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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Argo Corporation | TSXV:ARGH | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.14 | 0.15 | 0.15 | 0 | 12:31:15 |
TORONTO, Nov. 29, 2024 /CNW/ - Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ("Argo" or the "Company"), a new venture delivering the first-ever vertically and publicly integrated city transit system, announced today its financial results for the quarter ended September 30, 2024 ("Q3 2024"). During the third quarter of 2024, Argo deployed its smart transit system with its first paying customers and made significant progress in restructuring prior initiatives in its publicly traded entity.
Argo Highlights
Restructuring Updates
FoodsUp Updates
Argo maintains a 59.95% non-controlling ownership interest in FoodsUp Inc. ("FoodsUp"), one of Canada's leading restaurant supply platforms. In Q3 2024, FoodsUp had revenues of $28.7M, representing a 10% increase over Q2 2024 and a 61% yearly increase in quarterly revenues from Q3 2023.
The Company remains committed to implementing a transaction structure, the effect of which would be to provide the shareholders of Argo with the net proceeds from any sale of its interest in FoodsUp to a third party or an indirect or tracking ownership interest in FoodsUp in each case, as of to-be-determined record date (the "FoodsUp Divestment"). The FoodsUp Divestment, if it occurs, will mark an important step in the formal separation between the business of FoodsUp and Argo.
Q3 2024 Results Compared to Q3 2023
For the three months ended September 30 | 2024 | 2023 | ||||
REVENUE | $449,567 | $101,851 | ||||
Cost of revenue | 29,519 | 59,676 | ||||
General and administration | 1,019,001 | 377,350 | ||||
Operational support | 520,911 | 274,024 | ||||
Research and development | 614,149 | 122,573 | ||||
Sales and marketing | 73,054 | 73,068 | ||||
Amortization | 37,108 | 196,865 | ||||
Depreciation | 10,941 | 84,831 | ||||
Total operating expenses | 2,304,683 | 1,188,387 | ||||
OPERATING LOSS | ($1,855,166) | ($1,086,536) | ||||
OTHER INCOME (EXPENSES) | ||||||
Foreign exchange gain/ (loss) | (28,460) | (93,854) | ||||
Interest expenses | (532,931) | (61,018) | ||||
Interest income | 1,023 | 272 | ||||
Gain/ (Loss) on accounts payable settlements | 301,483 | - | ||||
Gain/ (Loss) on termination | 279,606 | - | ||||
Write down of intangible asset | (211,182) | - | ||||
Other income/(loss) from discontinued operations | (10,285,769) | (115,015) | ||||
Penalties and settlement | (68,500) | - | ||||
Share of loss of an associate | (593,014) | (2,860,412) | ||||
Net income/ (loss) from continuing operations | ($12,992,860) | ($4,216,563) | ||||
Discontinued Operations Net income/ (loss) from discontinued operations | 12,296,195 | (1,037,987) | ||||
NET GAIN (LOSS) | ($696,665) | ($5,254,550) | ||||
Cumulative translation adjustment | (174,518) | (253,879) | ||||
NET PROFIT (LOSS) AND COMPREHENSIVE PROFIT (LOSS) | ($871,183) | ($5,508,429) | ||||
(Loss) profit per share – Basic and diluted | ($0.01) | ($0.04) | ||||
Weighted average shares outstanding - Basic and diluted | 133,367,099 | 132,944,615 |
1 All figures are accurate to the hundreds. |
In this press release, all references to '$' are to Canadian dollars.
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.
About Argo
Argo delivers the first-ever vertically and publicly integrated city transit system. It is designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at www.rideargo.com.
Praveen Arichandran, Co-CEO
Argo Corporation
(800) 575-7051
Forward-Looking Information
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate," "estimate," and "intend," and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See "Forward-Looking Information" and "Risk Factors" in the Company's Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2023 (filed on SEDAR+ on May 8, 2024) and its interim MD&A for the periods ended September 30, 2023, March 31, 2024, June 30, 2024, and September 30, 2024 for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.
SOURCE ARGO CORPORATION
Copyright 2024 Canada NewsWire
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