20-20 Technologies Inc. (TWT.TO) posted lower first-quarter net earnings of $0.14 million or $0.01 per share compared with the prior year's $0.37 million or $0.02 per share.
Revenues for the latest quarter rose 1.9% to $16.64 million from $16.33 million a year earlier. Without the negative impact of exchange rates revenues would have increased by 2.8%.
Further, the company's board has initiated a review of strategic and financial alternatives to enhance shareholder value. The company has appointed a Special Committee to review and consider such alternatives, composed of four independent directors of the Company, namely Jocelyn Proteau as Chairman of the Committee, Jacques Malo, Philip Deck and Benoît La Salle.
Further, 20-20 Technologies announced that it has engaged TD Securities Inc. as its financial advisor and Stikeman Elliott LLP as its legal advisor. Fasken Martineau Dumoulin LLP has also been engaged to assist the Special Committee with the review announced today.
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