November 30, 2020 - TheNewswire - Tinkerine(TM) Studios Ltd. (TSXV: TTD) ("Tinkerine" or the "Company") announces the filing of its financial statements and management discussion and analysis for the fiscal period ending September 30, 2020. These filings are available for review on SEDAR and the Corporation's website.
Highlights
-Completed design and initiated production of Face Mask Clear;
-Initiated development of metal powder 3D printer;
-Expanded Tinkerine Suite to Cloud management solution for enterprise use with over 50 partners using in beta;
-Launched enterprise essential training system for small and midsize companies to evaluate how additive manufacturing can optimize workflows;
-After Q3 entered into definitive agreement with Maitri Health Technologies for the marketing and distribution of Tinkerine's current and future products to global markets, and the design of new medical products and devices that are jointly developed by Tinkerine and Maitri.
Chief Executive Officer Eugene Suyu states; "Tinkerine is an organization strong in design, development, and manufacturing of advanced tools. We recognize the challenges in sales and marketing across our various product initiatives. It continues to be a focus of ours to build a team capable of managing internal as well as external sales and marketing strategies for our Production of Things 2.0 initiative. The addition of channel partners such as Maitri Health Technologies will be part of this strategy. The continual focus on our cloud-based platform Tinkerine Cloud, and additive manufacturing adoption into businesses looks to expand Tinkerine's current product offering into a new market segment less cyclical in nature comparative to K-12. Understandably we are disappointed with our PPE sales to date but remain committed to driving revenue with partners and developing new revenue sources through Production of Things 2.0."
Annual General Meeting Results
All motions were passed at the Company's Annual General Meeting held on November 26, 2020. A total of 27 shareholders were present by proxy holding 10,833,312 common shares representing 21.84% of total common outstanding.
Financial Highlights
Q3 2020 | Q3 2019 | ||
Revenue | $86,819 | $127,855 | |
Gross Profit | $45,012 | $56,182 | |
Expenses | $187,475 | $144,205 | |
Net Income (Loss) | ($116,422) | ($88,023) |
About Tinkerine
Our mission is to provide a foundational understanding about Applied Design driven by 3D printing. Our ecosystem of 3D printing products and educational resources equips future generations with the innovative tools and products to stay ahead in a fast-paced, tech-driven world. Tinkerine enables the curious to convert creative ideas into the tangible and the unimaginable. All Tinkerine 3D printers and education services are designed and manufactured in Canada.
For further information please contact:
Dean Stuart
T: 403 617 7609
Eugene Suyu
Chief Executive Officer
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.
This news release contains certain forward-looking statements, including, but not limited to, expectations as to the acceptance of products designed and created by the Tinkerine Applied Design staff and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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