Voxtur Analytics Corp Stock Price, News & Analysis

Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) has appointed Ryan Marshall as its new Chief Executive Officer, effective immediately. This leadership change marks a strategic pivot for the company, focusing on innovation, growth, and enhanced shareholder value. Marshall, formerly Voxtur's COO and CPO, brings extensive experience in the U.S. mortgage industry and a deep understanding of the company's operations.

The new CEO's vision, dubbed 'OneVoxtur', aims to unite business units, relationships, and experiences. Key principles include improving corporate governance, financial acumen, stakeholder management, innovation, talent development, and corporate social responsibility. Marshall also plans to enhance Voxtur's financial reporting model and implement rigorous executive reviews for new developments.

Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) has announced a strategic joint venture with University Bancorp, Inc. (OTCQB: UNIB). University Bancorp will lead a group of investors to acquire a 50.5% stake in Blue Water Financial Technologies, a Voxtur subsidiary, for $30 million USD upfront and a potential $9.5 million USD earnout. The deal aims to strengthen Voxtur's financial position by reducing debt owed to Bank of Montreal and enhancing operational flexibility. This partnership is expected to drive growth, technological advancements, and create new opportunities in the mortgage industry. The transaction, subject to regulatory approval, is anticipated to close by the end of Voxtur's third quarter.

Voxtur Analytics announced the results of its annual and special shareholder meeting held on June 28, 2024. All proposed items were approved by shareholders, including setting the number of directors at four, electing the nominated directors, appointing MNP LLP as the Company’s Auditor, and ratifying the Long-Term Incentive Plan. Notably, Gary Yeoman, Michael Harris, Ray Williams, and Allan Bezanson were elected as directors with over 99% of votes in favor. Post-meeting, Gary Yeoman was appointed Chairman, and Michael Harris as Lead Director.

Voxtur Analytics is urging shareholders to vote for the company's management nominees at the upcoming annual general meeting on June 28, 2024. The company raises concerns about a dissident group's lack of transparency and legal compliance, specifically highlighting that only Rice Park has complied with Canadian securities laws. Voxtur questions the dissident group's motives and capabilities, citing potential conflicts of interest and lack of experience in the Canadian market. The company stresses that the dissident group's actions could trigger a default on Voxtur's credit agreements, risking shareholder investments. Voxtur encourages shareholders to protect their investments by voting for its management nominees: Gary Yeoman, Michael Harris, Ray Williams, and Allan Bezanson.

Voxtur Analytics urges shareholders to vote against nominees from Rice Park Capital Management, a US-based private equity fund aiming to take control of the company without offering shareholders a premium. Voxtur highlights that the Private Equity Nominees lack experience with Canadian public companies and have multiple conflicts of interest. The company's current strategy, focused on reducing costs, debt, and boosting profitability, is already showing positive results, such as a $9.5 million CAD reduction in annual operating expenses since May 2023 and a $23 million CAD reduction in term debt in Q4 2023. Voxtur warns that a change of control could trigger debt covenants, risking insolvency. Voting closes on June 26, 2024.

A group of Voxtur shareholders, including former chairman Nicholas H. Smith, is pushing for a major overhaul of the company's board at the upcoming Annual General and Special Meeting (AGSM) scheduled for June 28, 2024. The Voxtur Shareholders for Accountability, holding about 19% of the company's shares, are advocating for six new board members due to significant financial declines under the current management. The company has faced losses in each of the past five years, including a Q4 2023 adjusted EBITDA loss of C$3.9 million and a Q1 2024 loss of C$665,000. The group's nominees include seasoned professionals like Alan P. Qureshi, who is proposed as the new CEO. They aim to implement a long-term strategic plan, streamline expenses, and enhance transparency in financial reporting. The current board is criticized for lacking a coherent strategic plan, experiencing high turnover, and incurring excessive costs.

Voxtur Analytics Corp (TSXV: VXTR; OTCQB: VXTRF) announced its intention to issue 987,487 common shares valued at US$0.0769 (C$0.1044) per share to settle a debt of US$75,931 (C$103,130) owed to a former executive. This shares-for-debt transaction, subject to TSX Venture Exchange approval, is part of Voxtur's strategy to manage its financial obligations. The issued shares will have a hold period of four months and one day from the issuance date.

Voxtur Analytics Corp. (TSXV: VXTR, OTCQB: VXTRF) announced its financial results for Q1 2024. Revenue increased to CAD 13.376 million, up from CAD 12.637 million in Q1 2023. Gross profit also rose to CAD 9.018 million, representing 67% of revenue, up from 62% in the previous year. The company reported an adjusted EBITDA of CAD -665k, a significant improvement from CAD -4.327 million in Q1 2023. Voxtur emphasizes debt reduction and strategic growth, focusing on new technology development and operational efficiency. Full financial details are available on SEDAR+ and Voxtur's website.

Voxtur Analytics Corp. announced its financial results for the year and quarter ended December 31, 2023, highlighting the sale of its appraisal management company, resulting in debt repayment and annual savings of $8.2M. Revenue from continuing operations decreased to $9,886 in Q4 2023 from $20,263 in Q4 2022, while gross profit increased to $6,073 from $9,881. Adjusted EBITDA for continuing operations showed a loss of $3,915 in Q4 2023, compared to a loss of $1,468 in Q4 2022.