OTTAWA, June 21 /CNW Telbec/ - ZIM Corporation (OTCBB: ZIMCF), a mobile
content and service provider, today announced its results for the fiscal year
ended March 31, 2007. 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 year ended March 31, 2007 was $2,195,184, a decrease from
$3,595,315 in the prior year. As previously announced, ZIM's decrease in
revenue is primarily attributable to the decline in revenue from our SMS
aggregation services as a result of management's decision to no longer focus
on this market.
Net loss for the year ended March 31, 2007 was $1,936,187 or a basic and
diluted loss per share of $0.02. The net loss for the year ended March 31,
2006 was $3,388,493 or a basic and diluted loss per share of $0.06. Included
in the net loss for the year ended March 31, 2007 is a non-cash amount of
$972,209 relating to the amortization of intangible assets acquired in the
purchase of Advanced Internet Services Inc.
ZIM had cash of $ 441,637 at March 31, 2007, as compared to a cash
balance of $237,035 at March 31, 2006. As at March 31, 2007, ZIM also had an
amount due to the chief executive officer, who is also a shareholder, of
"Consistent with previous announcements, ZIM continued to experience a
decrease in SMS aggregation revenues however, we continue to pursue
opportunities related to our Internet TV and Mobile Content platforms" said
Dr. Michael Cowpland, President and CEO of ZIM.
ZIM is a provider of internet TV programming and services (also referred
to as IPTV) and a mobile content and service provider. 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 year-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: Jennifer North, (613) 240-4300, ZIM