Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) has announced its 2021 financial results, showing its unaudited net asset value (NAV) increased to $102 million from $51 million in 2020 despite uncertainties domestically and abroad in the past 12 months.
The company, which provides venture capital investment access to a diverse portfolio of next-generation technology companies within an audited, transparent and liquid investment vehicle, said it has built a pipeline of opportunities and seen significant growth in its portfolio companies.
“The decline in the capital markets over the past 12 months has been brutal, volatility on the major indexes, inflation worries, rate hikes, and the Russia-Ukraine Crisis have created a lot of uncertainty about what lies ahead for many,” said Shafin Diamond Tejani, CEO of Victory Square, in a statement.
“We understand how frustrating the share price decline must be for our shareholders. Despite the share price decline though, Victory Square is in a stronger position now than at any time in its past,” he added.
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“Although uncertainty abounds domestically and globally, opportunity also abounds for investors — the challenges ahead are plain to see and, in many respects, timeless: health and safety, the desire to communicate and play, the need to eat and work and thrive. And, Victory Square has built a portfolio full of phenomenal companies finding creative new ways to solve these timeless needs,” Tejani said.
The Vancouver-based company said it had a healthy balance sheet, with $4,376,374 in cash and cash equivalents at the end of 2021. During the year, it bought back a total of 562,000 of its own shares at an average cost of $0.4814, with commission, or $0.4713, without commission.
It also issued three dividends of securities to its shareholders with an aggregate market value of approximately $39.65 for every 1,000 shares held.
As previously announced, Victory Square invested, spun off and exited several companies in 2021, including the sale of Argo Blockchain shares for a gain of $1,021,244 while also completing the acquisition of Stardust Solar, a renewable energy company.
Looking ahead, the company is well equipped to leverage on its dynamic combination of people, ideas, and capital to successfully build, develop and support companies in the global technology sector to create long-term value, CEO Tejani said.
“Ultimately, Victory Square’s team is committed to incubating and building a new breed of companies set to become the next decade’s technology giants,” he added.
Contact the author at jon.hopkins@proactiveinvestors.com