MONTREAL, March 29 /CNW Telbec/ - BUS Systems Inc. ("BUS" or the
"Company") (TSX-V: ECL), formerly E-Claim Solution Inc., today released its
results for the third quarter and the nine-month period ended January 31,
2007. Since this is the first fiscal year during which the Company has carried
on its activities, the Company is only reporting financial results for the
current fiscal year.
The Company recorded revenues of $45,172 for the third quarter and
$45,239 for the nine-month period ended January 31, 2007. The net loss
amounted to $156,480 or $0.012 per share for the quarter and $253,362 or
$0.030 per share for the nine-month period.
"This is really the beginning of the marketing phase for BUS. Since the
closing of our qualifying transaction in January, we have put in place a
management team and our operating infrastructure. We also continued to develop
our transactional platform, the "BUS" and "Suite Exécutive" trademarks and our
web site, as well as initiating meetings with insurers and body shops," stated
Claude Savard, President and Chief Executive Officer of BUS Systems Inc.
"These actions allowed us to conclude a first milestone agreement with the
Procolor Prestige and ColorPlus franchisors, both divisions of
Uni-Sélect Inc., comprising more than 180 franchisees across Quebec. We
estimate that this agreement could generate revenues of $400,000 for BUS
during the next year."
"Our growth strategy consists of pursuing our discussions with insurers,
automotive body shops and franchisors in Quebec and then targeting the Ontario
market," added Mr. Savard. "We have the advantage of having access to a board
of high caliber directors with experience in this sector, which significantly
facilitates our contact with potential customers. Moreover, comments received
from our first meetings with certain target customers indicate that our
solution will fill a large, growing need in this industry, where over
$30 billion is spent annually in North America."
BUS operates an interactive, transactional internet portal for the
management, processing and follow-up of insurance claims, including management
of relations and the exchange of information between the participants.
The Company's mission is to offer an evolving, integrated electronic
solution that allows those involved in the claims sector or automotive events
industry to come together to exchange information, perform all of the
transactions required within the framework of their respective activities and
continuously improve the efficiency of claims processing.
This press release contains "Forward-Looking Statements" pursuant to the
securities legislation which are based on certain estimates and expectations.
Statements which are not based on historical fact, in particular statements on
management's views and expectations, are Forward-Looking Statements. These
statements are subject to certain risks and uncertainties and the actual
results could differ materially from those presented. The Company is under no
obligation to update any Forward-Looking Statement to take into account any
new information, future event or any other factor.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: BUS Systems Inc.: Claude Savard, President and
CEO, (514) 350-5252, email@example.com; SOLAK Communications: François
Kalos, (514) 817-9987, firstname.lastname@example.org