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 FS 2020 Result. These documents are available on the SEDAR website at www.sedar.com.
The Company ended the previous financial year 2020 with a significantly strengthened balance sheet due to the success of the complete restructuring carried out by the new management compared to 2019.
Restructuring & Financial Control
Regarding the financial statements, the main emphasis of the new management has been on the restructuring of the company, the reduction of liabilities with an excellent result by decreasing $ 563,359 in 2020 representing 44% reduction compared to the 2019 year-end financial statements. A major effort has also been made to reduce costs; as a result, total operating expenses were reduced by $ 371.292 in 2020 representing 20% reduction compared to 2019.
All the efforts devoted to restructuring are the fundamental objectives achieved by the new management in launching Upco’s strategy.
Our ambitious plans are based on our ability to continue to fund our business. In 2020, we took cost-cutting measures. Our disciplined approach to costs will continue until 2021. However, the new situation will not avoid the need for additional financial resources to support growth in the short to medium term in order to target ambitious plans in the next 2 years.
Osvaldo Navarro, Chief Financial Officer of Upco International Inc, said: “It was a big challenge to cut costs and order the responsibilities of the company. We have recently succeeded in incorporating quality administrative systems and procedures. Finally, Upco is able to undertake operations reliably. “
Andrea Pagani, CEO of Upco International Inc, said: “Throughout 2020, management has done an incredible job putting effort into financial restructuring; we always continue to reduce costs and increase the quality of our consultants by improving procedures, policies and quality control; there is still a lot of work to be done, but now Upco is ready to go, leaving a tangible sign in the market. “
The Company’s strategic priorities for 2021 include:
Investments in sales and marketing to drive significant growth in digital retailers and users.
Continued development of the UpOne product family through a series of build-measure-learn iterations.
Develop communication strategies that reach key customers with targeted messages in relevant channels, in addition to addressing broader brand communications.
Continue to add useful spending tools to Upco’s roadmap that build on an existing platform, including enabling customers to make purchases using digital wallets and open banking protocol through at Token.io
The complete financial results of the Company are available in its consolidated financial statements and MD&A for the end of fiscal 2020, each filed with the Canadian securities regulatory authorities at www.sedar.com.
The operational and financial information contained in this press release is based on consolidated figures in accordance with international financial reporting standards (IFRS).
About Upco International Inc.
Upco International Inc. is a cloud-based mobile services company providing high-quality voice termination to a market driven by growing communications and e-commerce activity. Upco is a licensed global telecommunications operator in the international wholesale of VoIP (voice over IP). Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the upcoming 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 app will also allow vendors to share account information securely with their customers.
Please visit www.upcointernational.com for more information.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrea Pagani, CEO and Director
+1 (646) 7661275
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 generally identified by words such as: “will”, “may”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development “,” To come “,” 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 does not constitute a guarantee of future results or performance.
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