VANCOUVER, British Columbia – August 30, 2021 – Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Company”) is pleased to announce its Q2 results for the period ended June 30, 2021.
During Q2, Hunter continued to ramp up the development of its OilEx and OilExchange platforms, significant operational highlights included:
Q2 2021 Highlights:
Forming strategic partnership with WellDatabase and RootAnt
Releasing a new module of Deal Actions to the OilEx platform
Global overhaul to the OilEx to becoming a more flexible and extendable platform
Enhancements to the OilExchange platform and progress made to initiate partnerships with hydrocarbon producers and sovereign entities in West African markets
Hunter’s CEO, Florian M. Spiegl commented: “In the second quarter of 2021 Hunter was focused on developing partnerships and further enhancements to its OilEx and OilExchange platforms. We continued to follow our roadmap and strengthened our core engineering, sales, and business development functions.”
Select Financial Highlights*:
* Complete unaudited interim condensed financial statements for the interim period ended June 30, 2021 are available on the Company’s website and www.sedar.com
** Adjusted loss for the period ended June 30, 2021 represents loss before taxes of $2,105,283 adjusted for non-cash expense charges of $900,833
Operational and Financial Update
As the Company ramps up the development of its OilEx and OilExchange platforms, the Company had negative cash flows from operations of $1,378,691 for the six months ended June 30, 2021 and negative working capital of $244,187 as at June 30, 2021. The Company’s ability to continue the development of its platforms prior to the commercial launch of the platforms and the generation of revenue is dependent upon the Company’s ability to imminently raise additional capital from equity or debt financing sources.
About Hunter Technology Corp.
Hunter Technology Corp. develops interactive software platforms powered by blockchain technology that digitalize and streamline physical oil trading throughout the transaction lifecycle. With its solutions, Hunter delivers more favorable economics and fair market access for all and promotes the transition towards a more environmentally and ethically responsible ecosystem. Its flagship product OilEx will connect independent oil producers, buyers, and traders in a trusted digital marketplace to optimize prices, simplify processes, improve transparency, and support a reduced carbon footprint. Through its data analytics capabilities, Hunter will offer real time supply chain management tools for tracking the origin, transhipment, and processing of hydrocarbons and the environmental, social and governance (ESG) compliance during their life cycle.
On behalf of the board of directors
Florian M Spiegl
Chief Executive Officer
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements which may constitute forward-looking statements or information (collectively, "forward-looking statements") regarding Hunter’s business development plans. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, including factors beyond Hunter’s control, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", "will" or be "on track to" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements (including execution risk, market risk, industry risk, market reaction, the impact of general economic conditions and competition from other industry participants, as well as stock market volatility). In this news release, forward-looking statements relate to, among other things, Hunter’s business development plans as well as Hunter’s future performance as it develops its business. Although Hunter believes that the expectations in its forward-looking statements are reasonable, they are based on factors, estimates and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statement. Such factors include, but are not limited to: risks relating to delays, development and marketing risks, unforeseen requirements resulting from the COVID-19 pandemic, commodity prices, inability to access, on favorable terms, sufficient capital from internal and external sources, the ability to access, hire and retain employees; regulatory changes and impacts, timing and completion of the Company's online platforms as well as general business, economic, competitive, political and social uncertainties. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Hunter does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Hunter should be considered highly speculative. There can be no assurance that Hunter will be able to achieve all or any of its proposed objectives. Please review Hunter’s SEDAR filings including its management discussion and analysis available under the Company's profile at www.sedar.com for a more fulsome discussion of risk factors affecting Hunter.