Upco International Announces Interim Financial Results for the Third Quarter 2021

Vancouver, British Columbia–(Newsfile Corp. – December 3, 2021) – Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) (“Upco” or the “Company”) announced today financial results for the third quarter ended September 30, 2021.

Upco’s complete third Quarter 2021 Financial Results and Management Discussion and Analysis can be accessed from the SEDAR website at SEDAR.

Dear shareholders:
We are pleased to announce our impressive financial and operational achievements for Q3 leading first with three following highlights:

  1. Overall revenue has increased from prior periods, as the operation with Oktacom Inc. (Fully subsidiary of the Company) is focusing on growing its wholesale telecom business and the development of its mobile application and other activities whilst implementing the new Board of Directors’ business plan. Oktacom Inc aims to grow the wholesale VoIP business and is adding two new line of business which include Data, specifically enter in the market of Enterprise by providing SDWAN technology and CPAAS (Communication platform as a Service) and is continuously seeking capital to aid in the growth.
  2. The Company is also presently in the process of consolidating its wholesale business through the reorganization of its operations into Oktacom Inc., while trying to develop its own customer base via its attractive rates and flexible calling plans offered through Upco-out in its Upco Mobile Messenger application (the Digital Services business unit or B2C vertical of the business).
  3. The synergies between the B2B and B2C verticals will allow the Company to offer international long-distance calls through an internet connection using the Company’s existing VoIP network with more than 250 active Tier 1, 2 and global carriers that connect subscribers in 170 countries.

Juan Jose Ojeda, CFOof Upco International stated:

Financials

  • Revenue: $ 197.820 YTD Q3 2021 Vs. $ 48.819 YTD Q2 2021 (205% Increase) and $2.599 YTD Q3 2020
  • Gross Profit: $ 84.375 YTD Q3 2021 Vs. $18.255 YTD Q2 2021 (262% Increase) the second consecutive Quarter-over-Quarter increase.

FY- 2021 Positive Financial Trend

  • Revenue: $ 149.001 Q3 2021 $41.916 Q2 2021 $6.903 Q1 2021.
  • Current liabilities: $ 221.787 YTD Q3 2021 Vs. $ 412.396 (Audited) December 2020, Decrease 46%

Liquidity

As of September 30, 2021, the Company had positive working capital of $1,202,633 (December 31, 2020 – working capital deficit of $ 511,667) and a cash position of $1,561,641 (December 31, 2020 $5,134).

Cash used in operating activities during the period ended September 30, 2021 was $970,191 (2020 – $350,292). The overall increase in spending is related to regularization of accounts payables.

IFRS

The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS).

 

About UPCO International

Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business.
Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to share account information securely with their clients.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance.

 

Upco International Announces Interim Financial Results for the Second Quarter 2021

Vancouver, British Columbia–(Newsfile Corp. – September 12, 2021) – Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) (“Upco” or the “Company”) announced today financial results for the second quarter ended June 30, 2021. Upco’s complete Second Quarter 2021 Financial Results and Management Discussion and Analysis can be accessed from the SEDAR website at www.sedar.com.

Three Months Ended June 30, 2021 Financial Results

During the six months ended June 30, 2021, the Company incurred a net comprehensive loss of $331,255 versus a loss of $897,242 for the same period in 2020, corresponding to a 63% improvement.

Revenue for the six months ended June 30, 2021 was $48,819 compared to $7,322 for the same period in 2020 with a gross margin above 30%. Revenues for the second quarter 2021 increased due to the Company restarting its Wholesale Telecom business. Going forward, the Company strongly believes that the messenger application, together with its new functionalities (“UpcoPay”) will scale up thereby supporting an increase in revenues

Liquidity

As of June 30, 2021, the Company had positive working capital of $1,370,133 versus a working capital deficit of $684,314 for the period ended December 31, 2020 and a cash position of $1,430,696 versus $5,134 for the period ended December 31, 2020.

