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Sparx Announces Q3 Results

SPARX ANNOUNCES MARCH 31, 2022 FINANCIAL RESULTS


May 31, 2022 – Vancouver, BC, Canada. Sparx Technology Inc. (TSXV: SPRX) (“Sparx” or the “Company”) announced its financial results for the third quarter ended March 31, 2022, and the related Management’s Discussion and Analysis.


The Company reported a revenue of $145,123 for the three month period ended March 31, 2022, down $30,742 or 17% from the same period in 2021, and $698,456 for nine month period ended March 31, 2022, up $211,231 or 43% from the same period in 2021. Total expenses were $3,393,461 for the three month period ended March 31, 2022, up $2,253,956 or 197% from the same period in 2021, and $4,504,189 for nine month period ended March 31, 2022, up $1,373,957 or 44% from the same period in 2021


“Our year-to-date revenues are very encouraging. Over the last nine months we’ve added five new customers to our portfolio that have helped bolster our year-to-date figures. We’re fortunate to work with some of the largest media and production companies in the world who have many new and exciting projects around the corner which makes us at Sparx very optimistic going forward” said Al Thorgeirson, CEO and President.


The Company’s financial results for the third quarter ended March 31, 2022, and the related Management’s Discussion and Analysis, have been filed and are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

On behalf of the Board

Al Thorgeirson

CEO and President

For further information, please contact:

Kesley Letham

Investor relations

invest@sparxtechnology.com

ABOUT SPARX:

Sparx is an interactive media technology company whose principal activities are providing media companies and sports teams with technologies to engage audiences. The patented Sparx platform enables broadcasters, streamers, and video producers to engage viewers for longer, generate new revenue opportunities, and create lean-forward experiences for audiences eager to join the action. Millions of users can connect to the Sparx platform and interact simultaneously on their mobile phone, tablet, or computer anywhere in the world, in real time.

For more information about Sparx, visit the Company’s website at www.sparxtechnology.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements included in this news release, including statements concerning the Company’s plans, intentions, and expectations, which are not historical in nature, are intended to be, and are hereby identified as, “forward‐looking statements”. Forward-looking statements include, among other matters, the anticipated use of proceeds from the Financing. Forward‐looking statements may be, but are not always, identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties (including risks that the Transaction does not proceed, or proceed on the expected terms, geopolitical risk, regulatory, Covid-19 and exchange rate risk) that could cause actual results to differ materially from those indicated in the forward‐looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning the Company or future developments, circumstances or results will materialize. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.

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