SolutionInc Announces Continued Financial Improvements with Positive First Quarter Results

    HALIFAX, Aug. 28 /CNW/ - SolutionInc Technologies Limited (TSX-VEN:STL),
a leader in Internet management, provisioning and billing, announced today the
release of its first quarter unaudited financial statements for the three
months ended June 30, 2008 ("Q1 2009"). The full Financial Statements and
Management Discussion and Analysis of Financial Condition of Results of
Operations (MD&A) are available on
    "Our continued growth is being driven by our strong product portfolio,
customer diversity, international market presence, and continued focus on our
customers' needs. Going forward, we will continue to concentrate on these core
aspects of our business, while expanding our R&D initiatives, to meet the
future opportunities of the high speed internet access market." said
SolutionInc President and CEO Glen Lavigne.
    Financial highlights for the three months ended June 30, 2008 compared to
the three months ended June 30, 2007 ("Q1 2008"):

    - Management is pleased to announce that Q1 2009 revenues of $1,214,431
      represent a 51% or $407,948 increase over Q1 2008 revenues.
    - The Company reported positive net income of $18,197 in Q1 2009, which
      represents a $208,176 improvement from the net loss reported in
      Q1 2008.
    - Cash generated from operations improved by $127,360 from a loss of
      $106,096 in Q1 2008 to positive cash generated of $21,264 in Q1 2009.
    - Q1 2009 EBITDA of $107,318 represented a $202,757 improvement over the
      Q1 2008 EBITDA loss of $95,439.
    - The Company's financial position continued to improve in Q1 2008 as the
      Company repaid an additional $36,000 of its long term debt, and ended
      the quarter with $86,886 positive cash compared to the use of the
      operating facility of $135,434 in Q1 2008.

    "While we still have work to do to drive the shareholder value, which we
believe SolutionInc can generate, our results are showing progress. I am
committed to moving the Company forward with continued success and enriching
the value for our shareholders." added Mr. Lavigne.

    About SolutionInc

    SolutionInc Limited simplifies Internet connectivity. SolutionInc's
software system allows people with laptops to easily and securely connect to
the Internet from a hotel room, a convention center, or any type of Wi-Fi
hotspot. The system allows the property or broadband provider to register
users, to bill for service and show the user targeted messages. The company
provides software and services to the hospitality and telecommunications
industries. SolutionInc is recognized as one of the leaders of Internet
connectivity and hotspot management.
    SolutionInc is a trademark and a wholly owned subsidiary of SolutionInc
Technologies Limited (TSX-VEN:STL). All other trademarks are the property of
their respective holders. For more information visit

    SolutionInc Disclaimer: This press release may contain forward-looking
statements involving the company's expectations about future financial results
and other matters. These statements reflect management's current forecast of
certain aspects of the company's future business. These forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results of operations to differ materially from historical results or
current expectations. The words "plan", "expect", "believe", "intend",
"anticipate", "forecast", "target", "estimate" and similar expressions
identify forward-looking statements. Risk factors include shifts in customer
demand, product shipment schedules, product mix, competitive products and
pricing, technological shifts and other variables. Readers are referred to
SolutionInc's most recent reports filed with the TSX venture exchange and
located at for a more complete discussion of the other risks and
uncertainties. The factors underlying forecasts speak only as of the date they
are given and do not necessarily reflect the company's outlook at any other
point in time. The company does not undertake to update or review these
forward-looking statements.
    %SEDAR: 00008710E

For further information:

For further information: Natalie Doyle Oldfield, Vice President of
Marketing, SolutionInc Limited, (902) 422-1647,

Organization Profile

SolutionInc Technologies Limited

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890