Odesia Continues its Growth and Restructures its Organization in Pursuit of its Expansion



    TSX VENTURE: ODS

    MONTREAL, Aug. 29 /CNW Telbec/ - Group ODESIA Inc. ("ODESIA") (TSX
VENTURE:ODS) has announced today its financial results for the quarter ended
June 30, 2008.
    
    Financial Highlights for the second quarter of 2008

    - 10.8% growth in revenues for the second quarter of 2008 and just under
      33% for the first half of 2008.
    - Loss due to the write-off of $ CA 1,0 M of intangible assets, related
      to the acquisition of contracts in 2007

    Subsequent event

    - Private placement of $1,450,000 through the issue of convertible
      debentures totaling $750,000 and 1,750,000 units at the cost of $0.40
      per unit for a total consideration of $700,000;
    - Management team reorganization with the appointment of Mr. Simon
      Lepage, Chief Financial Officer.

    Selected financial information

    Results                           Three-month period    Six-month period
                                                   ended               ended
                                                 June 30,            June 30,
                                              (unaudited)         (unaudited)
    -------------------------------------------------------------------------
    ($000 except amount per share)          2008    2007        2008    2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Revenues                               4,271   3,854       8,507   6,416
    -------------------------------------------------------------------------
    Loss before amortization,
     financial expenses, income taxes
     and non-controlling interest           (168)    204         (96)    127
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net loss and comprehensive income     (1,199)     (6)     (1,417)   (116)
    -------------------------------------------------------------------------
    Basic and diluted loss per share      (0.043) (0.000)     (0.051) (0.005)
    
    "During the second quarter, we undertook a rationalization of our
operations in order to reduce our cost structure and fully benefit from the
synergies between our Montreal, Paris and Mexico offices. Our reorganization
plan, in line with the company's strategic plan, is being implemented and we
expect to see the benefits towards year end. We have also repositioned our
services offering in order to better align with the needs of our target
customers and we are discontinuing some less profitable activities. The
private placement completed in July will allow the company to pursue its
growth strategies", indicated Mr. Nicolas Bonnafous, President and CEO of
Odesia Group.
    "We have created in Montreal a BI Business Solutions department. This
innovative and unique approach to the market strengthens our competitive
advantage. Finally, since the beginning of the year we are investing in the
reinforcement of our business relations with some of our partners including
SAS and Business Objects, both in Canada and abroad", concluded Mr. Bonnafous.

    About ODESIA

    ODESIA is a Canadian-based international corporation specialized in BI
solutions, decision processes and date warehousing for large corporations. The
management team at ODESIA has extensive knowledge and experience in leading
the execution of BI processes in large enterprises. The team of some 200
professionals offers a high level of service and specialization. The company's
goal is to provide customers a complete solution, no matter the technical
challenge. For more information, see www.ODESIA.com.

    Forward-looking statement

    This press release contains forward-looking statements which reflect
ODESIA's current expectations regarding future events. The forward-looking
statements involve risks and uncertainties. Actual results could differ
materially from those projected herein. ODESIA rejects any obligation to
revise or update the forward-looking statements contained in this press
release.
    
    The TSX Venture Exchange assumes no responsibility for the relevance or
    accuracy of this press release.
    




For further information:

For further information: Nicolas Bonnafous, President and CEO, ODESIA
Group Inc., (514) 876-1155 ext. 102, (514) 876-1153 (FAX),
nbonnafous@ODESIA.com; www.ODESIA.com

Organization Profile

ODESIA GROUP INC.

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