|
Revenues |
||||||||||
|
Product |
$ |
511,597 |
$ |
410,361 |
$ |
1,048,286 |
$ |
807,753 |
||
|
Service |
154,216 |
104,835 |
295,725 |
201,483 |
||||||
|
Total revenue |
665,813 |
515,196 |
1,344,011 |
1,009,236 |
||||||
|
Cost of sales |
490,141 |
382,044 |
996,751 |
767,040 |
||||||
|
Gross profit |
175,672 |
133,152 |
347,260 |
242,196 |
||||||
|
Selling, general and administrative expenses |
136,699 |
95,823 |
268,732 |
176,235 |
||||||
|
Income before the following |
38,973 |
37,329 |
78,528 |
65,961 |
||||||
|
Depreciation and amortization |
26,893 |
17,178 |
52,783 |
31,657 |
||||||
|
Finance expense, net |
10,652 |
3,094 |
20,002 |
4,912 |
||||||
|
Special charges |
13,292 |
5,559 |
17,576 |
11,280 |
||||||
|
Share-based compensation |
1,117 |
1,685 |
1,965 |
2,897 |
||||||
|
Other (income) expenses |
(6,529) |
(3,265) |
(4,060) |
3,138 |
||||||
|
Income before income taxes |
(6,452) |
13,078 |
(9,738) |
12,077 |
||||||
|
Income tax (recovery) expense |
(1,957) |
1,400 |
(1,882) |
2,807 |
||||||
|
Net (loss) income |
$ |
(4,495) |
$ |
11,678 |
$ |
(7,856) |
$ |
9,270 |
||
|
Net (loss) income attributable to: |
||||||||||
|
Shareholders of Converge |
(3,548) |
12,017 |
(5,505) |
10,223 |
||||||
|
Non-controlling interest |
(947) |
(339) |
(2,351) |
(953) |
||||||
|
$ |
(4,495) |
$ |
11,678 |
$ |
(7,856) |
$ |
9,270 |
|||
|
Other comprehensive (loss) income |
||||||||||
|
Item that may be reclassified subsequently to income: |
||||||||||
|
Exchange differences on translation of foreign operations |
(15,725) |
5,554 |
(13,552) |
(1,034) |
||||||
|
(15,725) |
5,554 |
(13,552) |
(1,034) |
|||||||
|
Comprehensive (loss) income |
$ |
(20,220) |
$ |
17,232 |
$ |
(21,408) |
$ |
8,236 |
||
|
Comprehensive (loss) income attributable to: |
||||||||||
|
Shareholders of Converge |
(19,273) |
17,571 |
(19,057) |
9,189 |
||||||
|
Non-controlling interest |
(947) |
(339) |
(2,351) |
(953) |
||||||
|
(20,220) |
17,232 |
(21,408) |
8,236 |
|||||||
|
Adjusted EBITDA |
41,527 |
39,187 |
82,735 |
68,836 |
||||||
|
Adjusted EBITDA as a % of Gross Profit |
23.6 % |
29.4 % |
23.8 % |
28.4 % |
||||||
|
Adjusted EBITDA as a % of Revenue |
6.2 % |
7.6 % |
6.2 % |
6.8 % |
||||||
Summary of Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)
|
For the three months |
For the six months ended June 30, |
||||||||
|
2023 |
2022 |
2023 |
2022 |
||||||
|
Cash flows (used in) from operating activities |
|||||||||
|
Net (loss) income |
$ |
(4,495) |
$ |
11,678 |
$ |
(7,856) |
$ |
9,270 |
|
|
Adjustments to reconcile net (loss) income to net |
|||||||||
|
Depreciation and amortization |
29,235 |
18,739 |
56,785 |
33,969 |
|||||
|
Unrealized foreign exchange (gains) losses |
(5,281) |
(2,968) |
(2,818) |
3,701 |
|||||
|
Share-based compensation expense |
1,117 |
1,685 |
1,965 |
2,897 |
|||||
|
Finance expense, net |
10,652 |
3,094 |
20,002 |
4,912 |
|||||
|
Gain on sale of property and equipment |
(598) |
– |
(598) |
– |
|||||
|
Change in fair value of contingent consideration |
6,551 |
– |
6,551 |
– |
|||||
|
Income tax (recovery) expense |
(1,957) |
1,400 |
(1,882) |
2,807 |
|||||
|
35,224 |
33,628 |
72,149 |
57,556 |
||||||
|
Changes in non-cash working capital items |
(40,349) |
9,214 |
(41,585) |
(44,290) |
|||||
|
