Victory Square Technologies Reports Record Net Income in First Quarter 2020

Net income increased to $3,291,567 and Earnings per share increased to $0.05

VANCOUVER, British Columbia, June 03, 2020 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square'' or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) a company that builds and invests in cutting-edge technology that is shaping the 4th Industrial Revolution, announces it has filed its condensed interim consolidated financial statements and Interim Management Discussion and Analysis (MD&A) for the three months ended March 31, 2020.

“I am proud of our first quarter performance, as each portfolio company delivered strong results despite rapidly changing market conditions associated with the COVID-19 pandemic,” said Shafin Diamond Tejani, Chief Executive Officer. “I want to thank our team for their dedication to safety, operational excellence and serving our customers through this uncertain and challenging environment.”

First Quarter 2020 Financial and Business Highlights:

• Net income increased to $3,291,567 from $(1,632,050) during the same period last year;
• Earnings per share increased to $0.05 from $(0.02) during the same period last year.
• Revenues increased by 46% while expenses decreased by 30% compared to the same period last year;
• Portfolio company, FansUnite Entertainment Inc., closed a Private Placement of $3,131,918 and Listed on the Canadian Securities Exchange (“CSE”)
• Access to $10,000,000 convertible note provides the company access to operational and growth capital.

The Company’s condensed interim consolidated financial statements and Interim MD&A for the three months ended March 31, 2020 are available under the Company’s profile on SEDAR (www.sedar.com).

Current Portfolio:

Our portfolio consists of companies powering the 4th Industrial Revolution, the wholesale
transformation of society brought about by connected, digital technologies. Our businesses are not built around short-term plays or fleeting trends. They represent pillars of the future economy: artificial intelligence (AI), machine learning (ML), augmented and virtual reality (AR and VR), internet of things (IOT), cyber security, blockchain and more.

“We focus on identifying, building and investing in exceptional startups, each led by a strong management team and engaged in global market opportunities,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. “With our portfolio companies curated to provide our investors with the best possible exposure to the next generation of technology giants, we are now prioritizing maximal value creation within each venture.”