
BOARDWALKTECH ANNOUNCES STRATEGIC PARTNERSHIP WITH ZIDEAS CONSULTING AND APPOINTMENT OF JAY CHAKRABORTY TO ADVISORY BOARD
CUPERTINO, Calif., May 12, 2025 /CNW/ - (TSXV: BWLK) (OTCQB: BWLKF) Boardwalktech Software Corp. (the " Company" or " Boardwalktech"), a leading digital ledger platform and enterprise software solutions company, announces a new strategic partnership with Zideas Consulting, a respected technology advisory firm focused on digital transformation, AI implementation, risk management and compliance, and enterprise IT and data strategy.
Together, Boardwalktech and Zideas will work with both existing and new clients to help those engaged enterprises transform and refine processes by deploying best in class strategies and technologies, including licensing of Boardwalk's software solutions, which will improve outcomes and deliver transformational value for their organization.
Concurrent with the partnership, Boardwalktech has also appointed Jay Chakraborty, Principal of Zideas Consulting, to its Advisory Board. Mr. Chakraborty brings decades of enterprise consulting experience, having held senior leadership roles at global firms where he led large-scale digital and technology transformation projects across the financial services, manufacturing, and healthcare industries.
"We're excited to welcome Zideas Consulting as a partner and Jay to our Advisory Board," said Andrew Duncan, CEO of Boardwalktech. "Jay's deep domain expertise and strategic insight will be invaluable as we expand our partner ecosystem and execute on key growth initiatives. We are already engaged with Zideas on several engagements, and this collaboration represents a significant step forward in strengthening our enterprise go-to-market capabilities."
This partnership aligns with Boardwalktech's continued focus on enabling digital transformation through its patented Digital Ledger and Intelligent Information Platform, allowing organizations to unify and manage structured and unstructured data, improve risk and compliance, and improve decision-making. Boardwalktech's Digital Ledger platform enables multiple users to collaborate on the same data models in real time, seamlessly managing critical information flows across internal and external stakeholders. By automating these workflows and timestamping every change, the platform creates a single, trusted source of truth—enhancing data accountability, traceability, and auditability.
About Zideas Consulting
Zideas Consulting is a boutique technology advisory firm specializing in enterprise transformation, digital innovation, and strategy execution. Led by industry veterans, Zideas provides consulting services that help organizations align IT capabilities with business outcomes.
For more information, visit www.zideasconsulting.com.
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com.
Forward-Looking Statement
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in the Company's filing statement dated February 25, 2025. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Legal Disclaimer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Boardwalktech Software Corp.
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MONTREAL, June 17, 2025 /CNW/ - Reitmans (Canada) Limited ("RCL" or the "Company") (TSXV: RET) (TSXV: RET -A), one of Canada's leading specialty apparel retailers, today reported its financial results for the first quarter ended May 3, 2025. Unless otherwise indicated, all comparisons are to the first quarter ended May 4, 2024. All dollar amounts are in Canadian currency. Highlights Net revenues decreased 4.1% to $158.9 million, primarily due to severe winter weather in the month of February and economic uncertainty. Comparable sales 1 decreased 4.5%. Gross profit % was down 100 basis points to 55.7%. Adjusted EBITDA 1 was negative $10.6 million. Net loss was $10.0 million, or $0.20 per share. "While our e-commerce revenue grew in Q1, it was not enough to offset lower in-store traffic resulting from near-record snowfall accumulations in some regions during February," said Andrea Limbardi, President and CEO of RCL. "We saw improvement once the weather cleared; however, consumers were more price-conscious amid ongoing economic uncertainty. We proactively moved our merchandise with selective and strategic promotional activity, ending the quarter with healthy inventory levels. However, these actions resulted in a year-over-year gross profit impact. I am pleased with the performance of our Reitmans brand, which performed well in the quarter, responding to customers' concerns over the economy with its hallmark of great styles and quality at accessible price points." "Our disappointing financial results underscore the importance of implementing the five-year strategic plan we announced in April. This strategy is designed to drive long-term profitable growth and ultimately make our business more resilient. As part of our ongoing efforts to optimize our store fleet, we opened three new Reitmans stores, one RW&CO store, and two PENN stores that were relocations during the quarter. Meanwhile, under our strategy to fuel growth with modernization, we moved forward with the first phase of our digital strategic roadmap. Reflecting our commitment to a seamless customer journey across all our touch points, this first phase will include newly designed front-end e-commerce storefronts for all three brands and migrating to Shopify TM. We expect the migration and launch of our enhanced e-commerce offering to be completed this fiscal year." Selected Financial Information (in millions of dollars, except for gross profit % and earnings per share) (unaudited) First quarter 2026 2025 Change Net revenues $158.9 $165.7 (4.1 %) Gross profit $88.5 $93.9 (5.8 %) Gross profit % 55.7 % 56.7 % (100 bps) Selling, general and administrative expenses $99.1 $95.1 4.2 % Net loss ($10.0) ($1.5) n/a Adjusted EBITDA 1 ($10.6) $0.9 n/a Loss per share: Basic ($0.20) ($0.03) n/a Diluted ($0.20) ($0.03) n/a 1 On May 3, 2025, RCL had working capital 1 of $134.8 million, including cash of $85.4 million compared to working capital of $165.7 million, including cash of $158.1 million as at February 1, 2025 and working capital of $153.4 million, including cash of $98.9 million as at May 4, 2024. At the end of the first quarter, RCL had no long-term debt other than lease liabilities and no amounts were drawn under the Company's bank credit facilities. First Quarter Overview Net revenues decreased by 4.1%, to $158.9 million. The decrease was attributable to adverse weather conditions in the month of February and consumers being more price conscious as a result of economic uncertainty. Comparable sales 1 decreased 4.5%, primarily due to lower store traffic and customers migrating to discounted merchandise. Gross profit % decreased by 100 basis points, to 55.7% or $88.5 million, mainly due to a lower proportion of regular priced sales. Adjusted EBITDA 1 was a loss of $10.6 million, largely due to lower gross profit and higher occupancy costs and wages. Net loss was $10.0 million compared to a loss of $1.5 million a year earlier. The Company's complete financial statements including notes, and the Company's MD&A for the first quarter of fiscal 2026 are available online at Normal Course Issuer Bid The Company intends to renew the current NCIB, which expires in August 2025, through the facilities of the TSX Venture Exchange to purchase Non-Voting Shares. The NCIB would continue to be conducted through BMO Nesbitt Burns Inc. and is expected to take place over an additional period of 12 months from August 5, 2025. The extent to which the Company repurchases its shares and the timing of such purchases will depend upon the market conditions and other corporate considerations. The NCIB is subject to regulatory approval. Conference Call The Company will host a conference call on June 18, 2025, at 8:30 am Eastern Time to discuss its first quarter financial results. Interested parties may join the conference call by dialing 1-833-752-3725 or 647-846-8584 approximately 15 minutes prior to the call to secure a line. A live audio webcast of the call will be available at and will be available for replay at this website for 12 months. About Reitmans (Canada) Limited Reitmans (Canada) Limited is one of Canada's leading specialty apparel retailers for women and men, with retail outlets throughout the country. The Company operates 394 stores under three distinct banners consisting of 225 Reitmans, 86 PENN., and 83 RW&CO. For more information, visit For further information, please contact: NON-GAAP Financial Measures & Supplementary Financial Measures This press release makes reference to certain non-GAAP financial measures. These financial measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for the Company's analysis of its financial information reported under IFRS. NON-GAAP Financial Measures This press release discusses the following non-GAAP financial measures: adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") and working capital. This press release also indicates Adjusted EBITDA as a percentage of net revenues and is considered a non -GAAP financial ratio. Net revenues represent the sales of merchandise less discounts and returns ("net sales") and includes shipping fees charged to customers on e-commerce orders. The intent of presenting Adjusted EBITDA is to provide additional useful information to investors and analysts. Adjusted EBITDA is currently defined as net earnings (loss) before depreciation, amortization, net impairment of non-financial assets, interest expense, interest income, income tax expense/recovery, pension windup-related administration costs, and adjusted for the impact of certain items, including a deduction of interest expense and depreciation relating to leases accounted for under IFRS 16, Leases. Management believes that Adjusted EBITDA is an important indicator of the Company's ability to generate liquidity through operating cash flow to fund working capital needs and fund capital expenditures and uses this metric for this purpose. Management believes that Adjusted EBITDA as a percentage of net revenues indicates how much liquidity is generated for each dollar of net revenues. The exclusion of interest income and expenses, other than interest expense related to lease liabilities as explained hereafter, eliminates the impact on earnings derived from non-operational activities. The exclusion of depreciation, amortization and net impairment losses, other than depreciation related to right-of-use assets as explained hereafter, eliminates the non-cash impact, and the exclusion of pension windup-related administrative costs presents the results of the on-going business. Under IFRS 16, Leases, the characteristics of some leases result in lease payments being recognized in net earnings in the period in which the performance or use occurs while other leases are recorded as right-of-use assets with a corresponding lease liability recognized, which results in depreciation of those assets and interest expense from those liabilities. Management is presenting its Adjusted EBITDA to reflect the payments of its store and equipment lease obligations on a consistent basis. As such, the initial add-back of depreciation of right-of-use assets and interest on lease obligations are removed from the calculation of Adjusted EDITDA, as this better reflects the operational cash flow impact of its leases. Working capital is defined as current assets less current liabilities. Management believes that working capital provides information that is helpful to understand the financial condition of the Company. Due to the seasonality of the Company's business, it is more relevant to compare the