OneMove(TM) Reports Second Quarter Fiscal 2008 Results



    VANCOUVER, Feb. 21 /CNW/ - OneMove Technologies Inc. ("OneMove" or the
"Company") (TSX-V: OM), a provider of a leading web-based real estate
transaction platform, today announces its financial results for the three- and
six month periods ended December 31, 2007. All results are reported in
Canadian dollars unless otherwise stated.

    
    Second Quarter Fiscal 2008 Summary
    ----------------------------------
      -  Revenue of $0.5 million, a 103% increase over Q2 2007
      -  Cumulative transactions processed in B.C. increased to approximately
         12,000 compared to approximately 6,500 in Q2 2007
      -  Average daily revenue in B.C. grew to approximately $4,900 from
         approximately $2,700 in Q2 2007
      -  EBITDA(*) (as defined at the end of the release) of $(1.1) million,
         compared to $(1.1) million in Q2 2007
      -  Net loss of $1.2 million, or $(0.02) per share, compared to net loss
         of $1.9 million, or $(0.10) per share, in Q2 2007
      -  Subsequent to quarter end, Company entered into a binding Memorandum
         of Understanding for the sale of its U.K. based subsidiary, OneMove
         Limited.
    

    "During the second quarter, we continued to demonstrate significant
year-over-year growth in our B.C. operations," said Martin Johnson, President
and CEO, OneMove. "We are pleased with our performance to date. However,
results in the U.K., although steadily improving, have been lower than
expected. As such, we are shifting our focus back to our domestic operations,
and as announced subsequent to quarter end, we are selling our U.K.-based
subsidiary."
    Mr. Johnson continued: "With an average of 800,000 residential real
estate transactions conducted per year in B.C., and the continued push toward
paperless transactions, we believe there is significant opportunity for growth
domestically. We will continue to increase revenue per transaction by
integrating with other real estate industry service providers and grow
transaction volume by concentrating our marketing and sales efforts on law
firms that have higher volumes of conveyance transactions."

    Second Quarter Review
    ---------------------
    Revenue for Q2 fiscal 2008 grew 103% to $0.5 million, compared to
$0.2 million for the same period in fiscal 2007. Revenue from Canadian
operations was $0.4 million, and revenue from U.K. operations was $0.1
million. For the first half of fiscal 2008, revenue was $1.0 million, up from
$0.5 million for the first half of fiscal 2007.
    During Q2 2008, OneMove processed 12,000 econveyance transactions in
B.C., compared with 6,500 transactions in Q2 of last year, resulting in an
increase in average daily revenue to approximately $4,900, from approximately
$2,700 in Q2 of 2007. In the U.K., the Company completed 161 contracts,
compared to 78 in Q2 2007 and saw customer sign-ups increase to 274 compared
to 104 in the prior year.
    For Q2 fiscal 2008, total expenses were $1.8 million, or 361% of revenue,
compared to $1.9 million, or 790% of revenue, for fiscal 2007. The
year-over-year decrease primarily reflects a reduction in advertising expense,
amortization of deferred development costs and interest on convertible loans.
Total expenses for the first half of 2008 were $3.5 million, compared to
$3.4 million for the prior year.
    EBITDA was $(1.1) million for Q2 fiscal 2008, compared to $(1.1) million
in fiscal 2007. EBITDA for Canadian operations was $(0.05) million, compared
to $(0.3) million in fiscal 2007, and for the U.K., Q2 EBITDA was
$(0.8) million, in line with $(0.8) million in fiscal 2007. During the
quarter, the Company's year-over-year improvements in revenue were offset by
continued investment in its operations and further enhancements to its product
and service offerings. EBITDA for the first half of fiscal 2008 was
$(2.2) million, compared to $(2.1) for the first half of fiscal 2007.
    For Q2, net loss was $1.2 million, or $(0.02) per share, compared to
$1.9 million, or $(0.10) per share, in Q2 of fiscal 2007. Operating loss from
Canadian operations was $0.1 million, compared to a loss of $0.4 million for
Q2 fiscal 2007. For its U.K. operations, OneMove's operating loss for the
quarter was $0.8 million, compared to a loss of $1.0 million the prior year.
Net loss for the first half of fiscal 2008 was $(2.4) million compared to
$(3.1) million for the prior year.
    Cash and cash equivalents were $1.5 million at December 31, 2007. In
addition, the Company had working capital of $0.8 million at December 31,
2007, compared to $3.0 million at June 30, 2007.