Andrea Pagani, CEO of Upco stated: “Upco’s objective for 2021 was to increase revenues and continue to reduce costs and ultimately reach break even levels after restarting our wholesale telecom business. Our second quarter 2021 results clearly shows this growth as well as an overall improvement in our balance sheet. Moving forward, we remain focused on growing our telecom and digital divisions and will continue to keep shareholders updated on these developments as we progress towards our stated short and long term milestones.”

IFRS

The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS).

About Upco International

Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business.
Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to share account information securely with their clients.

 

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance.

Upco International Engages Digital Consultant for it’s Digital Division, UpOne

Vancouver, BC, September 2, 2021, Upco International Inc. (CSE: UPCO;OTC: UCCPF;Frankfurt: U06) (“Upco” or the “Company”) is pleased to announce it is engaged Codeversity, a social tech company that will provide guidance and digital strategy service for Upco’s Digital Division, which is managed by UpOne.

Upco is pleased to announce its engagement with Codeversity, to give Upco the best insight for digital product development associated with its UpcoPay products.

Codeversity is responsible for:
1) Product Thinking
2) Product Design
3) Tech Development

Victoria Suárez Araújo, CEO & Co-founder of Codeversity, stated: “Working side by side with Upco as a technological partner is a great opportunity to develop and contribute our innovative perspective on product design in Fintech projects using exponential technologies like Blockchain. We are going to be working on UpCo’s goals as if they were ours and are proud to say that choosing us, Upco is helping to make technology available for everybody.”

The company further announces that it has granted an aggregate of 550,000 stock options to certain employees of the Company. The options will vest 25% on March 2022, 25% 12 months from date of March 2022 and 25% at 24 and 36 months from the date of March 2022 and may be exercised at an exercise price of CAD$0.09 per common share, for a period of 4 years from the date of issuance or earlier in accordance with the Company’s incentive stock option plan.

About Upco International Inc. (“Upco”)

Upco International is a cloud-based mobile technology and telecommunications company focused on providing  users with a secure communication ecosystem for texting and calling globally. Upco’s telecom division is managed by its wholly owned subsidiary Oktacom Inc. The Company is a licensed Global Telecom Carrier allowing its international VoIP (voice over IP) wholesale business to more efficiently execute high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco’s digital division is managed by its second wholly owned subsidiary, UpOne. UpOne is building a mobile app, currently available on Android and iOS, that is advancing towards offering users the ability to send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments.

About Codeversity

Codeversity is a private Social Tech company that develops digital solutions and shapes leaders in the field of technology and education. Committed to generating social impact in every project they work on, they have designed their own training methodology to help people with any kind of social or economic vulnerability land their first job in the IT world.

The company was founded one year ago by María Victoria Suarez (CEO), Enrique Mejia (COO), Julián Alvarez (CTO), Felicitas de Zavalía (CXO) and Diego Raffo (CIO). Their headquarters are located in Montevideo, Uruguay, but their multidisciplinary team works from all over the world. They have hands-on experience working in industries like fintech, ed-tech and health-tech in Latin America and United States. After one year of success they are looking to expand and generate new partnerships. Codeversity seeks to transform the world making tech available to everybody.

 

Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively “forwardlooking information”) within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events.
Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future
results or performance.

Upco International Provides Corporate Update and Engages US-Based Investor Relations Advisory Firm

Vancouver, British Columbia–(Newsfile Corp. – July 23, 2021) – Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) (“Upco” or the “Company”) is pleased to announce a shareholder update on its operations and that it has engaged RB Milestone Group LLC (“RBMG”), a leading USbased investor relations advisory firm, to provide corporate communications advisory services to the company.

Telecom Division Update

Upco’s Telecom Division remains the Company’s primary division of which management is pleased to inform its stakeholders that this division is currently operational. Upco remains focused on growing its footprint organically and inorganically via it’s Federated Carrier Program (“FCP”) through its wholly owned subsidiary, Oktacom Inc. Upco initially announced its FCP strategy in July 2020.

