Despite challenging economic times, company adds significant customers
and appoints new Chief Financial Officer
HALIFAX, Nov. 26 /CNW/ - SolutionInc Limited, a wholly owned subsidiary of SolutionInc Technologies Limited, (TSX-VEN:STL) and the maker of the patented Internet gateway software, SolutionIP(TM), announced today its unaudited financial results for the three and six months ended September 30, 2009 in addition to the appointment of a new Chief Financial Officer.
The continued global economic uncertainty negatively impacted new capital and operating expenditures for both hospitality and service provider customers. Total revenue for the three month period was $947,506 compared to $952,475 in the same period one year ago. "While we are disappointed about the slight decrease in revenue, we are pleased with our team's success in securing new business," said Glen Lavigne, President and CEO of SolutionInc Technologies Limited. "Our proven ability to deliver world-class products and excellent services enabled us to add new customers in the quarter. We would like to thank those new customers including GBCblue, Clearview Networks, Sigma.3 and Conventive K.K. for their support," Lavigne added.
The company's net loss during the second quarter totaled $270,953 compared to $161,872 one year ago for the same period. This loss included $374,000 of operating costs invested in the company's new HDTV product segment. "While the planned investment in the HDTV product segment aligned with the economic downturn, it was imperative to continue with the product roadmap to ensure long term success for the company. It is important to point out that excluding these costs, the company would have reported positive net income in the quarter and positive EBITDA for the fiscal year to date," said Lavigne.
Effective November 9, 2009, SolutionInc Technologies Limited has appointed Mr. Tim Gillis as Chief Financial Officer. Mr. Gillis has over 15 years of financial management experience and was most recently Director of Finance for the Jacques Whitford Group of Companies. At Jacques Whitford, a 1700 employee owned, multi-national company, Mr. Gillis was responsible for financial reporting, special projects and taxation.
In addition, Mr. Gillis was formally a Vice President and Controller at Clarke Inc., a publicly traded Investment Holding Company, the Chief Financial Officer of Clear Picture Corporation, a professional services firm specializing in web-based employee opinion surveys and a tax manager in the tax group of Ernst & Young LLP.
Mr. Lavigne commented "I am delighted to add Tim to our management team. His breadth of experience across a number of disciplines is truly impressive and I am confident he can assist our team in increasing value for all stakeholders. Everyone at SolutionInc is very excited to have Tim on board and anyone who has had the pleasure of working with Tim will appreciate where I am coming from."
About SolutionInc Limited
With operations in more than 45 countries worldwide, SolutionInc is an established global leader in Internet, centralized hotspot connectivity, billing and management solutions. SolutionInc provides patented software and services to the hospitality and telecommunications industries through its award-winning, patented technology software products: SolutionIP(TM) and SolutionIP(TM) Enterprise. Through 700,000+ touch points, SolutionIP(TM) allows people to easily and securely connect to the Internet from locations such as hotel rooms, convention centres, universities, restaurants and airports. SolutionInc holds a robust patent and patent-pending portfolio and is a trademark and a wholly owned subsidiary of SolutionInc Technologies Limited (TSX-VEN: STL). www.solutioninc.com
SolutionInc Disclaimer: Statements about the Company's future plans and intentions, results, levels of activity, performance, goals or achievements or other future events constitute forward-looking statements. Wherever possible, words such as "may," "will," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," or "potential" or the negative or other variations of these words, or other similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to Management. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what Management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, competitor activity, product capability and acceptance, international risk, currency exchange rates, and technology changes. More detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the Risk Assessment section of the March 31, 2009 Management Discussion and Analysis.
SOURCE SolutionInc Technologies Limited
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