MONTREAL, Oct. 29 /CNW Telbec/ - Pixman Nomadic Media Inc. (formerly
Pixman Capital Inc.) ("Pixman" or the "Company") announced today results for
its fourth quarter and fiscal year 2007 ended June 30, 2007.
- Total revenue for the fourth quarter ended June 30, 2007 - $404,136
representing a 206% increase over the fourth quarter 2006.
- Annual revenue - $1,284,247; a 5.8% decline versus fiscal 2006.
- Net loss - $3.1 million or $0.14 per common share for fiscal 2007
versus a net loss of $970,833 or $0.09 per common share for fiscal
- Working capital as at June 30, 2007 - $823,655.
Complete financial statements can be found on SEDAR at www.sedar.com.
Business Highlights 2007
- Completion of the IPO for net proceeds of $1,398,451.
- Completion of the Reverse Takeover with Pixman Corporation and
concurrent private placement raising total net proceeds of $2,343,579.
- Creation and start up of wholly-owned operating subsidiaries in Europe
(Pixman Europe S.L.) and in the U.S. (Pixman USA Inc.).
- Successful implementation of new sales channels in Europe based on a
newly created VAR (Value-Added Reseller) program.
- Development and launch of the PixProjector(TM) a multi-media projection
system that displays media and advertising content on walls, ceilings
and floors in a dynamic fashion. High-profile initial campaigns for
major entertainment group in the UK and French cosmetics group in four
regions around the world: UK, France, Hong Kong, Japan and USA.
- Development of new system applications including:
a. PixWeb: accessing Websites on the move;
b. PixPic: taking pictures on the fly and sending them via email
while generating sales leads;
c. PixMosaic: creating mosaics of pictures taken during an event
and projecting them on large displays;
d. PixCapture: capturing relevant data from customers on the move
and building very valuable databases for advertisers; and,
e. PixGaming: playing high-profile video games directly on Pixman
Commenting on the past year's accomplishments, Daniel Langlois, Chairman
of the Board and interim CEO said, "This year was critical for our company to
implement the first structural changes in order to be in a position to
accelerate growth. Our management was initially focused on the IPO and
financing processes which were exhaustive. The next step was the development
of an effective sales organization with the hiring of key sales management
staff. The new structure has started to pay off with fourth quarter revenues
206% over last year's fourth quarter. The project pipeline for the coming
fiscal year indicates a continued positive trend. We are now executing our
next strategic actions including raising the required financing to position
the company in a market that is significantly growing at the moment."
Restatement of Prior Quarter Financial Statements
The Company's management realized in the course of the fiscal 2007
year-end audit process that the accounting of the Reverse Takeover and
accounting for certain expenses, including stock-based compensation expenses
were incorrect. Also there was misstatement of certain items as a result of
timing issues in the Corporation's financial statement close process. The
Corporation corrected these errors and restated the unaudited consolidated
financial statements for the three- and six-month periods ended December 31,
2006 and the three- and nine-month periods ended March 31, 2007. These
restatements were filed with the relevant agencies on October 26, 2007 and are
available on SEDAR at www.sedar.com.
About Pixman Nomadic Media Inc.
Pixman is a tactical media company offering a variety of nomadic multi
media solutions and services to clients and agencies around the world. The
foundation of Pixman's business is the PixMonitor(TM) system, a wearable
audiovisual unit with a flat screen suspended above a brand ambassador's head.
The Company's offering has since evolved greatly and now includes an array of
tactical multi-media systems and applications running in nomadic mode
available in approximately twenty five countries around the world. The
PixMonitor(TM) and other multi-media systems (hereinafter referred to as
"Pixman Systems"), represent innovative ways to promote brands, companies,
products and services directly with a target audiences in specific locations.
Pixman provides turn-key media services throughout North America and licenses
the technology to partners representing over 25 countries around the world.
Pixman is listed on the TSX Venture exchange (www.tsx.com) as PMN.V.
Forward Looking Statements
This news release contains forward-looking information. These statements
relate to future events or future performance and reflect management's current
expectations and assumptions. Such forward-looking statements reflect
management's current beliefs and are based on information currently available
to management of Pixman. A number of factors could cause actual events,
performance or results to differ materially from the events, performance and
results discussed in the forward-looking statements. These forward-looking
statements are made as of the date hereof and Pixman does not assume any
obligation to update or revise them to reflect new events or circumstances.
(The TSX does not accept responsibility for the adequacy or accuracy of
For further information:
For further information: Jake Chadwick, CFO, Pixman Nomadic Media Inc.,
(514) 845-9669, extension 224, www.pixman.com; Investor relations: Sylvain
Archambault, Evolution Group Inc., (514) 448-4887, Toll free: 1-866-703-4887,
Fax: (450) 348-0127, email@example.com, www.evolutiongrp.com