Xigem Technologies Corporation (CSE:XIGM) (FRA:2C1) has posted its first results as a public company showing it ended 1Q 2020 with C$1.9 million in cash.
The Canadian technology provider said it expects to begin recognizing revenue by 3Q 2021 as it looks to commercialize its patented Software-as-a-Service iAgent cloud-based platform across multiple billion-dollar industries.
During the quarter ended March 31, 2021, Xigem signed a letter of intent with Insurance Supermarket Inc – its first entry into the US$3 billion insurance technology market – and another with FluBusters Inc, giving it a foothold in the US$1.5 trillion consumer packaged goods sector.
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The company also announced its intent to acquire shipment tracking firm, Shipit.to.
"We are pleased with our early momentum since becoming a publicly-traded company,” Xigem CEO Brian Kalish said in the results statement.
“In less than three months, Xigem is on its way to establishing a presence in multiple, high-growth industry verticals. The common theme of the last few months has been an attempt to leverage the broad applicability of our technology for businesses and consumers as they navigate the ever-evolving opportunities within the rapidly-growing remote economy.”
Xigem went public on the Canadian Securities Exchange on March 15 and started trading on the Frankfurt Stock Exchange a few days later.
The Toronto-based company’s software is capable of improving the capacity, productivity, and overall remote operations for businesses, consumers and other organizations.
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