OTTAWA, Aug. 18 /CNW Telbec/ - ZIM Corporation (OTCBB: ZIMCF), a provider
of software products and services for the database, mobile and IPTV markets;
today announced its results for the quarter ended June 30, 2008. All figures
presented are calculated in accordance with generally accepted accounting
principles (GAAP) in the United States and presented in US dollars.
Revenue for the quarter ended June 30, 2008 was $439,330, a decrease from
$538,027 for the same period last year. As previously announced, ZIM's
decrease in revenue is primarily attributable to the decline in revenue from
our Mobile segment.
Net loss for the quarter ended June 30, 2008 was $35,411 or a basic and
diluted loss per share of $NIL. The net loss for the same period last year was
$97,397 or a basic and diluted loss per share of $0.001. The decrease in net
loss is a reflection of the Company's reduction in selling and general
administrative expenses, increased gross margins and an increase in revenue
from maintenance and consulting services related to our database products.
ZIM had cash of $401,525 at June 30, 2008 as compared to cash of $299,943
as at March 31, 2008 with no other outstanding debt.
"We are continuing to benefit from our operational improvements and
expense reductions" said Dr. Michael Cowpland, President and CEO of ZIM. "Our
current cost structure continues to improve and supports our continuing
efforts in pursuing opportunities related to our ZIM Integrated Development
Environment (IDE) software, Internet TV and Mobile Content and Applications
ZIM is a provider of software products and services for the database,
mobile and IPTV markets. ZIM products and services are used by enterprises in
the design, development and management of business, database and IPTV
applications. Certain of ZIM's mobile products are also provided to the
consumer market. For more information on ZIM and its customers, partners and
products, visit: www.zim.biz.
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including statements related to the success of ZIM's
aggregation services and ZIM's ability to enter the mobile content market. All
forward-looking statements made in this press release relating to expectations
about future events or results are made as of, and are based upon information
available to ZIM as of, the date hereof. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to differ
materially from those described or implied by any forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
ZIM's limited operating history, ZIM's history of operating losses and
expected future operating losses, ZIM's ability to obtain additional financing
when needed, ZIM's ability to continue as a going concern, ZIM's reliance on
wireless carriers to market and use its applications and services, possible
fee increases by third party service providers, the potential loss of services
of Dr. Michael Cowpland and other key personnel, rapid developments in
technology, including developments by competitors, possible internal controls
deficiencies and possible accounting adjustments resulting from our
quarter-end accounting and review procedures, ZIM's ability to maintain
current reporting under the Securities Exchange Act of 1934, and ZIM's ability
to successfully integrate any acquisition. Please refer to ZIM's filings with
the SEC for additional information regarding risks and uncertainties. Copies
of these filings are available through the SEC's website at www.sec.gov. ZIM
assumes no obligation to revise or update publicly the forward-looking
statements included in this news release, other than as required by law.
For further information:
For further information: John Chapman, ZIM Corporation, (613) 727-1397
ext. 121, email@example.com