(5,125) |
42,842 |
30,564 |
13,266 |
||||||
|
Income taxes paid |
(4,520) |
(16,272) |
(11,446) |
(17,025) |
|||||
|
Cash (used in) from operating activities |
(9,645) |
26,570 |
19,118 |
(3,759) |
|||||
|
Cash flows used in investing activities |
|||||||||
|
Purchase of property and equipment |
(2,091) |
(3,123) |
(7,197) |
(14,479) |
|||||
|
Proceeds on disposal of property and equipment |
3,681 |
– |
3,749 |
178 |
|||||
|
Payment of contingent consideration |
(975) |
– |
(9,935) |
(10,168) |
|||||
|
Payment of deferred consideration |
(4,066) |
(5,208) |
(29,720) |
(6,948) |
|||||
|
Payment of NCI liability |
– |
– |
(29,994) |
– |
|||||
|
Business combinations, net of cash acquired |
– |
(131,545) |
– |
(199,471) |
|||||
|
Cash used in investing activities |
(3,451) |
(139,876) |
(73,097) |
(230,888) |
|||||
|
Cash flows (used in) from financing activities |
|||||||||
|
Transfers from (to) restricted cash |
2,371 |
58,980 |
2,587 |
(4,513) |
|||||
|
Interest paid |
(7,365) |
(2,102) |
(15,242) |
(3,058) |
|||||
|
Dividend paid |
(2,067) |
(1,100) |
(2,067) |
(1,100) |
|||||
|
Payments of lease liabilities |
(5,089) |
(2,304) |
(10,224) |
(5,032) |
|||||
|
Repurchase of common shares |
(14,230) |
– |
(14,230) |
– |
|||||
|
Repayment of notes payable |
(40) |
(38) |
(80) |
(159) |
|||||
|
Net (repayment) proceeds from borrowings |
(22,815) |
22,351 |
11,384 |
184,819 |
|||||
|
Cash (used in) from financing activities |
(49,235) |
75,787 |
(27,872) |
170,957 |
|||||
|
Net change in cash during the period |
(62,331) |
(37,519) |
(81,851) |
(63,690) |
|||||
|
Effect of foreign exchange on cash |
1,746 |
4,526 |
404 |
(328) |
|||||
|
Cash, beginning of period |
139,028 |
217,168 |
159,890 |
248,193 |
|||||
|
Cash, end of period |
$ |
78,443 |
$ |
184,175 |
$ |
78,443 |
$ |
184,175 |
|
Non-IFRS Financial Measures
This release refers to certain performance indicators including Adjusted EBITDA that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Management believes that these measures are useful to most shareholders, creditors, and other stakeholders in analyzing the Company’s results. These non-IFRS financial measures should not be considered as an alternative to the consolidated income (loss) or any other measure of performance under IFRS.
Adjusted EBITDA
Adjusted EBITDA represents net income or loss adjusted to exclude amortization, depreciation, interest expense and finance costs, foreign exchange gains and losses, share-based compensation expense, income tax expense, and special charges. Special charges consist primarily of restructuring related expenses for employee terminations, lease terminations, and restructuring of acquired companies, as well as certain legal fees or provisions related to acquired companies. From time to time, it may also include adjustments in the fair value of contingent consideration, and other such non-recurring costs related to restructuring, financing, and acquisitions.
The Company uses Adjusted EBITDA to provide investors with a supplemental measure of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Management also uses non-IFRS measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess the ability to meet capital expenditure and working capital requirements.
