ODESIA Continues Its International Expansion Revenues of $ 17 Million in 2008, an Increase of 28%



    TSX VENTURE: ODS

    MONTREAL, April 30 /CNW Telbec/ - ODESIA Group Inc. ("ODESIA") (TSX
VENTURE:ODS) announced today that its revenues for the year ended December 31,
2008, jumped by 28% compared to the previous year; from $13,425,000 in 2007 to
$17,135,000 in 2008.
    "ODESIA Group has, once again, completed a year of strong growth
delivering quality services to its Canadian, French and Mexican clients. Team
ODESIA is even more meritorious considering that it achieved this growth
despite a difficult economic context, and the challenges of integrating and
operating in a new geographical market potentially very promising" said
Nicolas Bonnafous, President and CEO of ODESIA.
    On the financial side, ODESIA Group recorded a considerable expense for
the amortization of intangible assets and the write-off of intangible assets,
which had a significant impact on the Company's results in 2008.
"Nevertheless, there will be a significant decline in amortization expenses in
2009 as a result of these write-offs. In addition, we undertook a major
restructuring in 2008 which will result in annual operating costs savings of
nearly $800,000 in the upcoming years. These measures should promote a
substantial recovery that will impact the 2009 results" said Mr. Simon Lepage,
Chief Financial Officer of ODESIA.
    
    Financial Highlights of 2008

    - The sales of the Company have increased by nearly $3,710,000 or 28%
      compared to 2007; from $13,425,000 in 2007 to $17,135,000 in 2008. This
      increase is mainly attributable to the growth of its operations in
      Europe, and to the integration of its Mexican subsidiaries.
    - Amortization of intangible assets totaling $637,000, and write-offs of
      $1,409,000 of intangible assets in France and Mexico.
    - The Company has incurred significant non-recurring operating costs of
      approximately $790,000 which have directly impacted the 2008 results.
      These non-recurring costs mainly include an investment to develop the
      Business Intelligence (BI) market in Mexico, a bad debt expense in
      France caused by the actual economic conditions and the departure of an
      officer who was not replaced. Management believes that these non-
      recurring costs are not likely to occur in 2009.

    Selected financial information

    -------------------------------------------------------------------------
                                          2008           2007          2006
    For the years ended December 31,   Audited        Audited       Audited
                                             $              $             $
    -------------------------------------------------------------------------
    Sales                           17,134,764     13,424,914     7,999,764
    Net earnings (loss) and
     comprehensive income (loss)    (3,007,235)(a)   (613,176)       80,763
    Basic and diluted net earnings /
     (loss) per share                   (0.105)        (0.024)        0.003
    Total consolidated assets        6,333,419      9,784,002     4,773,809
    Short term consolidated
     liabilities                     5,051,985      6,499,861     2,196,883
    Long term consolidated
     liabilities                       629,291        511,218        29,905
    -------------------------------------------------------------------------
    (a) Includes an expense for amortization of intangible assets totaling
        $637,000 before income taxes, and write-off of intangible assets
        totaling $1,409,000 before income taxes.
    
    Shareholders' Annual Meeting

    The Shareholder's Annual Meeting will be held at 10 am on June 16, 2009
at the St-Sulpice Hotel in Montreal. The meeting will be presided by Mr.
Jacques Topping, Chairman of the Board of Directors. Nicolas Bonnafous,
President and CEO will also address the audience. Furthermore, the management
team will be available to answer questions.

    About ODESIA

    ODESIA is an international corporation specialized in BI solutions,
decision processes and data 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.
    The consolidated financial statements and management's discussion and
analysis are now available on SEDAR (www.sedar.com) and on our website
(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. Readers are cautioned against
exaggerated confidence in any information of a prospective nature. 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, nbonnafous@odesia.com

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ODESIA GROUP INC.

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