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by Stockwatch Business Reporter
The TSX Venture Exchange lost 9.26 points to 615.24 Monday. Rory Olson's shell graduate, Voti Detection Inc. (VOTI: $3), began trading today. There was a single trade, a cross by GMP Securities Ltd., for 8,000 shares at $3. Voti's stock closed with a bid-ask spread of $2.01-$5.09.
Voti is a Montreal company that makes X-ray screening machines, such as the kind used to scan parcels at post offices, scan luggage at airports or inspect cars at checkpoints. Voti generates about 90 per cent of its sales outside Canada. It has warehouses in the United Arab Emirates, Malaysia and Australia. Among its largest customers in the fiscal year ended Oct. 31, 2017, was the Indonesian prison system, which accounted for 20 per cent of its revenue. In fiscal 2017, Voti lost $2.46-million on revenue of $18.46-million. It performed better in the nine months ended July 31, 2018, when it lost $263,864 on revenue of $17.53-million. Voti boasts of having sold its screening machines to customers including the Office of the UN High Commissioner for Refugees (for refugee camps), Amazon (for its warehouses), Turkish Airlines (for cargo) and RCMP (for its headquarters in Ottawa). To finance its business, Voti raised $9.24-million at $3 in August. Its financing agent was GMP Securities.
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