05:00 PM EDT, 03/25/2024 (MT Newswires) -- IBEX Technologies Inc. ( IBXNF ) has reported its financial results for the second quarter and the six months ending Jan. 31, 2024.

"We were pleased to see revenues continue to increase as Q2 revenues were up 12% versus a year ago and the six-month revenues up 15%. The increase in revenues can mainly be attributed to the strong performance of customers in the hemostasis market" said Paul Baehr, President & CEO, in a statement.

Net earnings were down due to the expenses associated with the proposed acquisition of IBEX by BBI Solutions OEM Limited (BBI).

Revenues for the quarter ending Jan. 31, 2024 totalled $1.9 million, up $199,930 (12%) from $1.7 million for the same period the prior year.

Expenses totalled $1.7 million (excluding Income Tax), an increase of $144,563 versus $1.6 million for the same period the prior year. The increase in expenses is mainly due to General and Administrative expenses, related to professional and legal fees associated with the previously-announced transaction with BBI.

Net earnings totalled $49,664, a decrease of $50,369 as compared to Q2 FY2023 with the increase in revenues offset by income taxes from FY2023 and increase in expenses as described above.

IBEX manufactures and markets proteins for biomedical use through its wholly-owned subsidiary IBEX Pharmaceuticals Inc. Montreal, Que.

IBEX has reminded shareholders that an annual and special meeting of shareholders will be held in Montreal, Quebec on April 3, 2024 at which IBEX shareholders will consider the previously-announced proposed amalgamation of IBEX and 15720273 Canada Inc., a newly-incorporated, wholly-owned subsidiary of BBI, whereby BBI will acquire all of the issued and outstanding shares of IBEX at a price of $1.45 per share in cash. The Board of Directors of IBEX unanimously recommends that shareholders vote for the special resolution approving the Amalgamation.