VANCOUVER, Dec. 16 /CNW/ - TIO Networks Corp., owner of North America's leading multi-channel expedited bill payment network (TSX-V: TNC), today announced fiscal 2011 first quarter financial results for the period ended October 31, 2010.

Quarterly financial & business highlights

1) US$ Transactional revenue increased 77% year over year (YoY);
2) Transactions increased 98% YoY;
3) EBITDA* of $345,000 compared to a gain of $35,000 one year ago;
4) Cash generated in operating activities for Q1 was $456,000 compared with a usage of $177,000 last year representing an overall improvement of $633,000 YoY;
5) U.S. exchange rates went down by 4% YoY. Negative impact of exchange on revenue was $363,000;
6) Launched cross border bill payment service to Latin America; and
7) TIO now driving transaction revenue across 3 channels of distribution ie. Kiosk, POS (point of sale) and Web.

Quarter ended Oct. 31 2010 2009
Revenue $8,591,000 $5,158,000
EBITDA* $345,000 $35,000
Net Income (loss) ($ 214,000) ($ 674,000)

*EBITDA is a non-GAAP measure - earnings before interest, tax, depreciation and amortization, and stock-based compensation.

"We are pleased to report that TIO's key financial metrics are headed in the right direction to achieve further growth and profitability in fiscal 2011," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "In the coming quarters, we expect to more than double our network of activated location end points, commence our "mobile payments" revenue generation efforts with a large US utility company and launch a new web-based bill payment platform."

A conference call will be held on Friday December 17th at 12:00pm EST. To participate in the conference please dial, (416) 644-3426 in Toronto, or Toll free, 1-800-731-5319. Callers should request the TIO Networks Conference.

TIO Networks Corp.
TIO is the leading multi-channel expedited bill payment processor serving the largest Telecommunication, Wireless, Cable and Utility bill issuers in North America. With over 25,000 endpoints to its processing network, TIO symbolizes fast, convenient and secure access to expedited payment services.

The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.

This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. Potentially, many factors could cause our actual results to vary materially from those described herein as intended, planned, anticipated or expected. TIO Networks Corp. does not intend and does not assume any obligation to update these forward-looking statements.

* EBITDA, (Earnings before interest, tax, depreciation, amortization and stock-based compensation), is not a defined term under Canadian generally accepted accounting principles, nor does it have a standard, agreed upon meaning. Accordingly, the Company's EBITDA may not be directly comparable to EBITDA reported by other issuers. Management had determined EBITDA is a useful supplemental measure in evaluating the Company's performance as it provides investors with an indication of cash available for debt service, working capital needs and capital expenditures. This non-GAAP measure is intended to provide additional information on the Company's performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

SOURCE TIO Networks Corp.

For further information: For further information:

Behshad Hastibakhsh, MediaRelations - TIO Networks 
Tel:   604.298.4636, Ext. 250
Toll Free:  888.679.3322
Email:   pr@TIOnetworks.com
John Lewis, Business Development - TIONetworks
Tel:   416-364-2266
Toll Free:  877-954-6327
Email:  jrlewis@TIOnetworks.com

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TIO Networks Corp.

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