    Subsequent Events
    -----------------
    On February 13, 2008, OneMove entered into a binding Memorandum of
Understanding for the sale of its U.K.-based wholly owned subsidiary, OneMove
Limited, to Neil Patel, CEO, OneMove Limited. Under the terms of the
agreement, Mr. Patel will return to treasury all 5.6 million of his currently
held shares in OneMove that were issued to him as consideration for the
original purchase of OneMove Limited. OneMove Limited will issue a debenture
to OneMove for approximately (pnds stlg)1.3 million, to be paid out over a
term of 10 years. OneMove will renounce ownership of OneMove Limited,
returning all shares held, and provide (pnds stlg)175,000 in funding, 50% of
which OneMove Limited will repay by way of the debenture. In addition, the
representatives for each company will step down from the other company's Board
of Directors, and the companies will enter into a brand sharing and a software
royalty license agreement, the terms of which will be finalized upon closing.
The sale is expected to close on or before February 28, 2008.
    Full financial statements and MD&A for OneMove will be available at
www.onemovetech.com and www.sedar.com

    
    (*)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) is a real estate transaction
platform, currently serving the British Columbia, England and Wales real
estate markets. By combining personal service, unique products and leading
edge technology, OneMove(TM) simplifies and expedites the process of buying
and selling real estate. The Company's product and service offerings include:
econveyance(TM) the largest conveyance platform in British Columbia, and a
Move Management System, Personal Moving Consultants, Home Buyer Expense
Insurance, and the largest free online real estate listing database in England
and Wales. 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


    
    ONEMOVE TECHNOLOGIES INC.

                                                   December 31,      June 30,
                                                          2007          2007
    CONSOLIDATED BALANCE SHEETS                     (Unaudited)     (Audited)
    -------------------------------------------------------------------------

    ASSETS

    Current
      Cash and cash equivalents                   $  1,457,016  $  3,877,897
      Receivables                                      188,954       267,386
      Government assistance receivable                   6,727        98,474
      Prepaid expenses and deposits                     78,435        76,010
    -------------------------------------------------------------------------

                                                     1,731,132     4,319,767
    Equipment                                          831,802       843,231
    Intangible asset                                     5,400        10,800
    Long term deposits                                 289,538       299,434
    -------------------------------------------------------------------------
                                                  $  2,857,872  $  5,473,232
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current
      Accounts payable and accrued liabilities    $    701,115  $    877,828
      Deferred income                                   11,335        22,867
      Current portion of loans payable                 169,828       434,555
      Current portion of capital
       lease obligations                                64,133        33,528
    -------------------------------------------------------------------------
                                                       946,411     1,368,778
    Loans payable                                      262,487       312,652
    Capital lease obligations                          118,600        72,882
    -------------------------------------------------------------------------
                                                     1,327,498     1,754,312
    -------------------------------------------------------------------------

    Shareholders' equity
      Capital stock                                 18,690,662    18,550,451
      Contributed surplus                            1,649,939     1,607,344
      Deficit                                      (18,810,227)  (16,438,875)
    -------------------------------------------------------------------------
                                                     1,530,374     3,718,920
    -------------------------------------------------------------------------
                                                  $  2,857,872  $  5,473,232
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    "Martin Johnson"      Director       "Stuart Bonner"       Director
    ----------------------               ----------------------



    ONEMOVE TECHNOLOGIES INC.

    CONSOLIDATED
    STATEMENTS OF
    OPERATIONS AND         Three months ended           Six months ended
    DEFICIT                   December 31,                 December 31,
                      --------------------------- ---------------------------
    (Unaudited)              2007         2006           2007         2006
    -------------------------------------------------------------------------
    REVENUES          $    486,287  $    239,583  $    984,166  $    457,193

    EXPENSES
      Advertising          174,491       211,751       277,055       372,601
      Amortization of
       deferred
       development
       costs                     -        62,946             -       125,891
      Amortization of
       equipment           103,101       148,792       195,806       176,766
      Amortization of
       intangible
       asset                 2,700         2,403         5,400         5,400
      Commissions and
       fees                171,064        58,442       332,895       110,193
      Consulting fees       22,591        11,160        22,591        24,140
      Insurance             18,009        11,555        32,404        26,959
      Interest and
       bank charges          6,957         6,762        13,670        20,868
      Interest on
       convertible
       loans                     -        12,860             -        67,103
      Interest on
       loans                16,683        81,162        30,356       116,006
      Investor
       relations and
       filing fees          53,072        23,544       101,294        28,641
      Office and
       general              95,902        49,062       183,487       113,879
      Professional
       fees                 94,132        47,897       171,124        77,299
      Rent and
       utilities            81,024        66,868       161,420       133,837
      Stock-based
       compensation         11,925       204,561        42,595       259,503
      Salaries and
       wages               746,611       666,947     1,543,496     1,274,329
      Telephone             39,851        98,482        94,234       177,851
      Travel               119,031       127,606       242,541       263,140
      Web site
       planning
       and design                -             -        10,000             -
    -------------------------------------------------------------------------
                         1,757,144     1,892,800     3,460,368     3,374,406
    -------------------------------------------------------------------------
    Loss before other
     items              (1,270,857)   (1,653,217)   (2,476,202)   (2,917,213)
    -------------------------------------------------------------------------
    OTHER ITEMS
      Other income          20,661         7,992        51,685        13,827
      Dividends on
       preferred shares          -        (6,000)            -       (12,000)
      Foreign exchange
       gain (loss)          24,528      (254,305)       53,165      (246,519)
      Loss on disposal
       of assets                 -       (31,633)            -       (31,633)
    -------------------------------------------------------------------------
                            45,189      (283,946)      104,850      (276,325)
    -------------------------------------------------------------------------
    Net loss for the
     period before
     non-controlling
     interest           (1,225,668)   (1,937,163)   (2,371,352)   (3,193,538)