working capital position at the same point in time. Reconciliation of NON-GAAP Measures Supplementary Financial Measures The Company uses a key performance indicator ("KPI"), comparable sales, to assess store performance and sales growth. The Company engages in an omnichannel approach in connecting with its customers by appealing to their shopping habits through either online or store channels. This approach allows customers to shop online for home delivery or to pick up in store, purchase in any of our store locations or ship to home from another store when the products are unavailable in a particular store. Due to customer cross-channel behaviour, the Company reports a single comparable sales metric, inclusive of store and e-commerce channels. Comparable sales are defined as net sales generated by stores that have been continuously open during both of the periods being compared and include e-commerce net sales. The comparable sales metric compares the same calendar days for each period. Although this KPI is expressed as a ratio, it is a supplementary financial measure that does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures used by other companies. Management uses comparable sales in evaluating the performance of stores and online net sales and considers it useful in helping to determine what portion of new net sales has come from sales growth and what portion can be attributed to the opening of new stores. Comparable sales is a measure widely used amongst retailers and is considered useful information for both investors and analysts. Comparable sales should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Forward-Looking Statements All of the statements contained herein, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the Company's control and are based on several assumptions which give rise to the possibility that actual results could differ materially from the Company's expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. Consequently, the Company cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits the Company will derive from them. Forward-looking statements are provided in this press release for the purpose of allowing investors and others to get a better understanding of the Company's operating environment and management's expectations and plans as of the date of this press release. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose. Forward-looking statements are based upon the Company's current estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and currently expected future developments, as well as other factors it believes, are appropriate in the circumstances. This press release contains forward-looking statements about the Company's objectives, plans, goals, expectations, aspirations, strategies, financial condition, results of operations, cash flows, performance, and prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this press release include, but are not limited to, statements with respect to the Company's belief in its strategies and its brands and their capacity to generate long-term profitable growth plans to meet certain financial objectives, future liquidity, planned capital expenditures, status and impact of systems implementation, the ability of the Company to successfully implement its strategic initiatives and cost reduction and productivity improvement initiatives as well as the impact of such initiatives. These specific forward-looking statements are contained throughout this press release and the Company's Management Discussion & Analysis ("MD&A") including those listed in the "Operating and Financial Risk Management" section of the MD&A. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions, as they relate to the Company and its management. Forward-looking statements are based on information currently available to management and on estimates and assumptions, including assumptions about future economic conditions and courses of action. Examples of material estimates and assumptions and beliefs made by management in preparing such forward looking statements: management's belief in its strategies and its brands and their capacity to generate long-term profitable growth, significant sales growth in RW&Co. both in stores and online, increased market share for both Reitmans and PENN., stability in the current market environment, changes in laws, rules, regulations and global standards, the Company's competitive position in its industry, the Company's ability to keep pace with changing consumer preferences, the absence of public health related restrictions impacting client shopping patterns or incremental direct costs related to health and safety measures, the Company's ability to execute on its capital expenditure plan, including at its distribution centre in Montreal, and the Company's ability to retain and recruit exceptional talent. Numerous risks and uncertainties could cause the Company's actual results to differ materially from those expressed, implied or projected in the forward-looking statements. Please refer to the "Forward-Looking Statements" section of the Company's MD&A for the first quarter of fiscal 2026. This is not an exhaustive list of the factors that may affect the Company's forward-looking statements. Other risks and uncertainties not presently known to the Company or that the Company presently believes are not material could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time. The reader should not place undue reliance on any forward-looking statements included herein. These statements speak only as of the date made and the Company is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances or otherwise, except to the extent required under applicable securities law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Reitmans (Canada) Ltd


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