HALIFAX, July 30 /CNW/ - SolutionInc Technologies Limited (TSX-VEN:STL),
a leader in Internet management, provisioning and billing, announced today the
release of its audited financial statements for the year ended March 31, 2008
("Fiscal 2008"). The full Financial Statements and Management Discussion and
Analysis of Financial Condition of Results of Operations (MD&A) are available
"Our strategic focus on our key customers and our primary markets
delivered improved results for the Company in Fiscal 2008. Our respected team
and ongoing robust product development strategy, supported by our growing
patent portfolio, is positioning SolutionInc's technology on the leading edge
of the internet gateway market. As internet usage continues to grow and expand
our customers and business partners will settle for nothing less than the
competitive advantages that SolutionInc provides to them." said SolutionInc
President and CEO Glen Lavigne.
Financial highlights for the year ended March 31, 2008 compared to the
year ended March 31, 2007 ("Fiscal 2007"):
- Revenues increased by 38% or $1,205,631 to $4,384,406. The Company
delivered four consecutive quarterly year-over-year revenue increases
in Fiscal 2008.
- Cash generated from operations improved by $872,050 from a loss of
$498,620 in Fiscal 2007 to positive cash generated of $373,430 in
- The Company reported its first positive annual EBITDA in Fiscal 2008.
Fiscal 2008 EBITDA of $153,808 represented a $304,553 improvement over
the Fiscal 2007 EBITDA loss of $150,745.
- The Company's financial position continued to improve in Fiscal 2008 as
the Company repaid almost $260,000 of its long term debt, and ended the
year with $83,000 more cash than at March 31, 2007.
- The reported net loss of $253,483 represents an improvement of $308,813
over the Fiscal 2007 loss of $562,296.
"Although we have realized improved results in Fiscal 2008, our
Fiscal 2009 plans have us focused on increasing market share and driving
shareholder value," added Lavigne.
SolutionInc Limited simplifies Internet connectivity. SolutionInc's
software system allows people with laptops to easily and securely connect to
the Internet from a hotel room, a convention center, or any type of Wi-Fi
hotspot. The system allows the property or broadband provider to register
users, to bill for service and show the user targeted messages. The company
provides software and services to the hospitality and telecommunications
industries. SolutionInc is recognized as one of the leaders of Internet
connectivity and hotspot management.
SolutionInc is a trademark and a wholly owned subsidiary of SolutionInc
Technologies Limited (TSX-VEN:STL). All other trademarks are the property of
their respective holders. For more information visit www.solutioninc.com
SolutionInc Disclaimer: This press release may contain forward-looking
statements involving the company's expectations about future financial results
and other matters. These statements reflect management's current forecast of
certain aspects of the company's future business. These forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results of operations to differ materially from historical results or
current expectations. The words "plan", "expect", "believe", "intend",
"anticipate", "forecast", "target", "estimate" and similar expressions
identify forward-looking statements. Risk factors include shifts in customer
demand, product shipment schedules, product mix, competitive products and
pricing, technological shifts and other variables. Readers are referred to
SolutionInc's most recent reports filed with the TSX venture exchange and
located at www.sedar.com for a more complete discussion of the other risks and
uncertainties. The factors underlying forecasts speak only as of the date they
are given and do not necessarily reflect the company's outlook at any other
point in time. The company does not undertake to update or review these
For further information:
For further information: Natalie Doyle Oldfield, Vice President of
Marketing SolutionInc Limited, (902) 420-0077, email@example.com