Rapid reports financial results for the three months ended July 31, 2008



    CALGARY, Sept. 14 /CNW/ - Rapid Solutions Corporation (TSXV: RPD) is an
enterprise process solutions provider whose principal focus is on the North
American upstream energy industry, with a growing emphasis on the chemical
processing, manufacturing and downstream energy sectors. Rapid offers
solutions that include proprietary software and professional services targeted
at resolving client challenges related to data integration and management of
information.

    Rapid reported its financial results for the three months ended July 31,
2008 (first quarter), which included the following highlights:

    
    -  First quarter of fiscal 2009 compared to the fourth quarter of fiscal
       2008, on a sequential basis, showed:

       -  21% increase in total revenue;
       -  software, solutions and support revenue representing 43% of total
          revenue compared to 20% in the earlier period;
       -  product development expenditure increase of 61% as the Company
          accelerated its software development program for client
          implementation; and
       -  net operating loss reduced by 23% (compared to loss before
          impairment provision in fourth quarter 2008).

    -  Year over year, the first quarter results reflected:

       -  Increase in software, solutions and support revenue from $186,000
          to $555,000;
       -  Decrease in professional services revenue of $602,000 as the
          Company emphasized its software, solutions and support business;
       -  Higher product development expenditures from $227,000 to $603,000,
          reflecting the Company's ramp up of software development; and
       -  Net loss of $318,000 or $0.01 per share compared to the prior
          period $0.00 per share.
    

    "Software, solutions and support revenue was 43% of total revenue in the
first quarter, representing a software revenue increase of nearly threefold
compared to the level a year earlier," commented Michael W. Jones, Chief
Executive Officer. "Our belief the market for process and safety management
solutions is a significant opportunity for Rapid is validated by results and
the level of interest expressed by clients. There is clearly a need for our
solution that aggregates procedures and safe operating conditions data into a
robust technology platform with field mobility."
    Revenue for the three months ended July 31, 2008 was $1,277,764 compared
to $1,511,327 for the same period a year earlier. Software, license and
support revenue increased from $186,068 to $554,725 between the year over year
quarters. Revenues from pure professional services engagements declined to
$723,039 from $1,325,259 as the Company shifted its focus towards client
implementations that utilize the Company's technology solutions.
    Total expenses in the first quarter were $1,595,366, an increase of 12%
that included a 47% decrease in the cost of in-house professional services
consulting personnel and a 165% increase in product development expenditures.
The decrease in professional services personnel was consistent with lower
revenue from pure services engagements as the company continued its transition
towards more software and solutions business. An increase in product
development expense reflected the Company's accelerated pace of software
development activity to meet client demand for solutions.
    Net loss for the quarter was $317,602 ($0.01 per share) compared to net
income of $16,606 ($0.00 per share) in the prior year period.

    About Rapid Solutions

    Rapid Solutions Corporation is focused on providing integrated data
management solutions to upstream energy producers and other high risk and
process intensive industries. Through considerable experience gained in data
integration, Rapid offers technology based solutions that manage and integrate
vast quantities of data and information for clients seeking data integration
solutions. Process and Safety Management clients are seeking integrated
solutions to address operational procedures, safe operating limits and
maintenance systems. Through its Canadian operating unit, Rapid offers the
upstream energy sector a similar opportunity to achieve master well list
integrity.
    Rapid believes the future of true business integration is not only
linking physical data, but also mapping data to business processes to provide
accuracy of information.

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

    Forward Looking Information

    This press release may contain forward-looking statements which may
include estimates, plans, expectations, opinions, forecasts, projections,
guidance or other statements that are not statements of fact; including
without limiting the generality of the foregoing, statements made by the Chief
Executive Officer. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it cannot give
any assurance that such expectations will prove to be correct. Results of
Rapid may be affected by a variety of variables and risks associated with the
software and technology services industry such as loss of market, competition
from other software and technology and service providers, ability to access
sufficient debt and equity capital from internal and external sources, ability
to expand in the marketplace and to maintain present clientele, ability to
generate sufficient cash flow from operations to meet current and future
obligations and risks associated with potential future lawsuits and regulatory
actions made against the Company. Rapid's business is focused principally on
the oil and gas and chemical industries and is therefore subject to all of the
risks associated with such industries, including the highly cyclical nature of
its economic returns. Forward-looking statements are subject to certain risks
and uncertainties and may be based on assumptions that could cause actual
results to differ materially from those anticipated or implied in such
statements. The Company's forward-looking statements are expressly qualified
in their entirety by this cautionary statement. Unless otherwise required by
applicable securities laws, the Company does not intend nor does it undertake
any obligation to update or review any forward-looking statements to reflect
subsequent information, events, results or circumstances or otherwise.

    For information on Rapid go to www.rapid.com.

    %SEDAR: 00022777E




For further information:

For further information: Michael Jones, President and CEO, Rapid
Solutions Corporation, Telephone: (713) 996-7979 or (403) 451-3105

Organization Profile

RAPID SOLUTIONS CORPORATION

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