CALGARY, Dec. 31 /CNW/ - WellPoint Systems Inc., ("WellPoint" or the "Company") (TSX-V:WPS), a leading provider of software and related solutions to the energy industry, today announced that BOLO by WellPoint Systems has been selected by a US Exploration and Production company to manage their back office. The US$1.2 million deal consists of license, maintenance and implementation services. The US$550,000 of license fees will be recognized in the fourth quarter of 2009, and the services fees will be recognized in the first half of 2010.
Although 2009 was a year of instability in the general economy and credit markets, this deal caps off what has been a record year for WellPoint. With the closure of this deal, WellPoint anticipates posting 2009 EBITDA in excess of $9.0 million.
"We are continuing to see strong demand for all our products," said Mr. Richard Slack, President and CEO of WellPoint Systems. "We recently announced a sale of Energy Broker to a key customer, highlighting the demand for our new products coming to market, while this latest sale demonstrates continued demand for a core existing solution."
About WellPoint Systems Inc.
WellPoint provides premier software and related services for managing critical operations within the energy industry. As a Microsoft Gold Certified Partner since 2005, WellPoint is the only Independent Software Vendor (ISV) and Microsoft Dynamics partner dedicated to the energy sector. It is breaking new ground with the creation of a more comprehensive, integrated energy software suite based on existing Microsoft ERP technology that utilizes state-of-the-art Dynamics AX(R) and .NET architectures. WellPoint also provides software and services under the BOLO, IDEAS International and iSoft brands.
Founded in 1997, Calgary-based WellPoint Systems also has major operations in Denver, CO, Houston, TX, Livingston, NJ, Tampa, FL, Tunis, Tunisia and Pretoria, South Africa. WellPoint is publicly traded on the TSX Venture Exchange under the symbol WPS.
This document contains forward-looking statements. Some forward looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. The statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. The Company's actual results could differ materially from those currently anticipated due to a number of factors, including, but not limited to, successful integration of structural changes, including restructuring plans, acquisitions, technical or manufacturing or distribution issues, the competitive environment for the Company's products, the degree of market penetration of the Company's products, and other factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE WELLPOINT SYSTEMS INC.
For further information: For further information: Richard Slack, President and Chief Executive Officer, (303) 987-2238, email@example.com; Bharat Mahajan, CA, Chief Financial Officer, (403) 444-3916, firstname.lastname@example.org