Toronto, Ontario--(Newsfile Corp. - June 24, 2021) - Universal PropTech Inc. (TSXV: UPI) (OTCQB: UPIPF) (FSE: 8LH) ("UPI" or the "Company") is pleased to announce that the Company's wholly-owned subsidiary, VCI Controls Inc. ("VCI"), had received a number of purchase orders for approximately $750,000 for mechanical work for a few customers in Ontario.
Chris Hazelton, CEO of Universal PropTech Inc., stated: "The mechanical group within VCI Controls has been doing a great job in growing sales, and are having a great month of June in announcements. As a testament to the success in delivering our strategic imperative, we are growing mechanical group in services, repairs, project work, and by adding new government customers to our client list."
Mechanical Work
The following are a select number of recent mechanical projects and services purchase orders:
- New customer - Municipal housing company with approximately $500,000 in mechanical maintenance services agreement for 3 years plus extensions;
- Large Ontario municipality with approximately $150,000 in mechanical services and repair work for 2 years plus extensions;
- Large Ontario municipality with approximately $50,000 in heat pump installations; and
- Regional Police Services with approximately $50,000 in HVAC repairs.
On December 9, 2020, the Company updated investors on strategic imperatives for fiscal year 2021, and this award demonstrates that the Company is seeing success in aggressive organic growth, additional product offerings, and strengthening Trusted Advisor status with customers.
In general, VCI generates revenue from annual service contracts and repair revenues that are generated from being onsite and identifying opportunities. In addition to ongoing services and repair revenues, VCI generates project revenues as capacity filling for its resources.
The execution of above-listed projects is expected to occur this fiscal quarter.
About Universal PropTech Inc.
Universal PropTech Inc. (TSXV: UPI) (OTCQB: UPIPF) (FSE: 8LH) is a leading building innovation company, selecting, integrating, deploying, and maintaining PropTech in healthy buildings. As trusted advisors, we provide holistic evidence-driven solutions and services for building developers, owners, and operators in Canada. UPI operates through its wholly owned subsidiary, VCI Controls Inc. ("VCI"), a leading supplier and integrator of PropTech healthy building solutions and services. VCI is an industry leader in the acquisition and deployment of intelligent building technology, including the integration of all building systems utilizing the latest in communications technologies and standards. VCI's business focuses on digital controls and mechanical services, performance monitoring, and energy efficiency solutions.
With headquarters in Toronto, Universal PropTech Inc. has offices across Canada including, Halifax, Montreal, and Ottawa. For more information, visit www.universalproptech.com.
Contact Information
Universal PropTech Inc.
Chris Hazelton
President and Chief Executive Officer
chazelton@universalproptech.com
(647) 300-2957
Additional Universal PropTech Statement
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Forward-Looking Statements
Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "forecast", expect", "plan", "intend", "estimate", "propose", "project", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities not to place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.
The forward-looking information included herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange ("Exchange"), nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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