Adjusted EBITDA is not a recognized, defined or standardized measure under IFRS. The Company’s definition of Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review the Company’s financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-IFRS measures and view them in conjunction with the most comparable IFRS financial measures.
The Company has reconciled Adjusted EBITDA to the most comparable IFRS financial measure as follows:
|
For the three months ended June 30, |
For the six months ended June 30, |
||||
|
2023 |
2022 |
2023 |
2022 |
||
|
Net income (loss) before taxes |
$ (6,452) |
$ 13,078 |
$ (9,738) |
$ 12,077 |
|
|
Finance expense |
10,652 |
3,094 |
20,002 |
4,912 |
|
|
Share-based compensation expense |
1,117 |
1,685 |
1,965 |
2,897 |
|
|
Depreciation and amortization |
26,893 |
17,178 |
52,783 |
31,657 |
|
|
Depreciation included in cost of sales |
2,342 |
1,561 |
4,002 |
2,312 |
|
|
Foreign exchange loss (gain) |
(6,317) |
(2,968) |
(3,855) |
3,701 |
|
|
Special charges |
13,292 |
5,559 |
17,576 |
11,280 |
|
|
Adjusted EBITDA |
$ 41,527 |
$ 39,187 |
$ 82,735 |
$ 68,836 |
|
Adjusted EBITDA as a % of Gross Profit
The Company believes that Adjusted EBITDA as a % of Gross Profit is a useful measure of the Company’s operating efficiency and profitability. This is calculated by dividing Adjusted EBITDA by gross profit.
Adjusted Net Income (Loss) and Adjusted Earnings per Share (“EPS”)
Adjusted Net Income (Loss) represents net income (loss) adjusted to exclude special charges, amortization of acquired intangible assets, and share-based compensation. The Company believes that Adjusted Net Income (Loss) is a more useful measure than net income (loss) as it excludes the impact of one-time, non-cash and/or non-recurring items that are not reflective of Converge’s underlying business performance. Adjusted EPS is calculated by dividing Adjusted Net Income (Loss) by the total weighted average shares outstanding on a basic and diluted basis.
The Company has provided a reconciliation to the most comparable IFRS financial measure as follows:
|
For the three months |
For the six months |
|||
|
ended June 30, |
ended June 30, |
|||
|
2023 |
2022 |
2023 |
2022 |
|
|
Net (loss) income |
$ (4,495) |
$ 11,678 |
$ (7,856) |
$ 9,270 |
|
Special charges |
13,292 |
5,559 |
17,576 |
11,280 |
|
Amortization of acquired intangible assets |
21,527 |
13,946 |
41,735 |
25,262 |
|
Foreign exchange loss |
(6,317) |
(2,968) |
(3,855) |
3,701 |
|
Share-based compensation |
1,117 |
1,685 |
1,965 |
2,897 |
|
Adjusted Net Income: |
$ 25,124 |
$ 29,900 |
$ 49,565 |
$ 52,410 |
|
Basic |
0.12 |
0.14 |
0.24 |
0.24 |
Gross sales and gross sales for organic growth
Gross sales, which is a non-IFRS measurement, reflects the gross amount billed to customers, adjusted for amounts deferred or accrued. The Company believes gross sales is a useful alternative financial metric to net revenue, the IFRS measure, as it better reflects volume fluctuations as compared to net revenue. Under the applicable IFRS 15 ‘principal vs agent’ guidance, the principal records revenue on a gross basis and the agent records commission on a net basis. In transactions where Converge is acting as an agent between the customer and the vendor, net revenue is calculated by reducing gross sales by the cost of sale amount.
