Ivrnet Inc. Reports First Quarter Results



    
    (TSX Venture Exchange: "IVI")
    Issued Common Shares: 28,424,167
    

    CALGARY, May 28 /CNW/ - Ivrnet Inc. (TSX Venture: IVI) is pleased to
report on its financial results for the quarter ended March 31, 2009. In this
first quarter, the Company enacted various measures to control costs, while
aggressively pursuing new market opportunities, notwithstanding the broader
economic downturn. These measures were and continue to be successful. In the
first three months of 2009, the Company generated revenues of $625,232, a 17%
increase over the equivalent first quarter of 2008, and also 17% higher than
revenues in Q4 of 2008.
    In Q1 of 2009, the gross margin amounted to $518,924, or 83% of revenues.
This compares to a 71% gross margin achieved in the first quarter of the
previous fiscal year. Net income was $1,596 in this first quarter, compared to
a loss of ($73,091) in the first quarter of the previous fiscal year, and a
loss of ($63,944) in the last quarter of 2008.
    Although the Company first quarter net income was marginal, its EBITDA
for the period amounted to $75,961, which in part contributed to a net quarter
over quarter gain in total assets of $69,832, bringing total asset value to
$1,065,405. As at March 31, 2009, total current assets were recorded at
$484,815. As total current liabilities as at the same data amounted $501,437,
this resulted in a working capital deficiency of $16,622.
    However, at December 31, 2008, the working capital deficiency stood at
$121,658. Consequently, although this remains an issue that the Company is
continuing to address, Management is pleased that the deficiency diminished by
86% over a single quarter.

    
    Quarter over Quarter Summary of Selected Financial Results

                          2009       2008
    -------------------------------------------------------------------------
    $ CAD                  Q1         Q4         Q3         Q2         Q1
    -------------------------------------------------------------------------
    Revenues             625,232    534,259    591,145    622,569    536,113
    Cost of Sales       (106,308)   (73,779)  (123,232)  (151,718)  (153,930)
    Gross Margin         518,924    460,480    467,913    470,851    382,183
    Expenses            (442,963)  (431,612)  (367,973)  (386,313)  (379,666)
    EBITDA(1)             75,961     28,868     99,940     84,538      2,517
    Net Income (Loss)      1,596    (63,944)    13,236      4,241    (73,091)
    Earnings (Loss)
     Per Share              0.00      (0.00)      0.00       0.00      (0.00)
    Total Assets       1,065,405    995,573  1,105,416  1,240,366  1,288,916

    (1) EBITDA is defined as earnings before interest, taxes, depreciation
    and amortization. EBITDA is not a recognized measure under Canadian
    generally accepted accounting principles. Management believes however
    that EBITDA is a useful supplementary measure as it provides indication
    of the results of Ivrnet's business operations without regard to how
    these activities were financed or how these results were taxed.
    

    A more complete analysis of the Company's financial results can be found
by visiting www.sedar.ca.
    Dave Snell, Ivrnet's President and CEO stated, "We are pleased that our
overall financial position and profitability has strengthened, in an otherwise
very challenging fiscal period. We expect to continue to build momentum as an
economic recovery takes hold, and to initiate further measures to extend
shareholder value over time."

    About Ivrnet Inc. - Ivrnet is a communications company that develops and
operates intelligent software applications, delivered through traditional
phone networks and over the Internet. These applications facilitate automated
interaction; personalized communication between people; mass communication for
disseminating information to thousands of people concurrently; and
personalized communication between people and automated systems. Ivrnet's
applications are accessible through nearly any form of communication
technology, at anytime from anywhere in North America via voice, phone, fax,
email, texting and the Internet.
    For additional information please visit our website at www.ivrnet.com, or
contact:

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release. This
    information release may contain certain forward-looking information.
    Actual future results may differ materially from those contemplated. The
    risks, uncertainties and other factors that could influence the actual
    results are described in documents filed with regulatory authorities.
    

    %SEDAR: 00013393E




For further information:

For further information: David L. Snell, Ivrnet Inc., President and CEO,
(403) 538-4540, eMail: d.snell@ivrnet.com

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