Sylogist Ltd. announces fiscal 2008 results


    CALGARY AND EDMONTON, Jan. 21 /CNW/ - Sylogist Ltd. (TSXV:SYZ)
("Sylogist" or the "Corporation") today announced its audited financial
results for the year ended September 30, 2008.
    Revenue for the fiscal year ended September 30, 2008 was $6.9 million, in
a period of transition for the Corporation. Sylogist shifted its focus, from a
terminated government initiative and from re-selling large ERP systems, to
leveraging its acquisitions of Bellamy Software, Masterworks, and Reflex
Government Solutions and continuing its strategy of pursuing acquisitions in
the public sector market. Revenue was $8.1 million in fiscal 2007. The public
sector business unit went through a period of adjustment, as positioning and
operations became better integrated. While Sylogist's public sector business
grew in fiscal 2008, activity associated with the SAP marketplace and with the
CLN acquisition showed significant declines.
    As part of the transition in fiscal 2008, Sylogist made an impairment
allowance for collection of a long term accounts receivable associated with
the aforementioned contract termination in the amount of $2.1 million and
recorded a write down of $0.4 million of intangible assets acquired in the CLN
transaction. Sylogist recorded a loss of $4.0 million for fiscal 2008.
    Cash flow from operations was a loss of $0.7 million in fiscal 2008
compared to a loss of $1.0 million in 2007. Cash flow improved in the second
half of 2008 over the first two quarters. Working capital at September 30,
2008 was $3.9 million, compared to $5.1 million the previous year. During
fiscal 2008 Sylogist acquired Masterworks Software Systems Ltd and Reflex
Government Solutions for total consideration of $0.5 million.
    "Although we are disappointed with the financial results in fiscal 2008,
changes implemented in the second half of 2008 demonstrated a positive trend
that we expect to result in significantly improved operating results in 2009,"
stated Jim Wilson, President & Chief Executive Officer.

    About Sylogist

    Sylogist provides leading enterprise information management 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 and student information web-based
systems for the K-12 market. The Corporation's stock is traded on the TSX
Venture Exchange under the symbol SYZ. Information about Sylogist can be found
at or on the Corporation's profile on SEDAR at

    Forward-looking Statements

    This news release contains forward-looking statements relating to the
future operations of the Corporation and other statements that are not
historical facts. Forward-looking statements are often identified by terms
such as "may", "should", "anticipate", "expects" and similar expressions. Any
statements that are contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements. Such
forward-looking statements are subject to important risks, uncertainties and
assumptions. The reader is cautioned that assumptions used in the preparation
of any forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, as a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of Sylogist. As a result,
we cannot guarantee that any forward-looking statement will materialize and
the reader is cautioned not to place undue reliance on any forward-looking
    Such information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results may differ
materially from those anticipated. Forward-looking statements contained in
this news release are expressly qualified by this cautionary statement.
    The forward-looking statements contained in this news release are made as
of the date of this news release, and Sylogist does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise, except as expressly required by Canadian securities law.

    - Neither the TSX Venture Exchange nor its Regulation Services Provider
    (as that term is defined in the policies of the TSX Venture Exchange)
    accepts responsibility for the adequacy or accuracy of this release -

For further information:

For further information: James D. Wilson, President and CEO, Sylogist
Ltd., (403) 266-4808

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