QUEBEC CITY, April 4 /CNW Telbec/ - Kolombo Technologies Ltd "Kolombo"
(TSX-V: KOL) or "the Company" today reported its financial results for the
third quarter of the current fiscal year ended January 31, 2007.
During this period, the Company's sales reached $129,549, compared to
$108,563 for the same quarter last year. For the nine first months of the
current fiscal year, the Company recorded revenues of $227,554, whereas they
were $110,400 for the same period last year.
"Our revenue growth is the direct result of the acceleration of our
business development activities, which really took off in autumn 2006. In
recent months, in addition to making some significant sales of our technology,
we prepared the groundwork for our commercialization plan by forming two
important partnership agreements with the companies Ajilon Communications
Canada Inc. "Ajilon" and Detroit Diesel Allison Canada East "Detroit Diesel."
These two players are renowned in their respective business sectors and are
making a valuable contribution to our commercialization efforts," said Mr.
Martin Arsenault, the Company's President and Chief Executive Officer. Ajilon
will install Kolombo's systems across Canada, whereas Detroit Diesel will be
Kolombo's exclusive distributor throughout North America.
Kolombo's net loss for the quarter ended January 31, 2007 was $628,637 or
$0.019 per share, compared to $211,725 or $0.008 for the same period last
year. This loss is mainly explained by an increase in the funds invested in
commercialization and technological development activities, as well as by an
increase in administrative expenses.
Over the last quarter, Kolombo's administration expenses were $261,541,
compared to $41,082 for the same period one year earlier. The expenses related
to pre-commercialization and commercialization activities were $250,598 last
quarter, whereas they were $60,881 for the same quarter last year. This
increase reflects the intensification of Kolombo's business development
efforts undertaken in recent months.
Net research and development expenses were $116,794 during the last
quarter, compared to $45,916 for the same period last year. This increase
results from the Company's efforts to develop new applications for its
technological platform to meet a greater range of needs for its target
With regard to short-term assets, cash and cash-equivalents were $59,118
at January 31, 2007, compared to $174,750 as at April 30, 2006. The Company's
short-term investments were $1.1 million at the end of the quarter as compared
to none at April 30, 2006. Moreover, Kolombo's total assets were $2.5 million
as at January 31, 2007 as compared to $1.2 million at the end of the last
fiscal year. At January 31, 2007, short-term liabilities were $304,833,
compared to $335,713 as at April 30, 2006. In total, Kolombo's liabilities
were $451,367 at the end of the last quarter, as compared to $482,247 as at
April 30, 2006.
About Kolombo (www.systemekolombo.com)
Kolombo was founded in Quebec City in 2000 and is listed on the TSX
Venture Exchange (TSX-V: KOL). The Company is focusing its activities on the
research, technological development and commercialization of vehicle
management, protection and anti-theft systems, in particular for heavy
machinery, trailers and commercial merchandise.
Distribution of Kolombo's products is ensured by Detroit Diesel Allison
Canada East, a major distributor of engines and transmissions for trucks and
heavy machinery and a member of the Wheeltime network, which has 225 branches
in North America (www.ddace.com). Installation of Kolombo's products is
provided by Ajilon, a subsidiary of Adecco, a world leader in the
communications and project management industry with 6,600 offices in 70
Local or international land transport, industrial complexes and
widespread work sites, all present security challenges for their managers.
Kolombo's technological platform offers these various clienteles both
reliability and flexibility with made-to-measure solutions for specific
For further information on Kolombo Technologies Ltd, please consult the
Company's website www.systemekolombo.com
The TSX Venture Exchange does not approve nor accept responsibility for
the adequacy or accuracy of this press release.
For further information:
For further information: Mr. Fouad Choucair, Chairman of the Board and
Chief Financial Officer, (514) 992-8561, firstname.lastname@example.org;
Frédéric Tremblay, HKDP Communications and Public Affairs, (514) 395-0375,
ext. 234, email@example.com; Source: Kolombo Technologies