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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 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.