NexgenRx Announces Q1 2023 Quarterly Results with Continued Revenue Growth and Positive EBITDA and Announces Election of New Director

TORONTO, ON / ACCESSWIRE / May 18, 2023 / NEXGENRX INC. ("NexgenRx" or the "Company") is pleased to announce its interim financial results for the first quarter ended March 31, 2023, with revenues growing to $3,458,619, an increase of $284,743 (or 8.97%) over the same quarter in 2022. The Company's cash position also remained strong at $1,264,334. The Company also held its annual and special meeting of shareholders today, at which all proposed resolutions were approved, including the election of a new director, Mr. Dave Bennett.

Q1 Results

In addition to increasing total revenues for Q1, the Company also experienced a healthy growth in recurring revenues. Total operating expense was $315,482 or 13.98% higher compared to same period prior year, attributed to I.T. implementation expenses and compensation adjustments. Management continues to carefully monitor and control all operating expenses. The Company has emphasized keeping its costs low, plus looking for further cost-reduction opportunities, and these efforts have shown their value in the Company's ability to generate an EBITDA of $519,061 and additional shareholder value.

New Director

The Company is pleased to welcome Dave Bennett to the Board, following his election by shareholders at today's annual and special meeting. Mr. Bennett is a seasoned senior executive and actuary with more than 30 years' experience working in the life insurance and wealth management industries. Most recently, he was at The Equitable Life of Canada, where he led the Group Benefits business for six years. Prior to that, he was the Chief Financial Officer of the company, responsible for all financial oversight, strategic planning and corporate business development. He also has extensive experience in strategy, with time spent at McKinsey & Co, and led the Mergers and Acquisitions function at Manulife. Mr. Bennett attained his ICD.D in 2022 and has served on a number of not-for-profit boards such as Grand River Hospital, the Waterloo District School Board, and as the Chair of an independent school. He also has considerable experience working with boards as management, having been accountable to the Audit and Pension committees of Equitable Life's Board of Directors for 7 years, and leading strategic reviews.