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QUISITIVE Quisitive Reports Strong Third Quarter 2021 Financial Results Company Announces Record Quarterly Revenues of $ 27.8 million TORONTO , Nov. 22 , 2021 ( GLOBE NEWSWIRE ) -- Quisitive Technology Solutions Inc. ( “ Quisitive " or the " Company " ) ( TSXV : QUIS ) , a premier Microsoft Cloud Services and Payment Solutions Provider , today reported financial results for the third quarter ended September 30 , 2021 . Management Commentary " Despite the effects of certain macroeconomic headwinds , the closing of the third quarter marked another strong period of growth and milestone achievements as we made incremental expansions on both the cloud solutions and payment businesses , " said Quisitive CEO Mike Reinhart . “ As announced this morning , the closing of the Catapult acquisition further establishes Quisitive as the premier global Microsoft cloud - solutions partner , building upon an existing set of IP and comprehensive services , adding additional recurring management services , while expanding Quisitive's geographic footprint and highly skilled employee base . " On the payment solutions side , our continued priority and emphasis remains to be on the full commercialization of LedgerPay . Though there is a minor delay in card network certification resulting from the national supply chain issue , we've been able to secure PCI Level 1 certification and a contract with Paytron to employ LedgerPay's advanced payment processing services to its customers . Coupling LedgerPay's advancements along with the successes of BankCard and the Mazik Global acquisitions has increased our value proposition and strengthened our foundational revenue streams . We continue to look upon the future with much excitement and anticipation , as our active M & A efforts , coupled with the robust organic growth we've been seeing , leaves us optimistic for the potential of Quisitive to be a unique and powerful player both inside the Microsoft ecosystem as well as a disruptor in the payments industry . " Third Quarter 2021 Financial Results The Company's unaudited condensed consolidated interim financial statements for three and nine months ended September 30 , 2021 and related management's discussion and analysis can be found on the Company's website and on the Company's issuer profile on SEDAR at www.sedar.com . All figures are expressed in United States dollars unless otherwise stated . • Third quarter revenue increased 119 % to $ 27.8 million for the quarter ended September 30 , 2021 compared to $ 12.7 million for the quarter ended September 30 , 2020 . • Gross margin increased 113 % to $ 10.9 million for the quarter ended September 30 , 2021 compared to $ 5.1 million , for the quarter ended September 30 , 2020 . • Adjusted EBITDA increased 152 % to $ 5.2 million for the three months ended September 30 , 2021 compared to an Adjusted EBITDA of $ 2.0 million , for the three months ended September 30 , 2020 . • Net loss was $ 3.0 million for the three months ended September 30 , 2021 compared with net loss of $ 1.8 million for the three months ended September 30 , 2020 . Payment volume for the three months ended September 30 , 2021 was $ 940 million . Third Quarter 2021 and Subsequent Operational Highlights • Announced closing of Catapult Systems acquisition . • Signed a definitive agreement to acquire Catapult Systems , a leading Microsoft - focused solutions and services firm that specializes in imagining , building , and sustaining digital transformation and cloud based solutions . . Secured ISO customer in Paytron Merchant Services , becoming one of the first LedgerPay contracts with an Independent Sales Organization . Achieved PCI - DSS Certification for demonstrating LedgerPay's robust security protocols and commitment to customer information security . • Signed a long term $ 70 million term credit facility with a syndicate led by Bank of Montreal , including Desjardins Capital Markets , which replaced existing credit facility with a Canadian Schedule 1 bank . Selected as Omnitracs Microsoft Office 365 tenant - tenant migration provider . • Received a patent for its payment security solution , AgeChecker ; a software that leverages high quality data sources and intelligent matching technology to verify the identity of more than 90 % of the U.S. population within seconds . • Achieved the Microsoft Business Applications 2021/2022 Inner Circle Award based on sales achievements that rank Quisitive in the top echelon of the Microsoft Business Applications global network of partners . • Achieved the Microsoft Adoption and Change Management Advanced Specialization , a prestigious status that is only granted to select Microsoft partners who demonstrate deep knowledge and extensive experience . • Recognized as the 2021 Microsoft Healthcare Partner of the Year award above a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology . • Chosen by Microsoft as a strategic partner to develop their upcoming Platform of Intelligent Order Management ( IOM ) . IOM was announced earlier this month during Microsoft Ignite Conference by CEO Satya Nadella .