Comprehensive solutions and multi-point services are now offered from
offices in Canada, Europe and Mexico
TSX VENTURE: ODS
MONTREAL, Nov. 27 /CNW Telbec/ - Odesia Group Inc. ("ODESIA") (TSX
VENTURE:ODS) is pleased to announce revenue of $3.4 million in the third
quarter of 2007, up 48% from $2.3 million in the same quarter of 2006, showing
sustained growth throughout the year.
The Company surpassed its total 2006 revenue in the first nine months of
2007 thanks to the signing of contracts, the signing of new large account
referrals and strategic partnerships.
"Our efforts will give the Group a strategic positioning whose positive
effects will be felt in the short term by our clients and partners and will
provide our shareholders with tangible results over the next few months,"
stated Nicolas Bonnafous, president and CEO of ODESIA.
Highlights of the financial results for the third quarter and the first
nine months of 2007:
- Third-quarter revenue up 48% to $3,415,185 in the third quarter,
compared to $2,309,745 in 2006, and nine-month revenue of $9,831,298 in
2007, compared to $5,306,846 a year earlier.
- Third-quarter EBITA showed a loss of $221,749 in 2007, compared to a
profit of $410,804 in 2006, and a nine-month loss of $94,922 in 2007,
compared to a profit of $190,719 a year earlier. The loss during the
third quarter is attributable to various factors, notably: a
seasonality effect due to the summer season, a change in the sales mix,
a lower placement rate, a strong Canadian dollar relative to the euro
and the US dollar, and non-recurring charges of $232,420 related to
employment severance payments.
- The Company experienced a loss of $195,347 in the third quarter of
2007, compared to a third-quarter profit of $236,736 in 2006. The loss
was $311,555 for the nine-month period in 2007, compared to a profit of
$55,886 in the previous year.
On October 31, ODESIA signed a transaction agreement to acquire client
contracts in Europe valued at 1,122,000 euros. The acquisition cost will be
paid in cash, up to an amount of 747,000 euros and the balance will be paid
over a period of 15 months.
On November 15, 2007, ODESIA received the approval from securities
regulatory authorities for the re-pricing of 4,010,664 warrants from $0.60 to
$0.50 and to extend the expiry date from December 23, 2007 to January 31,
The full version of the financial statements is available on SEDAR at
www.sedar.com or on the Company's website at www.odesia.com.
About ODESIA Group
ODESIA Group is a Canadian-based international corporation specialized in
BI solutions, decision processes, and data warehousing for large corporations.
The management team at ODESIA has extensive knowledge and experience in
leading the execution of BI processes in large enterprises. The team of some
220 professionals offers a high level of service and specialization. The
partnerships that ODESIA has formed with diverse BI service providers
constitute a further important feature of its offering. The Company's goal is
to provide customers a complete solution, no matter the technical challenge.
For more information, see www.odesia.com
This release may contain forward-looking statements. Various factors
could cause actual results to differ materially from those projected in
forward-looking statements. Although the Company believes that the
forward-looking statements contained herein are reasonable, it can give no
assurance that the Company's expectations are correct. All forward-looking
statements are expressly qualified in their entirety by this cautionary
The TSX Venture Exchange Inc. does not accept responsibility for the
adequacy or accuracy of this release and has neither approved nor
disapproved of the information contained herein.
For further information:
For further information: Nicolas Bonnafous, President and CEO, ODESIA
Group Inc., (514) 876-1155 x 102, email@example.com; Nicole Blanchard,
Managing Partner, Corporate Strategy and Investor Relations for ODESIA Group
(ODS-V), Sun International Communications, (450) 973-6600,