GlobeNewswire Inc | Sep 22, 2021 04:05PM EDT

September 22, 2021

Revenues increase 49% to $39.9 millionNet income advances more than threefold to $5.8 millionTotal assets rise 29% to $31.5 million

San Clemente, Calif., Sept. 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Concierge Technologies, Inc. (OTC: CNCG), a diversified global holding firm, today reported sharply higher financial results for the fiscal year ended June 30, 2021, compared with the prior fiscal year.

Revenues rose 49 percent to $39.9 million from $26.7 million for the prior year. Net income for the 2021 fiscal year advanced more than threefold to $5.8 million, equal to $0.15 per share, from $1.7 million, equal to $0.05 per share, for fiscal 2020.

The Company attributed the favorable performance principally to an increase in assets under management (AUM) by its Wainwright Holdings subsidiary, the holding company for United States Commodity Funds and USCF Advisors (together, USCF), currently managing two exchange-traded funds and eight exchange-traded products, all listed on the New York Stock Exchange. Average AUM had increased to $4.9 billion for the 2021 fiscal year from $3.0 billion for fiscal 2020.

Concierge Technologies Other operating segment which consists of Gourmet Foods, Brigadier Security Systems and Original Sprout registered higher total revenues for fiscal 2021, paced by Gourmet Foods, which completed an acquisition early in fiscal 2021. Total revenue for the Other segment was $14.7 million, up from $11.2 million for the prior fiscal year ended June 30, 2020. Net income attributed to the Other segment totaled approximately $600,000 for fiscal 2021, as compared with $800,000 for the prior fiscal year. The decline reflected a combination of one-time costs associated with relocation of facilities and the negative effects of the continuing COVID-19 pandemic.

The Companys balance sheet remained strong at June 30, 2021, with total assets of $31.5 million, of which $16.1 million are held in cash and cash equivalents, up from total assets of $24.3 million at June 30, 2020. The Company has essentially no debt.

Fiscal 2021 was an active and highly productive year, said David Neibert, Concierge Technologies Chief Operations Officer. In July 2020, we completed the acquisition of New Zealand-based Printstock Products, which prints wrappers for food products, including Gourmet Foods and others, and whose operations have been consolidated into Gourmet Foods. Our newest subsidiary, Marygold & Co., made excellent progress developing a proprietary banking and financial services app for sending, receiving, spending and saving securely through mobile devices. Marygold is now working toward completion of the testing phase prior to launch and widescale marketing. Brigadier Security Systems has pivoted nicely from residential hardware as a primary market to focus on commercial and public building clientele, where COVID-19 poses fewer restrictions to complete system installations. Lastly, Original Sprout completed a relocation to spacious new facilities in preparation for staging its entry into the big box distribution channel.

Nicholas Gerber, Chief Executive Officer, said, Adding to our financial services offerings, subsequent to the close of fiscal 2021 we formed a wholly owned subsidiary, Marygold & Co. (UK) Limited, which, in turn, signed a definitive agreement to acquire Tiger Financial & Asset Management Limited, an established and certified investment advisor in the U.K. Tigers core business is managing clients financial wealth across a diverse range of products, which eventually we hope will include services as provided by Marygold in the United States. The transaction is expected to close before the end of 2021 calendar year, subject to customary closing conditions, including approval of the U.K. Financial Conduct Authority (FCA).

Our strategy of building a profitable, value-oriented business that provides stability for our shareholders is working well, as we build a solid foundation for the long-term. We look forward to continuing our progress in the years ahead, Gerber added.

Business Units

Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pats Pantry and Ponsonby Pies. Acquired by Gourmet Foods in July 2020, Printstock Products Limited https://www.printstocknz.com/, is a printer of specialized food wrappers and is located in Napier, New Zealand. Its operations are consolidated with those of Gourmet Foods.

Brigadier Security Systems,www.brigadiersecurity.com, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province under the brands Brigadier Security Systems in Saskatoon and Elite Security in Regina, Canada.