The Company has provided a reconciliation of gross sales to net revenue, which is the most comparable IFRS financial measure, as follows:
|
For the three months |
For the six months |
||||
|
ended June 30, |
ended June 30, |
||||
|
2023 |
2022 |
2023 |
2022 |
||
|
Product |
$ 639,996 |
$ 491,821 |
$ 1,305,306 |
$ 945,210 |
|
|
Managed services |
45,182 |
32,268 |
85,818 |
66,251 |
|
|
Third party and professional services |
272,041 |
205,589 |
531,353 |
392,146 |
|
|
Gross sales |
$ 957,219 |
$ 729,678 |
$ 1,922,477 |
$ 1,403,607 |
|
|
Adjustment for sales transacted as agent |
(291,406) |
(214,482) |
(578,466) |
(394,371) |
|
|
Net Revenue |
$ 665,813 |
$ 515,196 |
$ 1,344,011 |
$ 1,009,236 |
|
Organic Growth
The Company measures organic growth at the gross sales and gross profit levels, and includes the contributions under Converge ownership in the current and comparative period(s). In calculating organic growth, the Company therefore deducts gross sales and gross profit generated from companies that were acquired in the current reporting period.
Gross sales organic growth is calculated by deducting prior period gross sales, as reported in the Company’s public filings, from current period gross sales for the same portfolio of companies. Gross sales organic growth percentage is calculated by dividing organic growth by prior period reported gross sales.
The following table calculates gross sales organic growth for three and six months ended June 30, 2023:
|
For the three months |
For the six months |
|||||
|
ended June 30, |
ended June 30, |
|||||
|
2023 |
2022 |
2023 |
2022 |
|||
|
Gross sales |
$ 957,219 |
$ 729,678 |
$ 1,922,477 |
$ 1,403,607 |
||
|
Less: gross sales from companies not |
214,227 |
215,748 |
459,857 |
404,433 |
||
|
Gross sales of companies owned in |
$ 742,992 |
$ 513,930 |
$ 1,462,620 |
$ 999,174 |
||
|
Prior period gross sales |
729,678 |
452,120 |
1,403,607 |
860,220 |
||
|
Organic Growth – $ |
$ 13,314 |
$ 61,810 |
$ 59,013 |
$ 138,954 |
||
|
Organic Growth – % |
1.8 % |
13.7 % |
4.2 % |
16.2 % |
||
Gross profit organic growth is calculated by deducting prior period gross profit, as reported in the Companies public filings, from current period gross profit for the same portfolio of companies. Gross profit organic growth percentage is calculated by dividing organic growth by prior period reported gross profit.
|
For the three months |
For the six months |
||||
|
ended June 30, |
ended June 30, |
||||
|
2023 |
2022 |
2023 |
2022 |
||
|
Gross profit |
$ 175,672 |
$ 133,152 |
$ 347,260 |
$ 242,196 |
|
|
Less: gross profit from companies not |
39,239 |
40,737 |
83,836 |
72,545 |
|
|
Gross profit of companies owned in |
$ 136,433 |
$ 92,415 |
$ 263,424 |
$ 169,651 |
|
|
Prior period gross profit |
133,152 |
78,244 |
242,197 |
146,041 |
|
|
Organic Growth – $ |
$ 3,281 |
$ 14,171 |
$ 21,227 |
$ 23,610 |
|
|
Organic Growth – % |
2.5 % |
18.1 % |
8.8 % |
16.2 % |
|
Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. The reader is cautioned not to place undue reliance on forward-looking statements.
For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s filings statement available on SEDAR under the Company’s profile at www.sedar.com including its most recent Annual Information Form, its Management Discussion and Analysis and its Annual and Quarterly Financial Statements.
CONTACT : Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495
View original content:https://www.prnewswire.co.uk/news-releases/converge-technology-solutions-reports-second-quarter-2023-financial-results-301896732.html
Blockchain Press Releases
JuCoin COO Nicolas Speaks on Why $JU is the Most Promising Ecosystem Token in Crypto
SINGAPORE, Jan. 23, 2025 /PRNewswire/ — What makes $JU stand out in the competitive world of crypto tokens? In an exclusive interview with Nicolas, the COO of JuCoin, we uncover the strategic vision driving this game-changing token. As the cornerstone of JuCoin’s ecosystem, $JU is poised to transform user experiences and solidify its place as the most promising ecosystem token in the crypto space today.
