Rapid Solutions Corporation reports fiscal 2007 fourth quarter & twelve month results

    Year over Year Revenue Growth of 385% and positive Q4 earnings

    CALGARY, Aug. 27 /CNW/ - Rapid Solutions Corporation (TSX-V: RPD), a
business process solutions focused software company targeting the petroleum
industry, today announced its financial results for the three and twelve
months ended April 30, 2007.
    The Company posted revenues of $5.5 million from consulting and licensing
of its software solutions for the year ended April 30, 2007, representing an
increase of 385% over the prior year.
    "We are pleased with what we have accomplished this year," noted Michael
Jones, Chief Executive Officer of Rapid Solutions. "We continued to develop
our technology platform, we established our presence in Houston and enjoyed
tremendous success in the U.S. market."

    Key results, achievements and events for the year included:

    -   The Company achieved significant year-over-year revenue growth of
        385% as a result of important strategic acquisitions and increases in
        both software and service revenue, fuelled by overall market strength
        and improved sales execution;

    -   The Company achieved profitability in the fourth quarter;

    -   During the year, 4 new customers increased their commitment to
        Rapid's CENTRIX life cycle management software solution in the form
        of additional modules and strategic services;

    -   The Company completed its executive office move to Houston to enable
        it to better serve the US market;

    -   The Company accelerated its product development program with a 75%
        year over year increase in product development spending, without
        adversely affecting its year over year operating results; and

    -   Revenue from software license and support fees increased by 53% as
        the Company began to execute on its plan to leverage its consulting
        business channels to license software.

    Financial Highlights

    Revenue in the fourth quarter of 2007 was $1.7 million, an increase of
88% over the same period a year earlier. The Company posted net income of
$46,230 or $0.00 per share compared to a loss of $114,445 or $0.00 per share
in the same period last year.
    Revenue for the twelve months ended April 30, 2007 was $5.5 million
compared to $1.4 million a year earlier. The Company narrowed its net loss to
$686,585 ($0.02 per share) from $725,041 ($0.04 per share); while increasing
its sales, marketing and product development expenditures twofold.
    "We set out to add a U.S. based consulting organization to our business
to accomplish several objectives. Rapid wanted to establish a U.S. presence;
obtain ready access to U.S. based clients; leverage those channels for
software and solutions business; and with the insights we gain from those
engagements, tailor our product roadmap to the market. This plan is proving to
be very successful and we look forward to another promising year," said
Michael Jones, Chief Executive Officer.

    Summary of Results of Operations

    (thousands except             Three months ended     Twelve months ended
     per share amounts)                April 30,               April 30,
                                    2007        2006        2007        2006
    Revenue                       $1,672        $890      $5,457      $1,416
    Net income/(loss)                $46       $(114)      $(687)      $(725)
    Net loss per share
     - basic and diluted           $0.00       $0.00      $(0.02)     $(0.04)
    Outstanding shares,
     weighted average             35,173                  33,893      16,759
    Outstanding shares,
     end of period                35,173                  35,173      30,865
    The complete Financial Statements and Management Discussion and Analysis
    can be found under the Company's Profile on www.sedar.com.

    About Rapid Solutions

    Rapid Solutions Corporation is the leading developer of Business Process
Solutions for the petroleum industry. Rapid implements solutions based on the
Workflow, Integration, and Notification cycle, enabling oil and gas companies
to optimize business processes, enhance productivity and improve data
management. Rapid's professional services businesses provide operations
assurance and maintenance management solutions to a range of clients in Canada
and the United States. The company also markets software applications and
specialized engineering and consulting services for conducting production
forecasts and reserves determinations for conventional and unconventional gas

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

    Forward Looking Information

    This press release may contain forward-looking statements which may
include estimates, plans, expectations, opinions, forecasts, projections,
guidance or other statements that are not statements of fact; including
without limiting the generality of the foregoing, statements made by the Chief
Executive Officer. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it cannot give
any assurance that such expectations will prove to be correct. Results of
Rapid may be affected by a variety of variables and risks associated with the
software and technology services industry such as loss of market, competition
from other software and technology and service providers, ability to access
sufficient debt and equity capital from internal and external sources, ability
to expand in the marketplace and to maintain present clientele, ability to
generate sufficient cash flow from operations to meet current and future
obligations and risks associated with potential future lawsuits and regulatory
actions made against the Company. Rapid's business is focused on the oil and
gas industry and is therefore subject to all of the risks associated with such
industry, including the highly cyclical nature of its economic returns.
Forward-looking statements are subject to certain risks and uncertainties and
may be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in such statements. The Company's
forward-looking statements are expressly qualified in their entirety by this
cautionary statement. Unless otherwise required by applicable securities laws,
the Company does not intend nor does it undertake any obligation to update or
review any forward-looking statements to reflect subsequent information,
events, results or circumstances or otherwise.

    For further information on Rapid, go to www.rapid.com.

For further information:

For further information: Michael Jones, President and CEO, Rapid
Solutions Corporation, Suite 1450, Home Oil Tower, 324 8th Avenue S.W.,
Calgary, Alberta, T2P 2Z2, Telephone: (403) 451-3105, Email:
michael_jones@rapid.com; Investor Relations, Chevonne Miller, Breakthrough
Financial Marketing Inc., Website: www.rapid.com, (403) 269-7676, Toll free:
(866) 269-7676, miller@breakthrough.ab.ca

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