To reiterate, Upco’s FCP strategy is to acquire profitable wholesale telecom and wholesale data services companies in emerging countries and expand their reach by connecting them seamlessly with Upco’s existing telecom relationships within developed countries globally.

Oktacom Inc. is a US-based company with offices in New York City, Miami and Buenos Aires. Oktacom continues to evaluate acquisition targets through Upco’s FCP strategy. It is currently in discussions with major interconnected wholesale telecom national operators globally.

While Oktacom continues to focus on FCP, it is simultaneously working on growing its relationships with strategic partners that have an established footprint in developed telecom markets globally. The purpose of partnering with these types of strategic companies is to provide its portfolio of acquisition companies and existing wholesale telecom business with access to new already established markets. This should ultimately increase connectivity for easier and cheaper long distance calling, which should result in higher revenues for the Company. Over the years, Oktacom has successfully completed agreements with reputable partners including, but not limited to, major telecom operators inGermany (Deutsche Telekom), Italy (TIS), China (China Mobile), Dominican Republic, Turkey, United States, Spain and France. Currently in the pipeline are wholesale telecom companies including Argentina, Lebanon, Brasil,
Balcans, Emirates, Saudi.

Upco looks forward to providing its shareholder with updates on newly established strategic partnerships and acquisitions under the Federated Carrier Program.

Digital Division Update

Upco’s Digital Division is managed by UpOne, a wholly owned subsidiary of Upco International, which is currently operating Upco Pay as part of its development program. To reiterate, Upco Pay is an extension of our mobile app providing e-Wallet functionality using Blockchain technology Services. Upon commercial launch, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to share account information securely with their clients.

Upco’s Estanislao Penà, Director of Upco International, is currently spearheading the recruitment of toplevel industry consultants to create a strategy worthy of the multiple functionalities that the mobile application will provide. Upco management is very ambitious about growing this division of which it anticipates will be able to offer different revenue-generating lines of business.

Upco looks forward providing its shareholders with an update on UpOne’s newly established business plan inQ4 2021 with a target to commence revenues inQ1 2022.

Upco engages US-based investor relations firm

RBMG is a US-based full-service investor relations firm that brings a modern approach to the investor relations arena. RBMG has been engaged by Upco to develop and deploy a comprehensive communications strategy including maintaining connectivity with the Company’s existing and prospective shareholders.

All questions about the Company, its projects and the status of each of its subsidiaries will be directly managed by RBMG via investors@upcointernational.com.

RBMG’s Managing Director, Trevor Brucato, commented: “We look forward to working with Upco to build on top of the foundation that has been established thus far with the investor community by streamlining communication.”

About Upco International Inc. (“Upco”)

Upco International is a cloud-based mobile technology and telecommunications company focused on providing users with a secure communication ecosystem for texting and calling globally. Upco’s telecom division is managed by its wholly-owned subsidiaryOktacom Inc. The Company is a licensed Global Telecom Carrier allowing its international VoIP (voice over IP) wholesale business to more efficiently execute high-quality voice termination to a market driven by the growing activity in online communications and commerce.

Upco’s digital division is managed by its second wholly owned subsidiary, UpOne. UpOne is building a mobile app, currently available on Android and iOS, that is advancing towards offering users the ability to send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments.

About RB Milestone Group LLC (“RBMG”)

Founded in 2009, RBMG is a US-based corporate communications firm that specializes in investor relations advisory with offices in New York City and Stamford, Connecticut. RBMG’s US advisory practice delivers investor relations programs tailor-made for emerging companies that are private and publicly traded on the NYSE, NASDAQ, OTC, TSX, TSXV, CSE, ASX and AIM. RBMG refines communications strategies, weighs data and advises clients on how to penetrate new markets. It helps clients target and secure relationships with niche US stakeholders and key industry strategists globally.
Utilizing digital techniques, artificial intelligence (AI) and machine learning, RBMG has developed methods that improve traditional client IR initiatives to maximize ROI. RBMG is not a registered investment advisor or broker-dealer. www.rbmilestone.com

 

Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively “forwardlooking information”) within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events.
Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future
results or performance.

