NextGen Digital Publishes First Quarter Financial Results

/EIN News/ -- FREDERICTON, New Brunswick, Aug. 16, 2024 (GLOBE NEWSWIRE) -- NextGen Digital Platforms Inc. (“NextGen” or the “Company”) (CSE: NXT) is pleased to announce that it has published and filed its Unaudited Condensed Interim Financial Statements and Management Discussion & Analysis for the three months ending June 30, 2024 (“Q1 2025”), which are available on the Company’s SEDAR+ profile page at www.sedarplus.ca.

Joel Freudman, Founder, President & CEO of NextGen, stated, “Q1 2025 marks NextGen’s first set of financial statements reported as a public company, and I'm pleased that we maintain a healthy working capital position while continuing to generate revenue from both of our business lines, namely PCSections.com and our ‘Cloud AI Hosting’ hardware-as-a-service business.”

Added Heran (Kevin) Zhou, NextGen’s Director of Platforms & Marketing: “In the coming months, we plan to expand our fleet of GPU workstations to scale up our Cloud AI Hosting business, which we believe has exciting growth potential. This will allow us to build on our current capabilities and support our long-term operational goals.”

Among other results, NextGen reported Q1 2025 revenue of $823 and a net loss of ($38,218), and as at June 30, 2024 the Company had cash and cash equivalents of $349,368.

About NextGen Digital Platforms Inc.
NextGen is a Canadian technology company specializing in the development and acquisition of revenue-generating micro-technology digital platforms. The Company currently operates e-commerce platform PCSections.com (“PCS”) and a hardware-as-a-service business supporting the artificial intelligence sector, called cloud AI hosting (“Cloud AI Hosting”). Both PCS and Cloud AI Hosting were developed in-house by NextGen. From time to time the Company also intends to evaluate and acquire or develop other micro-technology platforms.

NextGen is a portfolio company of Resurgent Capital Corp. (“Resurgent”), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works with promising public and pre-public micro-capitalization companies listing on Canadian stock exchanges. For more information on Resurgent and its portfolio companies, please visit Resurgent’s website at https://www.resurgentcapital.ca/ or follow Resurgent on LinkedIn at https://ca.linkedin.com/company/resurgent-capital-corp.

For further information about NextGen, please contact:

Joel Freudman
Founder, President & CEO
NextGen Digital Platforms Inc.
Phone: (647) 368-7789
Email: info@nextgendigital.ca
Website: https://nextgendigital.ca/

Cautionary Statements Regarding Forward-Looking Information

Neither the Canadian Securities Exchange nor its regulation services provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains certain forward-looking statements, including those relating to the Company’s future operational plans and objectives for Cloud AI Hosting. These statements are based on numerous assumptions regarding the Company’s business plans and technological development forecasts that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation the risk that the Company will not be able to raise sufficient funds to carry out its business plans; technological and business risks inherent in artificial intelligence, e-commerce, and other emerging sectors that the Company is or may become involved in; volatility in financial markets and economic conditions. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws.