Toronto, Ontario–(Newsfile Corp. – November 28, 2022) – Mijem Newcomm Tech Inc. (CSE: MJEM) (“Mijem” or the “Company”), a social media and technology company, announces its financial results and management discussion and analysis for the fiscal year ended July 31, 2022 (“FY 2022”). These filings are available for review on the Company’s SEDAR profile at www.sedar.com and on the company’s investor website at www.investor.mijem.com. All financial information in this press release is reported in Canadian dollars unless otherwise indicated. This news release should be read in conjunction with Mijem’s audited financial statements and the accompanying notes, as at and for the year ended July 31, 2022, together with the related Management Discussion and Analysis.
“Mijem provides innovative solutions to create a vibrant social marketplace for Generation Z and thousands of university and college students across North America to connect and efficiently buy, sell and trade goods and services,” said Laurie Freudenberg, CEO of Mijem. “2022 was a challenging year as we were still facing the residual impacts of two years of restrictions and lockdowns as a result of the pandemic. However, with the full re-opening of universities and campuses largely complete, we are optimistic that we will experience renewed growth as we move to a post pandemic environment.”
FY 2022 FINANCIAL HIGHLIGHTS
- Mijem remained pre-revenue through 2022.
- The company completed a reverse take-over (RTO) on January 6th, 2022 and began trading as a public company on the Canadian Securities Exchange (CSE) on January 10th, 2022, under the trading symbol MJEM, which resulted in losses of ($783,042) being recorded as a listing expense.
- Mijem total net loss for the year ended July 31, 2022, before taxes was ($2,776,155), compared to ($491,841) for the same period in 2021.
- Cash Flow used in Operations for the year ended July 31, 2022, was ($1,941,257) compared to ($455,764) for the same period in 2021.
- Working Capital for Mijem at the year ended July 31, 2022, was $473,690 compared to 103,475 at the year ended July 31, 2021.
About Mijem Newcomm Tech Inc.
Mijem is a Canadian-based social media and technology company that provides innovative solutions to create a vibrant social marketplace for Generation Z to connect and to efficiently buy, sell and trade goods and services. Mijem’s patent-pending flagship technology currently permits thousands of university and college students across the United States and Canada to both connect on-line and engage in consumer-to-consumer commerce.
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Chief Executive Officer
Mijem Newcomm Tech Inc.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such…