Upco International Inc. Presents Audited Financial Statement for 2020

Vancouver, British Columbia–(Newsfile Corp. – June 30, 2021) – Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) (“Upco”) is pleased to inform shareholders of the Audited FS 2020 result. These documents can be accessed from the SEDAR web site at www.sedar.com.

Overview

The Company ended the previous fiscal year 2020 with a significantly strengthened balance sheet due to the success of the full restructure lead by the new Management compared to 2019.

Restructuring & Financial Control

With regards to the Financial Statements, the main focus of the new Management has been on corporate restructuring, reducing the liabilities with an excellent result by decreasing US$ 563.359 in 2020 representing 44% reduction comparing the Year End Financial Statements 2019. Also a big effort was made reducing costs; as a result total operating expenses were reduced in US$ 371.292 in 2020 representing 20% reduction compared to 2019.

All efforts dedicated to the restructuring are the fundamental objectives achieved by the new management to start the strategy of Upco.

Our ambitious plans are premised on our ability to continue funding our business. In 2020, we undertook cost cutting measures. Our disciplined approach to costs will continue through 2021. However, the new situation will not avoid the needs for additional financial resources to support the short and medium term growth to target ambitious plans in the next 2 years.

Osvaldo Navarro, Upco International Inc CFO, said: “It was a great challenge to reduce costs and order the company’s liabilities. We recently managed to incorporate quality administrative procedures and systems. Finally Upco is in a position to undertake operations in a reliable way.”

Andrea Pagani, Upco International Inc CEO, said: “For the entire 2020 the management did an incredible job putting efforts in financial restructuring; we are still continuing to reduce costs and increase the quality of our consultants by improving procedures, policies and quality control; there is still a lot of work has to be done, but now Upco is ready to kick off leaving a tangible sign in the Market.”

Outlook

The Company’s strategic priorities for the 2021 include:

  • Investments into sales and marketing to drive significant merchant and user growth on the digital.
  • Continued development of the UpOne product family through a series of build-measure-learn
    iterations.
  • Developing communication strategies that speak to key customers with focused messages in the
    relevant channels in addition to addressing broader brand communications.
  • Continuing to add useful spending tools to Upco’s roadmap that build upon an existing platform,
    including enabling customers to make purchases using digital wallets and the open banking
    protocol thanks to Token.io

The Company’s complete financial results are available in its Consolidated Financial Statements and Management’s Discussion and Analysis for the Year End 2020, each filed with Canadian securities regulators at www.sedar.com.

IFRS

The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS).

 

About Upco International Inc.

Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business.

Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to share account information securely with their clients.

 

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward- looking information”) within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance.

Upco International Inc. announces Corporate Update

Vancouver, BC, June 22nd, 2021, Upco International Inc. (CSE: UPCO) (OTC: UCCPF) (Frankfurt: U06) (“Upco”) announces corporate developments. Upco International Inc, announces that it did not file its annual audited financial statements, management’s discussion and analysis, and related certifications for the fiscal year ending December 31, 2020 (collectively, the “Financial Statements”) on time as required by securities law due to unforeseen administrative and audit delays.

The Company’s audit firm, MSLL, has not yet completed the required audited financial statements for 2020 by the mutually agreed upon deadline of May 31, 2021. MSLL was appointed as the Company’s auditor in April 2020. The Company was informed in mid-May that MSLL would require additional time to complete the audit due to the integration of subsidiaries acquired by the Company.  As a result of these delays, the Company filed for an extension with the BCSC, and a Management Cease Trade Order was granted which provides the Company until July 2, 2021, to file the financial statements.