    Non-controlling
     interest                    -             -             -        69,493
    -------------------------------------------------------------------------

    Net loss for the
     period             (1,225,668)   (1,937,163)   (2,371,352)   (3,124,045)
    Deficit, beginning
     of period         (17,584,559)   (9,417,266)  (16,438,875)   (8,230,384)
    -------------------------------------------------------------------------

    Deficit, end of
     period           $(18,810,227) $(11,354,429) $(18,810,227) $(11,354,429)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net loss per
     common share
      Basic           $      (0.02) $      (0.10) $      (0.05) $      (0.21)
      Fully diluted   $      (0.02) $      (0.10) $      (0.05) $      (0.21)

    Weighted average
     number of common
     shares
      Basic             49,977,687    19,531,250    49,940,312    14,885,510
      Fully diluted     49,977,687    19,531,250    49,940,312    14,885,510
    -------------------------------------------------------------------------



    ONEMOVE TECHNOLOGIES INC.

    CONSOLIDATED
    STATEMENTS OF          Three months ended           Six months ended
    CASH FLOW                 December 31,                 December 31,
                      --------------------------- ---------------------------
    (Unaudited)              2007         2006           2007         2006
    -------------------------------------------------------------------------

    CASH FLOWS FROM
     OPERATING
     ACTIVITIES
      Loss for the
       period         $ (1,225,668) $ (1,937,163) $ (2,371,352) $ (3,124,045)
        Items not
         affecting
         cash:
          Amortiza-
           tion of
           deferred
           development
           costs                 -        62,946             -       125,891
          Amortization
           of
           equipment       103,101       148,792       195,806       176,766
          Amortization
           of
           intangible
           asset             2,700         2,403         5,400         5,400
          Stock-based
           compensa-
           tion             11,925       204,561        42,595       259,503
          Unrealized
           foreign
           exchange           (935)            -         5,832             -
          Accrued
           interest
           on
           convertible
           loans                 -        12,860             -        67,103
          Dividends on
           preferred
           shares                -         6,000             -        12,000
          Non-
           controlling
           interest              -             -             -       (69,493)
          Interest on
           loans                 -        61,077             -        61,077
          Loss on
           disposal of
           assets                -        31,633             -        31,633

    Changes in non-
     cash working
     capital
      (Increase)
       decrease in
       receivables          47,482       225,092        78,433       171,243
      Decrease in
       government
       assistance
       receivable                -       180,185        91,747       390,867
      Increase in
       prepaid
       expenses and
       deposits             72,862       (52,260)       (2,424)     (114,582)
      Increase
       (decrease) in
       accounts
       payable             112,858      (144,321)     (161,712)      245,832
      Increase in
       deferred
       revenue              (6,259)            -       (11,532)            -
    -------------------------------------------------------------------------
    Net cash used by
     operating
     activities           (881,934)   (1,198,195)   (2,127,207)   (1,760,805)
    -------------------------------------------------------------------------
    CASH FLOWS FROM
     FINANCING
     ACTIVITIES
      Loan repayments      (72,962)     (794,509)     (150,529)     (904,427)
      Share issuance
       costs                (1,962)     (531,706)       (4,589)     (531,706)
      Capital lease
       payments            (12,896)            -       (20,761)            -
      Long term
       deposits              3,036             -         1,597             -
      Convertible loan
       proceeds                  -         2,150             -       424,650
      Loan proceeds              -       168,586             -       853,797
      Issuance of
       shares for cash           -     2,122,789             -     2,122,789
      Deferred
       financing
       fees                      -             -             -       (50,995)
    -------------------------------------------------------------------------
    Net cash provided
     (used) by
     financing
     activities            (84,784)      967,310      (174,282)    1,914,108
    -------------------------------------------------------------------------
    CASH FLOWS FROM
     INVESTING
     ACTIVITIES
      Purchase of
       equipment           (27,354)      (11,108)      (80,464)     (188,584)
      Long term
       deposits                  -             -             -             -
      Cash received on
       acquisition of
       OneMove Tech              -       211,829             -       211,829
    -------------------------------------------------------------------------
    Net cash used by
     investing
     activities            (27,354)      200,721       (80,464)       23,245
    -------------------------------------------------------------------------
    Effect of foreign
     exchange on cash
     and cash
     equivalents            (5,500)            -       (38,928)            -

    Change in cash and
     cash equivalents
     during the period    (999,572)      (30,164)   (2,420,881)      176,548

    Cash and cash
     equivalents,
     beginning of
     period              2,456,588       209,392     3,877,897         2,680
    -------------------------------------------------------------------------
    Cash and cash
     equivalents, end
     of period        $  1,457,016  $    179,228  $  1,457,016  $    179,228
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash paid during
     the period for
     interest         $     16,683  $     47,441  $     30,356  $     67,785
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash paid during
     the period for
     income taxes     $          -  $          -  $          -  $          -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    %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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