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OneMove(TM) Announces Approval of Previously Announced Financing and Operational Updates(May 02, 2012)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/02/12 -- OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), provider of the leading web-based real estate transaction platform and creator of the largest and fastest growing online community of conveyancing professionals is pleased to announce today that the TSX Venture Exchange has accepted for filing the documentation with respect to the non-brokered Private Placement announced on February 29, 2012.
The Company will issue 22,920,000 units at a price of $0.05 per unit, for total proceeds of $1,146,000. The details of the non-brokered Private Placement are disclosed in the Companies press release dated April 2, 2012. The units issued through the non-brokered Private Placement are subject to a four-month hold period from the date of closing, as per the policies of the TSX Venture Exchange and applicable securities legislation. Also note that as of September 15, 2011 2,907,000 options and warrants have either expired or been cancelled.
The Company is ramping up the sales efforts to bring on more users at a much faster pace. The Sales department has been expanded to sign more users and rapidly add to the more than 600 member firms that are already using econveyance in Alberta and British Columbia. The month of March alone saw approximately 21% increase in transactions from the same month last year and the Company expects to reach record levels as the traditional busiest part of the year kicks in.
Mr. Parminder Virk, the Interim CEO, stated, "We are now seeing firsthand the benefits of key strategic planning measures implemented in the past 15 months coming to fruition. Transactional volume and revenue continues to ramp up thanks to steady growth of our econveyance community in more than 90 towns and cities, especially in Alberta. In fact, we are now the number 2 electronic conveyancing platform in Alberta and are on target to potentially become number 1 by the end of the calendar year as we enhance our sales efforts further. We will be attending the 4 day seminar held by LESA (Legal Education Society of Alberta), from May 5th to May 8th where the focus is on real estate and over 100 law firms are expected to attend.
We are pleased with enthusiastic feedback on our Projects Module and eager to commence its roll out while continuing to lay the foundations for potential expansion eastwards."
The Company also announced that after nearly ten years with OneMove, Martin Johnson has resigned from his position as President and CEO of the Company and is stepping down from the board of directors effective immediately. Since 2003, Mr. Johnson has been involved in raising the initial seed capital through obtaining the Company listing on the Toronto Venture Stock Exchange in 2006. A focused individual, he has been the public face of the Company while actively driving sales, marketing, and business development initiatives with a compliment of 20 staff. During his tenure the company was recognized as the Fastest Growing Company in 2008 and again in the top 10 Fastest Growing Companies in BC in 2010 by Business in Vancouver.
"OneMove has been a 10 year overnight success," says Johnson. "I am pleased and honored to have worked with everyone at OneMove. It is their hard work and dedication that has allowed them to achieve average quarterly returns in membership growth between 15% and 19%. With the Company cresting profitability it is a perfect time for me to move on for health reasons as mentioned in the January 16th, press release by the Company. Each individual in the Company should be admired for their pride and dedication and I am confident that their continued passion will be the foundation for future growth. I could never have wished to be part of a more dedicated and professional staff."
Parminder Virk stated, "I wish Martin well in the future and for his years of friendship and service. Next I would also like to announce the resignation of Mr. Gordon Gee and thank him for his time and service as our interim CFO. He is moving on to other ventures and in order to ensure a seamless transition, I would like to announce that Mr. Parminder (Parm) Gill CA, CFA will be assuming Gordon's duties. Mr. Gill is a graduate of the University of British Columbia, a Chartered Accountant (1995) and a Chartered Financial Analyst (2005) with over 17 years of professional experience in both large and small companies.
Finally, I cannot begin to express my sincere appreciation for the unwavering support of our core shareholders over the past few years. I wish to assure you that our hard work and dedication is now paying off and that we are determined to make 2012 the best year yet for OneMove and our econveyance platform."
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX VENTURE:OM) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance(TM), its proprietary web-based conveyancing software solution, OneMove(TM) simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com. Professional users site www.econveyance.com.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured 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 OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
Neither 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.
OneMove Technologies Inc.
Parminder S. Virk, P. Eng.
604.662.8207 ext 102
OneMove Technologies Inc.
Corporate & Investor Communications
604.662.8207 ext 114
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