The Companys USCF Investments operation,www.uscfinvestments.com, acquired as part of the Wainwright Holdings transaction in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 10 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.

Acquired by Concierge at the end of 2017, California-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a reef safe sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Mexico, South America, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada among other areas.

Marygold & Co., formed in the U.S. during 2019 and operating from offices in Denver, CO, together with its wholly owned subsidiary, Marygold & Co. Advisory Services, LLC, was established to explore opportunities in the financial technology sector. The Company continues in the development stage as it works toward introduction of a fintech mobile banking app. https://marygoldandco.com/

About Concierge Technologies, Inc.

Concierge Technologies, originally founded in 1996, was repositioned as a global holding firm in 2015, and currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products. Offices and manufacturing operations are in the U.S., New Zealand and Canada. For more information, visitwww.conciergetechnology.net.

Forward-Looking Statements

This press release may contain "forward-looking statements" that include information relating to Concierge Technologies future events. Such forward-looking statements, including, but not limited to, Marygold & Co. (UK) Limited gaining approval from the FCA, the timing of the completing the transaction and anticipated introduction of Marygold & Co.s financial services business in the U.K. and EU next year, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as "believe," "expects," "may," "looks to," "will," "should," "plan," "intend," "on condition," "target," "see," "potential," "estimates," "preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website atwww.sec.govor the Companys website atwww.conciergetechnology.net. The Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise.

Media and investors, for more Information, contact:

Roger S. Pondel

PondelWilkinson Inc.

310-279-5965

rpondel@pondel.com

Contact the Company:

David Neibert, Chief Operations Officer

949-429-5370

dneibert@conciergetechnology.net

(Financial tables follow)

CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS

June 30, June 30, 2021 2020 ASSETS CURRENT ASSETS Cash and cash equivalents $ 16,072,955 $ 9,813,188 Accounts receivable, net 1,070,541 717,841 Accounts receivable - related parties 2,038,054 2,610,917 Inventories 1,951,792 1,174,603 Prepaid income tax and tax receivable 747,343 857,793 Investments, at fair value 1,828,926 1,820,516 Other current assets 399,524 603,944 Total current assets 24,109,135 17,598,802 Restricted cash 13,989 12,854 Property, plant and equipment, net 1,573,445 1,197,192 Operating lease right-of-use asset 1,058,199 733,917 Goodwill 1,043,473 915,790 Intangible assets, net 2,341,803 2,541,285 Deferred tax assets, net - United States 827,476 767,472 Other assets, long - term 540,160 523,607 Total assets $ 31,507,680 $ 24,290,919 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 3,862,874 $ 2,843,616 Expense waivers ? related parties 69,684 421,892 Operating lease liabilities, current portion 513,071 323,395 Notes payable - related parties 603,500 3,500 Loans-property and equipment, current portion 15,094 13,196 Total current liabilities 5,064,223 3,605,599 LONG-TERM LIABILITIES Notes payable - related parties - 600,000 Loans-property and equipment, net of current 379,804 359,845 portionOperating lease liabilities, net of current 607,560 447,062 portionDeferred tax liabilities, net - foreign 169,429 128,517 Total long-term liabilities 1,156,793 1,535,424 Total liabilities 6,221,016 5,141,023 STOCKHOLDERS' EQUITY Convertible preferred stock, $0.001 par value; 50,000,000 authorizedSeries B: 49,360 at June 30, 2021 and 53,032 49 53 issued and outstanding at June 30, 2020Common stock, $0.001 par value; 900,000,000shares authorized; 37,485,959 shares issued 37,486 37,413 and outstanding at June 30, 2021 and37,412,519 at June 30, 2020Additional paid-in capital 9,330,843 9,330,912 Accumulated other comprehensive income (loss) 142,581 (144,744 )Retained earnings 15,775,705 9,926,262 Total stockholders' equity 25,286,664 19,149,896 Total liabilities and stockholders' equity $ 31,507,680 $ 24,290,919

CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME

Year Ended Year Ended June 30, 2021 June 30, 2020 Net revenue Fund management - related party $ 25,169,182 $ 15,459,061 Food products 8,263,267 4,745,821 Security systems 2,715,487 2,660,153 Beauty products and other 3,756,512 3,883,953 Net revenue 39,904,448 26,748,988 Cost of revenue 9,290,616 6,483,171 Gross profit 30,613,832 20,265,817 Operating expense General and administrative expense 7,140,870 4,447,563 Fund operations 3,658,593 3,176,214 Marketing and advertising 2,952,295 2,601,104 Depreciation and amortization 599,979 601,826 Salaries and compensation 8,843,618 7,523,083 Total operating expenses 23,195,355 18,349,790 Income from operations 7,418,477 1,916,027 Other income: Interest and dividend income 28,823 96,186 Interest expense (40,375 ) (41,100 )Other income, net 227,976 365,250 Total other income, net 216,424 420,336 Income before income taxes 7,634,901 2,336,363 Provision of income taxes (1,785,458 ) (562,962 ) Net income $ 5,849,443 $ 1,773,401 Weighted average shares of common stock Basic and diluted 38,473,159 38,451,164 Net income per share Basic and diluted $ 0.15 $ 0.05

CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,849,443 $ 1,773,401 Adjustments to reconcile net income tonet cash provided by operating activities:Depreciation and amortization 599,979 601,826 Stock-based vendor compensation - 152,250 Deferred taxes (19,092 ) 44,163 Bad debt expense 9,753 5,746 Inventory provision 65,021 10,317 Unrealized gain on investments (582 ) (5,113 )Realized gain on sale of investments - (121,834 )Gain on disposal of equipment 18,813 - Operating lease right of use asset - 614,506 379,923 non-cash lease cost (Increase) decrease in operating assets:Accounts receivable, net (306,596 ) 193,546 Accounts receivable - related party 572,863 (1,573,771 )Deferred taxes, net Prepaid income taxes and tax receivable 114,083 915,203 Inventories (787,081 ) (202,079 )Other current assets 223,590 (256,656 )Increase (decrease) in operating liabilities:Accounts payable and accrued expenses 978,726 28,963 Operating lease liabilities (361,823 ) (380,460 )Expense waivers - related party (352,207 ) 96,070 Net cash provided by operating 7,219,396 1,661,495 activities CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for acquisition of business (1,115,545 ) - Cash paid for internally developed - (217,990 )softwarePurchase of property, plant and (77,721 ) (559,274 )equipmentSale of investments - 4,121,742 Purchase of investments (7,827 ) (2,043,031 )Net cash (used in) provided by (1,201,093 ) 1,301,447 investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from property and equipment - 385,728 loansRepayment of property and equipment (28,434 ) (96,659 )loansNet cash (used in) provided by (28,434 ) 289,069 financing activities Effect of exchange rate change on cash, 271,033 78,780 cash equivalents and restricted cash

NET INCREASE IN CASH, CASH EQUIVALENTS 6,260,902 3,330,791 AND RESTRICTED CASH CASH, CASH EQUIVALENTS AND RESTRICTED 9,826,042 6,495,251 CASH, BEGINNING BALANCE CASH, CASH EQUIVALENTS AND RESTRICTED $ 16,086,944 $ 9,826,042 CASH, ENDING BALANCE SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:Cash paid during the period for: Interest paid $ 16,095 $ 16,754 Income taxes paid (refunded), net $ 3,063,781 $ (494,741 ) NON CASH INVESTING AND FINANCING ACTIVITIESReclassification of building depositfrom other current assets to property, $ - $ 178,276 plant and equipment, netReclassification of business acquisition $ 122,111 $ - depositEstablishment of operating right-of-useassets through operating lease $ 730,741 $ 1,150,916 obligations