/THIS PRESS RELEASE IS NOT FOR DISSEMINATION TO UNITED STATES NEWS
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Jan. 30 /CNW/ - Sylogist Ltd. ("SYZ" - TSX Venture Exchange)
("Sylogist" or the "Company") is pleased to announce its audited annual
financial statements for the 2006 Fiscal Year ending September 30, 2006.
Fiscal 2006 was a year of substantial growth for Sylogist. The Company
increased revenue over 50%, growing both organically and through acquisitions.
Revenue for fiscal 2006 was $9.0 million compared to $5.9 million in 2005. In
the later half of the year Sylogist completed two acquisitions: Bellamy
Software and Collaborative Learning Network Inc. These additions solidified
our position as a dominant provider of software solutions to the local
government and education sectors in Alberta.
The previously reported actions were taken to terminate the municipal
template project. Sylogist will continue to address the purported termination
of this project with a goal of achieving a positive result for Sylogist
shareholders. Consequently, the Company has made certain allowances and
adjustments on its financial statements. These one-time adjustments totaling
$1.3 million resulted in earnings before tax falling to $326 thousand or $0.02
per share in 2006 compared to $954 thousand or $0.07 per share in the previous
year. Cash flow from operations was $1.1 million in 2006 compared to
$1.3 million in 2005.
"Sylogist remains a strong organization with a recurring revenue base
supported by long-term customers. Our solid balance sheet, strong team and
intellectual property portfolio obtained through acquisitions and built
through investment in our local government template has positioned us for
continued growth," stated Bill Hews, Chairman of Sylogist.
Full financial statements together with Management's Discussion and
Analysis are available on SEDAR or at www.sylogist.com.
Sylogist delivers information management and technology solutions to
government and industry clients. The Company's solutions are designed to
improve productivity for both conventional computers, Web-based and mobile
system users. Sylogist's software solutions, along with related services are
delivered to a global base through its own sales and delivery organization, as
well as through OEM channels. The Company provides implementation services for
enterprise software under a traditional software and support model as well as
software as a service model. Sylogist enhances its ERP support through its
proprietary connectivity products, which link major ERP systems with other
packaged and custom vertical market solutions.
The Company's stock is traded on the TSX Venture Exchange under the
symbol SYZ. Information about Sylogist can be found at
- The TSX-Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release -
Forward-looking statements: This press release contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
Sylogist's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management.
Although Sylogist believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should not be placed
on them because Sylogist can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. The forward-looking statements contained in this press release
are made as of the date hereof and Sylogist undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.
For further information:
For further information: Sylogist Ltd., Attention: Jim Wilson, President
& CEO, Phone: (403) 266-4808