Interviewer: Nicolas, thank you for joining us today. JuCoin has been making waves in the blockchain space, and $JU is already generating significant buzz ahead of its launch. With so much anticipation, what sets $JU apart and positions it as the most promising ecosystem token in the market right now?
Nicolas: Absolutely, and thank you for having me. We’ve always envisioned $JU as more than just another platform token—it’s the core of JuCoin’s entire ecosystem. What sets $JU apart is its deep integration across all facets of JuCoin’s ecosystem.
First, $JU offers unparalleled versatility. It powers token launches, provides transaction fee discounts, facilitates governance, enables staking, and rewards active participants. Additionally, $JU is a gateway to accessing JuCoin’s high-quality ecosystem projects.
Unlike many tokens that serve a single purpose, $JU seamlessly bridges the gap between being a utility token for users and a valuable asset for ecosystem projects. This multifaceted role ensures that $JU isn’t just a token—it’s the lifeblood of JuCoin’s innovation. We’re confident this level of integration and utility will set $JU apart in the competitive crypto space.
Interviewer: With so many platform tokens in the market, what makes $JU stand out, and why do you think it will succeed in the long run?
Nicolas: What truly makes $JU stand out is its unique position within JuCoin’s ecosystem. Unlike many purely transactional tokens, $JU is designed to be a central utility token that fosters long-term value creation. It’s not just about holding a token—it’s about actively participating in the entire JuCoin ecosystem and unlocking exclusive benefits.
In addition, $JU serves as the native token of JuChain, the blockchain infrastructure we are building to empower the decentralized ecosystem of the JuChain network. This means $JU will have a dual role: fueling the innovation within JuChain’s decentralized framework while continuing to serve as the core asset in the JuCoin exchange. Here, it gives users privileges like transaction fee discounts, governance rights, staking opportunities, and access to high-quality projects.
Over time, this multi-functional design positions $JU as a true ecosystem token — one that bridges transactional utility, long-term rewards, and governance, ensuring its relevance and success for years to come.
Interviewer: Looking ahead, how does JuCoin envision $JU in the context of its 2025 strategy? What role do you see it playing as the platform grows?
Nicolas: By 2025, JuCoin aims to become a global leader in both crypto trading and blockchain development, with $JU positioned at the heart of this transformation. A major part of our strategy is the development of JuChain, an integrated blockchain infrastructure that will support the next generation of decentralized applications, tool innovation, and infrastructure development. As the gas token of this ecosystem, $JU will fuel its growth.
Additionally, our launchpad will play a critical role in onboarding high-potential projects, and $JU will be the key to gaining early access to these token launches. Beyond that, $JU will integrate deeply into our governance structure, enabling holders to vote on important decisions and directly influence the direction of the ecosystem.
In essence, $JU is designed to power the entire JuCoin ecosystem—from blockchain infrastructure to decentralized applications and token launches. It serves as the unifying medium, aligning all stakeholders and creating new opportunities for everyone involved. We firmly believe it will be the cornerstone of our success and innovation moving forward.
Interviewer: Finally, for those who are looking to get involved in $JU and JuCoin, what message do you have for them?
Nicolas: $JU is an opportunity to actively shape the future of the crypto ecosystem. Whether you’re a trader or a project developer, $JU offers a unique chance to participate in something much larger than just a token—it’s about becoming part of an innovative, growing platform.
As JuCoin continues to expand and build its ecosystem, $JU holders will be positioned to benefit from everything the platform has to offer. If you believe in the future of blockchain and want to be part of a dynamic ecosystem, $JU is the token to watch.
For crypto enthusiasts, we encourage you to follow us on our social media channels as we prepare to launch $JU and the JuCoin launchpad in the near future. Stay tuned—it’s just the beginning of an exciting journey.
Follow Twitter: https://x.com/JuCoinex
Join Telegram: https://t.me/jucoinex
Visit the website: www.jucoin.com
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View original content:https://www.prnewswire.co.uk/news-releases/jucoin-coo-nicolas-speaks-on-why-ju-is-the-most-promising-ecosystem-token-in-crypto-302358361.html
DUBAI, UAE, Jan. 23, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, officially marks the 3rd anniversary of its P2P platform with a celebration of user achievements. The Grand Finale campaign runs through Feb. 2025, featuring a 100,000 USDT prize pool.
