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Upco International Inc. Presents Audited Financial Statement for 2020

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Vancouver, British Columbia–(Newsfile Corp. – June 30, 2021) – Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) (“Upco”) is pleased to inform shareholders of the Audited FS 2020 result. These documents can be accessed from the SEDAR web site at www.sedar.com.

Overview

The Company ended the previous fiscal year 2020 with a significantly strengthened balance sheet due to the success of the full restructure lead by the new Management compared to 2019.

Restructuring & Financial Control

With regards to the Financial Statements, the main focus of the new Management has been on corporate restructuring, reducing the liabilities with an excellent result by decreasing US$ 563.359 in 2020 representing 44 % reduction comparing the Year End Financial Statements 2019. Also a big effort was made reducing costs; as a result total operating expenses were reduced in US$ 371.292 in 2020 representing 20% reduction compared to 2019.

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All efforts dedicated to the restructuring are the fundamental objectives achieved by the new management to start the strategy of Upco.

Our ambitious plans are premised on our ability to continue funding our business. In 2020, we undertook cost cutting measures. Our disciplined approach to costs will continue through 2021. However, the new situation will not avoid the needs for additional financial resources to support the short and medium term growth to target ambitious plans in the next 2 years.

Osvaldo Navarro, Upco International Inc CFO, said: “It was a great challenge to reduce costs and order the company’s liabilities. We recently managed to incorporate quality administrative procedures and systems. Finally Upco is in a position to undertake operations in a reliable way.”

Andrea Pagani, Upco International Inc CEO, said: “For the entire 2020 the management did an incredible job putting efforts in financial restructuring; we are still continuing to reduce costs and increase the quality of our consultants by improving procedures, policies and quality control; there is still a lot of work has to be done, but now Upco is ready to kick off leaving a tangible sign in the Market.”

Outlook

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The Company’s strategic priorities for the 2021 include:

  • Investments into sales and marketing to drive significant merchant and user growth on the digital.
  • Continued development of the UpOne product family through a series of build-measure-learn iterations.
  • Developing communication strategies that speak to key customers with focused messages in the relevant channels in addition to addressing broader brand communications.
  • Continuing to add useful spending tools to Upco’s roadmap that build upon an existing platform, including enabling customers to make purchases using digital wallets and the open banking protocol thanks to Token.io

The Company’s complete financial results are available in its Consolidated Financial Statements and Management’s Discussion and Analysis for the Year End 2020, each filed with Canadian securities regulators at www.sedar.com.

IFRS

The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS).

About Upco International Inc.

Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to share account information securely with their clients.

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Please visit www.upcointernational.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Andrea Pagani, CEO and Director
[email protected]
+1 (646) 7661275

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward- looking information”) within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89184

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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