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.