The technology sector has been one of the areas in North American markets apparently exempt from the pandemic-induced market meltdown we have been experiencing since March. That comes as no surprise; folks with nothing to do in quarantine have hit their electronic devices with a vengeance.
Thursday, techs in the U.S. surged 1.3%, while their Canadian cousins climbed 1%.
Philadelphia-based Integrated Ventures Inc (OTC: INTV) operates as a Technology Holdings Company with a focus on cryptocurrency sector as well as implementation of M&A roll-up. On Thursday, the company revealed the execution of a $1,000,000 Term Sheet with Eagle Equities, LLC and to update shareholders with recent corporate developments.
The proceeds will be used to expand cryptocurrency operations and to support future acquired operations.
To assist with execution of roll-up strategy, INTV plans to engage a business consulting group, with verifiable revenue generating M&A targets, companies which are established and have solid bottom lines. So far, INTV has identified two such targets and if successful in closing these two deals, its annual sales are expected to reach around $5.5 million.
INTV shares gathered 22.4%, to 3.5 cents, on 7.9 million shares.
Not all of the partners in the tech family had such spectacular results. North of the line, Calgary-based Questor Technology Inc. (TSX-Venture: QST) announced second-quarter revenue declined by 86% from $7.34 million to $1.03 million. Earnings took a hit, too, decreasing $3.3 million (or 161%) from the prior-year quarter.
QST assured investors, however, it continues to be in a strong financial position at June 30, 2020. Cash increased to $15.2 million from $13.5 million at December 31, 2019. Questor has an undrawn $1.0 million revolving demand loan facility and an undrawn $5.0 million capital loan facility.
QST advanced, though not very much, a mere two cents, or 1.4%, to $1.49, on volume of 20,000 shares.
