(TSX Venture Exchange: "IVI")
Issued Common Shares: 26,263,168
CALGARY, Dec. 4 /CNW/ - Ivrnet Inc. (TSX Venture: IVI) reports third
quarter revenue of $477,200, an increase of over $166,000 compared to the
third quarter of 2006. The company had a net loss of $198,864 for the quarter.
This loss includes $140,500 in one time stock issuance costs.
The key event in the quarter was the acquisition of GO-IP a business
Telephone solutions company. "The GO-IP acquisition will be a key in the
future growth of Ivrnet as it gives us a larger sales force and a more robust
dealer network. GO-IP also provides us with an improved and broader offering."
comments Dave Snell the president of Ivrnet. "The acquisition coupled with our
continuously improving bottom line means we should continue to see increasing
value for our shareholders."
Other developments include the achievement of the magic million call mark
during the recent Alberta municipal elections. "We made over one million calls
across the province on behalf of a number of candidates in the recent
municipal elections." said Snell. "Not a lot of companies have or even can hit
that benchmark. This moves Ivrnet into the front rank of campaign solution
providers in Canada. The increasing financial stability as well as new growth
in new markets means Ivrnet is well positioned to move forward over the next
The net loss for the third quarter of $198,864 included $140,500 in stock
compensation costs. Revenue for the quarter of $477,200 represents a 54%
increase over the third quarter of 2006. EBITDA for the third quarter
decreased to ($139,103) compared to $35,026 for the third quarter of 2006.
EBITDA excluding the $140,500 in one time compensation expenses would have
been $1,397. Expenses were higher in the third quarter of 2007 when compared
to the second quarter; however, excluding stock compensations expenses, third
quarter expenses were similar to the second quarter expenses. Management
expects fourth quarter expenses to be consistent with the second quarter
A full analysis of the quarter can be found by visiting www.sedar.ca.
About Ivrnet Inc. - Ivrnet is a technology company offering hosted
telephone and business solutions comprising the integration of telephone and
Web technologies. Ivrnet offers these integrated solutions to a variety of
markets including Golf, Medical and Automotive industries. Ivrnet also offers
a number of telephony products including Unified Messaging services, Virtual
Telephone Switches, Hosted Call Centers, and Conference Calling interfaces.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This information
release may contain certain forward-looking information. Actual future results
may differ materially from those contemplated. The risks, uncertainties and
other factors that could influence the actual results are described in
documents filed with regulatory authorities.
For further information:
For further information: please visit our website at www.ivrnet.com, or
contact: David L. Snell, Ivrnet Inc., President, (403) 538-4540, eMail: