/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
EDMONTON and CALGARY, Aug. 20 /CNW/ - Sylogist Ltd. (TSX-V:SYZ), a
leading provider of enterprise information management solutions to municipal,
education and enterprise customers releases its unaudited financial results
for the 3 months ended June 30th , 2008. In the quarter:
- Revenues increased to $1.9 million from $1.6 million in the second
quarter and from $1.7 million in the same quarter last year.
- Positive cash flow from operations of $72 thousand compared
favourably with the previous quarter's loss of $262 thousand and a
loss of $252 thousand in the same quarter last year.
- Cash and cash equivalents at the end of the quarter amounted to
$4.5 million while working capital totalled $4.1 million.
"The third quarter financial results for 2008 demonstrated an improvement
over the previous quarter and the comparable period last year in terms of
revenue, expenses and cash flow. We are pleased the Company has generated
positive cash flow from operations and recent changes are producing improved
results" stated Jim Wilson, Chairman, President and CEO.
Sylogist provides leading financial enterprise information management and
portal applications to municipal, education and private sector customers. Our
integrated suite of business applications for municipalities and school boards
fulfill requirements for revenue, budgeting, finance, board management,
operations and student information.
Full financial statements together with Management's Discussion and
Analysis are available on SEDAR.
The Company's stock is traded on the TSX Venture Exchange under the
symbol SYZ. Information about Sylogist can be found at
This press release contains statements about expected or anticipated
future events and financial results that are forward-looking in nature and, as
a result, are subject to certain risks and uncertainties, such as general
economic, market and business conditions, the regulatory process and actions,
technical issues, new legislation, competitive and general economic factors
and conditions, the uncertainties resulting from potential delays or changes
in plans, the occurrence of unexpected events, and Sylogist's capability to
execute and implement its future plans. Actual results may differ materially
from those projected by management.
Although Sylogist believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should not be placed
on them because Sylogist can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. The forward-looking statements contained in this press release
are made as of the date hereof and Sylogist undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.
- The TSX-Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release -
For further information:
For further information: Jim Wilson, President and CEO, Sylogist Ltd.,