PsiNaptic announces third quarter results



    CALGARY, Aug. 28 /CNW/ - PsiNaptic Inc. (TSX Venture Exchange: PST)
("PsiNaptic" or "the Company") announces its financial and operating results
for the three and nine months ended June 30, 2007.
    The Company continued to reduce its overhead during the current fiscal
quarter. In order to generate working capital to meet current obligations it
issued 8% convertible notes in the amount of $13,999, purchased by its
Directors. These notes become due on September 30, 2007.

    On August 15, 2007 the Corporation announced the proposed acquisition of
Innovative Products for Life Inc. This transaction is subject to certain
conditions, including completion of a private placement financing of at least
$2,500,000.00 at a price of $0.05 per PsiNaptic share. The success of this
transaction is critical to the ongoing operating ability of PsiNaptic.

    Results of Operations

    For the nine months ended June 30, 2007 PsiNaptic incurred an operating
loss of $522,307, which compares to an operating loss of $593,479 for the nine
months ended June 30, 2006. The net loss, after expense recoveries and
interest, decreased to $520,008 for the current nine months from a net loss of
$585,169 for the corresponding nine months of 2006.
    For the quarter ended June 30, 2006 PsiNaptic incurred an operating loss
of $98,768, which compares to an operating loss of $237,779 for the quarter
ended June 30, 2006. The net loss, after expense recoveries and interest,
decreased to $98,753 for the current quarter from a net loss of $233,223 for
the corresponding quarter of 2006.

    Revenue and Other Income

    PsiNaptic has not generated any licensing fees in the nine months ended
June 30, 2007 or for the comparable period of 2006. In addition, PsiNaptic has
not recorded any consulting revenue for the nine months ended June 30, 2007 or
for the comparable period of 2006.
    Net interest income of $2,299 was earned in the nine months ended June
30, 2007 compared to $8,310 in the nine months ended June 30, 2006.

    Operating Expenses

    For the nine months ended June 30, 2007 total operating expenses
decreased to $522,307 from $593,479 for the nine months ended June 30, 2006.
Salaries, including consultants and benefits, were $371,300 for the nine
months ended June 30, 2007 compared to $352,951 for the nine months ended June
30, 2006. This includes $200,000 non-cash compensation in the form of Class A
common shares issued in the second quarter of 2007. Other general and
administrative costs decreased to $122,554 for the nine months ended June 30,
2007 from $167,691 for the nine months ended June 30, 2006.
    For the quarter ended June 30, 2007 total operating expenses decreased to
$98,768 from $237,779 for the quarter ended June 30, 2006. Salaries, including
consultants and benefits, were $57,193 for the quarter ended June 30, 2007
compared to $117,719 for the quarter ended June 30, 2006. Other general and
administrative costs decreased to $39,699 for the quarter ended June 30, 2007
compared to $73,074 for the quarter ended June 30, 2006.
    No monies were expended on conference fees, travel expenses and other
marketing expenses for the quarter ended June 30, 2007 compared to $36,599 for
the quarter ended June 30, 2006.

    About PsiNaptic Inc.

    The problem with the bulk of the electronic devices on the market today
is that they don't share and they don't cooperate. PsiNaptic builds and
markets innovative software designed to solve these problems allowing
consumers to receive exponentially more value from individual devices whose
anti-social behavior prevents them from fully leveraging the functionality
trapped inside them. Teaching today's devices to cooperate and share is an
often complicated process involving the installation of "relationship
specific" software that may or may not achieve the desired result -- but will
most certainly not be useful when the next device comes along. PsiNaptic's
common device collaboration platform, built on industry leading technology
from Sun Microsystems, provides for an open and ad hoc exchange of
functionality between the various devices consumers encounter in their
everyday lives. For insight on how PsiNaptic technology can cure the problems
of the misbehaving electronic devices in your life please contact us at any of
the touch points listed below.

    Statements in this release which describe the Company's intentions,
expectations or predictions, or which relate to matters that are not
historical facts are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties which may cause
the actual results, performances or achievements of the Corporation to be
materially different from any future results, performances or achievements
expressed in or implied by such forward-looking statements. The Company may
update or revise any forward-looking statements, whether as a result of new
information, future events or changing market and business conditions.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.





For further information:

For further information: Aaron Dagan, President and CEO, or Morris
Bleviss, CFO, Telephone: (403) 720-2531 Extn 226, or Extn 223, E-mail:
adagan@psinaptic.com or mbleviss@psinaptic.com, Web site: www.psinaptic.com

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PSINAPTIC INC.

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