This final reward phase caps off Bybit P2P’s series of festive giveaways that began in late 2024. The platform achieved major milestones in 2024, reaching a single-day record of 400,000 active users and a daily trading volume peak of $130 million, demonstrating its growing appeal among P2P traders globally.
From now to Feb. 28, 2025, Bybit P2P users stand to get to make the most out of their trades and share their achievements for rewards in two events:
- Trade to Enter the Lucky Draw: Users may sign up for the event, complete simple tasks to qualify for Lucky Draw Tickets. Prizes include Apple products and bonuses in airdrops. First-time depositors will also receive a 10 USDT P2P coupon for the first deposit of 20 USDT.
- Spread the Joy for More Rewards: Bybit P2P is honoring individual members of the community by introducing the personalized Bybit Annual Report, generated upon request by users. Each Bybit Annual Report showcases the user’s 2024 achievements and performance on Bybit P2P. Eligible users can win from a 10,000 USDT prize pool by sharing their report with the hashtag #BybitP2PTrading and completing a reward redemption form.
“We are bringing the celebrations home with a focus back on our customers,” said Joan Han, Sales and Marketing Director at Bybit. “The rewards and recognition are dedicated to each one of our Bybit P2P users, and we hope to share in a moment of reflection of their trading journey and successes in the past year.”
Bybit P2P is committed to delivering personalized rewards that cater to the unique needs of different user segments. From now to Feb. 11, 2025, the Bybit P2P Peer Spin Carnival is offering a 20,000 USDT prize pool exclusively for select markets in South Asia. This limited-time campaign runs in parallel to the Bybit P2P 3rd anniversary celebrations, where eligible users can win prizes ranging from popular memecoins to 0.001 BTC by simply registering, completing simple tasks, and participating in the lucky draw.
P2P trading helps democratize finance by allowing users to buy and sell cryptocurrencies directly with each other, and on Bybit P2P, using their preferred local payment methods with access to Bybit’s 24/7 user support. Through Bybit’s P2P platform, users from diverse economic backgrounds can participate in the digital economy with minimum intermediaries. Bybit P2P’s user-friendly interface and comprehensive features and offerings continue to serve a thriving global community, making digital assets more accessible to everyone.
Registration is required, and terms and conditions apply: The Grand Finale: Bybit P2P 3rd Anniversary Celebration.
#Bybit / #TheCryptoArk / #BybitP2P
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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“The Game is On”
TAIPEI, Jan. 23, 2025 /PRNewswire/ — TiltPlay, a gaming platform offering fast-paced and engaging casual games, is proud to announce its official launch on the Soneium ecosystem. This launch positions TiltPlay as dynamic, skill-focused gaming experience to the Web3 space.
TiltPlay combines accessible gameplay with innovative technology to deliver a seamless experience across platforms, including Telegram mini-apps and web browsers. The platform’s unique approach introduces:
- Exciting Game Variety: A growing library of casual games designed to challenge and entertain.
- Skill-Based Progression: Players are rewarded for their mastery and expertise, ensuring a fair and fun competitive environment.
- Web3 Integration: Built on Soneium, providing a decentralized and secure gaming experience.
“With TiltPlay, we’re redefining mini-games by putting fun and skill at the forefront,” said Jeffrey Huang, Product Director at TiltPlay. “Our collaboration with the Soneium ecosystem allows us to deliver a platform that’s accessible, enjoyable, and innovative for all players.”
TiltPlay is now live, inviting gamers worldwide to dive into its features, test their skills, and connect with a vibrant community.
For more information about TiltPlay, visit TiltPlay.gg.
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View original content:https://www.prnewswire.co.uk/news-releases/tiltplay-launches-as-a-gaming-platform-on-the-soneium-ecosystem-302357392.html
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