OneMove(TM) Announces Fiscal 2008 Fourth Quarter and Year End Financial Results



    VANCOUVER, Oct. 23 /CNW/ - OneMove Technologies Inc. ("OneMove" or the
"Company") (TSX-V: OM), which provides a leading web-based real estate
transaction platform, today announces its financial results for the three- and
12-month periods ended June 30, 2008. All figures are reported in Canadian
dollars unless otherwise stated.

    
    Fiscal 2008 Operational Highlights
    ----------------------------------
    -   Sold United Kingdom ("U.K.") subsidiary, refocusing resources to
        better position the Company for growth in the British Columbia
        ("B.C.") market
    -   Expanded user base to approximately 983 lawyers and notaries from
        approximately 449 in fiscal 2007
    -   Cumulative transactions processed for the year increased to
        approximately 55,000 from approximately 34,000 in fiscal 2007
        -   Cumulative transactions processed in Q4 fiscal 2008 increased to
            approximately 16,900 from approximately 12,900 in Q4 fiscal 2007
    -   Average daily revenue was approximately $5,500, up from approximately
        $3,500 in fiscal 2007
        -   Average daily revenue for Q4 fiscal 2008 was approximately
            $6,700, up from approximately $5,300 in Q4 fiscal 2007
    -   Completed integration of econveyance with Assyst Real Estate,
        Emergis' web application that electronically links lawyers and
        notaries to certain lenders
    -   Signed agreement to integrate econveyance with Chicago Title
        Insurance Company's Canadian title insurance customer application,
        CTIC Express, and First Canadian Title's mortgage processing
        application, Lender-Lawyer Connect(TM)
    -   Named one of the Branham300 top 25 up and coming information
        technology companies for 2007
    -   Announced non-brokered private placement, which closed subsequent to
        year end for total proceeds of $565,301

    Fiscal 2008 Q4 and Year End Financial Summary
    ---------------------------------------------
    On March 7, 2008, OneMove completed the sale of its U.K.-based subsidiary,
OneMove Limited. As a result, OneMove's financial results for the 12 months
ended June 30, 2008, as well as the three and 12 months ended June 30, 2007,
exclude contributions from OneMove Limited and are reported on a continuing
operations basis.

    -------------------------------------------------------------------------
                                           Q4              Q4            %
                                         FY 2008         FY 2007      Change
    -------------------------------------------------------------------------
    Revenue                             $492,510        $351,318       + 40%
    -------------------------------------------------------------------------
    EBITDA(xx)                         $(531,996)    $(1,458,317)      + 64%
    -------------------------------------------------------------------------
    Net loss
     ((*)from continuing operations)    $581,761      $1,793,834(*)    + 68%
    -------------------------------------------------------------------------
    Net loss per share
     ((*)from continuing operations)      $(0.01)         $(0.08)(*)   + 88%
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                           FY              FY            %
                                          2008            2007        Change
    -------------------------------------------------------------------------
    Revenue                            $1,637,558       $960,434       + 71%
    -------------------------------------------------------------------------
    EBITDA(xx)                        $(2,910,301)   $(5,420,647)      + 46%
    -------------------------------------------------------------------------
    Net loss
     ((*)from continuing operations)   $1,370,516(*)  $2,595,764(*)    + 47%
    -------------------------------------------------------------------------
    Net loss per share
     ((*)from continuing operations)       $(0.02)(*)     $(0.12)(*)   + 83%
    -------------------------------------------------------------------------
    

    "Throughout fiscal 2008, we demonstrated continued growth in B.C.," said
Martin Johnson, President and CEO, OneMove. "We realized a 60% year-over-year
increase in the number of econveyance transactions we processed and more than
doubled our customer base. With the sale of our U.K. subsidiary in the third
quarter, we reduced our expenses and are now able to allocate greater
resources toward the market opportunity in B.C."
    Mr Johnson continued: "Entering fiscal 2009, we recognize the downward
pressure the current economic conditions are having on the real estate market.
However, with the deadline for mandatory electronic filing of completed
conveyance documents less than two years away, the adoption of paperless
property transfer is gaining momentum across B.C. Currently, only 37% of
transactions are filed electronically. We believe our unique web-based service
model and ability to seamlessly connect all those involved in the real estate
transaction positions us to capitalize on the expanding market opportunity. We
expect to grow transaction volume by increasing the number of lawyers and
notaries on our econveyance platform and concentrating our marketing efforts
on law firms and real estate agencies that process higher volumes of
conveyance transactions. We also plan to increase revenue per transaction by
continuing to integrate with other real estate industry service providers."