Upco’s management and Board would like to clarify that the entire international team is working to finish the Audit-review as fast as possible and the company is in good standing, healthy in both its operational and administrative areas. Upco International further announces that the Board is considering moving the listing from CSE to Toronto Stock Exchange, as soon as possible.

Updates on the Business and strategies will be released after the presentation of the year-end Financial Statements and First Quarter.

About Upco International Inc.

Upco International Inc. is a cloud-based mobile service company that provides high-quality voice termination to a market-driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to share account information securely with their clients.

Please visit www.upcointernational.com for further information. ON BEHALF OF THE BOARD OF DIRECTORS

Andrea Pagani, CEO and Director office@upcointernational.com

+1 (646) 7661275

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance.

Upco International Inc. announces Result of Annual General Meeting for 2021

Vancouver, BC, April 26, 2021, Upco International Inc. (CSE: UPCO) (OTC: UCCPF) (Frankfurt: U06) (“Upco”) is pleased to inform shareholders of the Annual General Meeting result. These documents can be accessed from the SEDAR web site at www.sedar.com.

UPCO INTERNATIONAL INC’s shareholders voted in favour of each of the matters considered at the AGM, including:

(i)  the election of Estanislao Peña, Juan Ramos Taboada, Andrea Pagani as directors of the Company;
(ii)  the appointment of MSLL CPA LLC, Chartered Professional Accountants as the Company’s auditors for the ensuing year; and
(iii)  the approval of Upco Interntional Inc’s Stock Option Plan.

Considering the current COVID-19 situation and in line with the applicable Canadian regulation, this year’s Annual General Meeting was conducted solely by voting through independent proxy and without physical attendance of shareholders.

The shareholders of the company elected Estanislao Peña as a new member of the Board of Directors of Upco International Inc. The new board member is considered to be independent and will add deep knowledge and business expertise in the Telecom and Fintech arena for the next milestone in the roadmap of Upco International Inc. Juan Ramos Taboada and Andrea Pagani were re-elected as members of the Board of Directors for a term of office until the 2022 Annual General Meeting.

“We warmly welcome our new Board member, together with my fellow Board members” expressed Andrea Pagani.

MSLL CPA LLC, Chartered Professional Accountants has been elected as the Group’s statutory auditors for the financial year 2021.

About Upco International Inc.

Upco International Inc. is a cloud-based mobile service company that provides high-quality voice termination to a market-driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp. With the forthcoming addition of the Upco e-Wallet using Blockchain Payment Services, users will be able to: send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments. The application will also allow vendors to share account information securely with their clients.

Please visit www.upcointernational.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Andrea Pagani, CEO and Director

office@upcointernational.com

+1 (646) 7661275

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward- looking information”) within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “development”, “forthcoming”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Upco cautions investors that any forward-looking information provided by Upco is not a guarantee of future results or performance.

Upco International – AGM Zoom link

Join Zoom Meeting at Upco International AGM

https://zoom.us/j/98287184961 Meeting ID: 982 8718 4961 One tap mobile +13462487799,,98287184961# US (Houston) +16699006833,,98287184961# US (San Jose) Dial by your location +1 346 248 7799 US (Houston) +1 669 900 6833 US (San Jose) +1 929 205 6099 US (New York) +1 253 215 8782 US (Tacoma) +1 301 715 8592 US (Washington DC) +1 312 626 6799 US (Chicago) Meeting ID: 982 8718 4961

Find your local number: https://zoom.us/u/adKjuBxAsQ

Upco International – Notice of Annual General Meeting 2020

For the Annual General and Special Meeting of the Shareholders, to be held on Thursday, April 22, 2021

Download PDF: Upco-International-Notice-of-Meeting-2020

Upco International – Info Circular 2020

Containing information as at March 18, 2021 unless indicated otherwise

Download PDF: Upco-International-Info-Circular-2020