Sylogist Announces Audited Results for Fiscal 2007


    EDMONTON and CALGARY, Jan. 28 /CNW/ - Sylogist Ltd. (TSX:SYZ), a leading
provider of enterprise information management solutions to municipal,
education and private sector customers, today announced its audited financial
results the year ended September 30, 2007.
    "Fiscal 2007 was a period of transition for the Company, with management
focusing on leveraging its acquisitions while continuing its strategy to
pursue opportunities in the public sector market. Central to this strategy is
a renewed focus by Sylogist to further build its own intellectual property
eliminating reliance on third party enterprise software vendors in order to
achieve more control over its products to better support its customers. As a
result, the company announced in May 2007 a transformation of its Bellamy
Software application to a web-enabled platform, the initial sales of which
have exceeded management's expectations" stated Werner Biegler, President and
    Revenue for the fiscal year ended September 30, 2007 was $8.1 million or
90% of the previous year's revenue despite the termination of the Sylogist
Munishare contract in Q1 and the expiration of our SAP(TM) reseller agreement
in the third quarter of fiscal 2007. Acquisitions made in the second half of
fiscal 2006 contributed positively to the revenue results. The net loss for
fiscal 2007 was $1.3 million compared to a loss of $0.2 million in fiscal
    As of September 30, 2007 Sylogist had cash, cash equivalents and short
term investments of $5.9 million compared to $2.1 million as of September 30,
    "Although 2007 presented the Company with a significant challenge,
management focused intently on leveraging its acquisition of Bellamy Software.
I am pleased with the progress that has been achieved in investing for growth
in 2008. The earlier announced investment in the transformation of the Bellamy
Software application to a web-enabled platform and our recent acquisition of
Masterworks Software and Reflex Government Solutions reflect this focus.
Management will continue to assess operating improvements, expand the
marketing of Sylogist software products and pursue future growth plans" said
Mr. Biegler.

    About Sylogist

    Sylogist provides leading enterprise information management and
collaboration software applications to municipal, education and private sector
customers. We provide an integrated suite of business applications to
municipalities that serve their needs for revenue, finance and operations
management capabilities. Our education applications provide financial, student
information and collaborative web-based systems for the K-12 market. Our
industry leading collaborative web solutions enhance teacher, parent and
student on-line collaboration driving improved student achievement.
    Full financial statements together with Management's Discussion and
Analysis are available on SEDAR or at
    The Company's stock is traded on the TSX Venture Exchange under the
symbol SYZ. Information about Sylogist can be found at

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

For further information:

For further information: Werner Biegler, President and CEO, Sylogist
Ltd., (780) 489-5756

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