    
    Fiscal 2008 Q4 and Year End Financial Review
    --------------------------------------------
    
    Revenue for fiscal 2008 increased 71% to $1,637,558 from $960,434 for
fiscal 2007, primarily reflecting a 60% increase in the number of transactions
processed through econveyance. The year-over-year improvement in transaction
volume reflects the overall growth in OneMove's customer base as well as the
Company's success in expanding its base of high-volume users. During fiscal
2008, OneMove processed approximately 55,000 transactions, compared to 34,000
transactions last year. As a result, average daily revenue increased to
approximately $5,500 from approximately $3,500 in fiscal 2007.
    For the three months ended June 30, 2008, revenue was $492,510, up 40%
from revenue of $351,318 for the three months ended June 30, 2007. During Q4
fiscal 2008, OneMove processed approximately 16,900 transactions, compared to
12,900 transactions in Q4 fiscal 2007. Average daily revenue for Q4 fiscal
2008 increased to approximately $6,700 from $5,300 in Q4 fiscal 2007.
    For fiscal 2008, total expenses were $3,215,755, compared to $3,333,537
for fiscal 2007. The decrease in expenses reflects initial savings, in areas
such as travel expense and advertising expense, which the Company realized as
a result of the divestiture of its U.K. operations, as well as decreases in
interest expense and deferred development costs. These savings were offset
primarily by OneMove's increased investment in the business, in areas such as
salaries and wages and commission fees paid to BC OnLine, reflecting the
year-over-year growth in the Company's B.C. operations. Total expenses for the
three months ended June 30, 2008, were $860,197, compared to $1,057,519 for
the three months ended June 30, 2007. Going forward, OneMove will focus on
maintaining tight cost controls. The Company will continue to look at reducing
investments in non-revenue generating activities and re-investing those
savings in areas that support future growth.
    EBITDA was $(2,910,301), for fiscal 2008, compared to $(5,420,647) in
fiscal 2007. EBITDA for the three months ended June 30, 2008, was $(531,996),
compared to $(1,458,317) for the three months ended June 30, 2007.
    For fiscal 2008, loss from continuing operations was $1,370,516, or
$(0.02) per share, compared to $2,595,764, or $(0.12) per share, in fiscal
2007. Net loss for fiscal 2008 was $3,087,820, or $(0.06) per share, compared
to $6,198,190, or $(0.28) per share, in fiscal 2007. Net loss for the three
months ended June 30, 2008, was $581,761 or $(0.01) per share, compared to
$1,793,834, or $(0.08) per share, for the three months ended June 30, 2007.
    Cash flows from continuing operations were $(1,603,763) as at June 30,
2008, compared to $(1,361,975) as at June 30, 2007. As at June 30, 2008,
OneMove had cash and cash equivalents of $193,850, compared to $3,704,971 as
at June 30, 2007. The Company had working capital of $30,896 as at June 30,
2008, compared to $3,646,270 at June 30, 2007. Subsequent to year end, OneMove
completed a private placement for proceeds of $565,301, strengthening the
Company's cash position.
    As at June 30, 2008, total shares issued and outstanding were 47,884,942.
    To view full MD&A and financial statements for OneMove please click here:
 http://files.newswire.ca/736/OneMove_MDA_and_Financials.pdf. In addition,
full financial statements and MD&A for OneMove will be available at
www.onemovetech.com and www.sedar.com

    
    (xx)EBITDA is used internally by the Company to compare cash operating
    resulted from one period to another. EBITDA for the purposes of this
    analysis also excludes stock based compensation, shares issued for
    services and "Other income/losses" per the financial statements. EBITDA
    does not have any standardized meaning prescribed by GAAP and therefore
    may not be comparable to similar measures presented by other companies.
    

    About OneMove Technologies Inc.

    OneMove Technologies Inc. (TSX-V: OM) offers a leading real estate
transaction platform. Through econveyance(TM), its proprietary web-based
conveyancing software solution, OneMove(TM) simplifies and expedites the
process of buying and selling real estate in British Columbia, Canada.
Econveyance links all participants in the property transfer process, offering
a secure and efficient means of seamlessly completing the transaction online.
Additional information about OneMove can be found at www.onemovetech.com or
www.sedar.com.

    Forward Looking Statements

    This press release contains certain "forward looking statements." These
statements relate to future events or future performance and reflect
expectations and belief regarding growth, results of operations, performance,
business prospects, opportunities or industry performance and trends. These
forward looking statements reflect current internal projections, expectations
or beliefs and are based on information currently available. A number of
factors could cause actual events or results to differ materially from the
results discussed in the forward looking statements. Although it is believed
that the forward looking statements contained in this press release are based
upon reasonable assumptions, investors cannot be assured that actual results
will be consistent with these forward looking statements. These forward
looking statements are made as of the date of this press release, and OneMove
Technologies Inc. assumes no obligation to update or revise them to reflect
new events or circumstances, except as required pursuant to applicable
securities laws.

    
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release
    

    %SEDAR: 00023118E




For further information:

For further information: Martin R. Johnson, President & CEO, (604)
662-8207 ext 116, martin.johnson@onemovetech.com; Kristen Dickson, Investor
Relations, The Equicom Group, (416) 815-0700 ext 273,
kdickson@equicomgroup.com

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ONEMOVE TECHNOLOGIES INC.

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