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OneMove(TM) Announces Fiscal 2012 Third Quarter Results and Initiates a Review of Strategic and Financial Alternatives(May 30, 2012)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/30/12 -- 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, announced today its financial results for the nine months ended March 31, 2012. All figures are reported in Canadian dollars.
Q3 Fiscal 2012 Operational Highlights
-- Revenue increased 12.8% or $54,000 from $422,000 to $476,000 from Q3 fiscal 2011 -- MLS?? listed sales in BC decreased 12.4% from 19,147 to 16,781 from Q3 fiscal 2011 -- Transactional volume increased 12.1% or 1,686 from 13,906 to 15,592 -- Daily average revenue increased 11.5% or $749 from $6,540 to $7,290 -- Ongoing business expenses decreased from $696,000 to $618,000 from Q3 fiscal 2011 -- Non-recurring expenses for the current period of $95,000 resulted in total expenses of $713,000 -- 98.2% retention rate of user/members for the past 2 years
Q3 Fiscal 2012 Financial Summary
Q3 FY 2012 Q3 FY 2011 % Change Revenue $ 476,000 $ 422,000 +12.8% EBITDA (loss) $ (121,000) $ (175,000) +30.3% Net income (loss) $ (237,000) $ (274,000) +13.5% Net income (loss) per share $ 0.00 $ 0.00 0%
During the third quarter the Company continued to build its membership and brand by concentrating on adding new users further increasing market dominance in Western Canada. For the quarter ended March 31, 2012, MLS?? listed sales in British Columbia were down by 12.4% compared to the same period a year ago, while revenues for the Company were up 12.8%.
Mr. Parminder Virk, the interim CEO, stated, "Membership saw strong growth with the addition of 130 new member firms from Q3 fiscal 2011 (ending March 31, 2011) and members continue to show their excitement with the new Connections feature by sending approximately 1,000 invitations to non-members throughout Western Canada. The objective of Connections is to allow users to collaborate with each other so that both sides of the buy/sell transaction will be conducted within econveyance. Ongoing administration and marketing procedure changes will allow management to hold the line on expenses while focusing on further adoption in both British Columbia and Alberta."
Total revenues for the third quarter of fiscal 2012, increased by 12.8% or $54,000 to $476,000 compared with $422,000 for the same period in fiscal 2011. The number of firms using econveyance increased from 476 to 606 year over year and individual registered users also increased by 665 from 2,793 to 3,458 year over year. During the same period, MLS?? reported sales in British Columbia decreased by 12.4% or 2,366 from 19,147 to 16,781 units. Average daily revenue increased to $7,290 from approximately $6,540 in Q3 fiscal 2011.
The Company reported expenses for the third quarter of fiscal 2012 were $713,000 an increase of 2.4% or $17,000 compared to $696,000 in the third quarter of fiscal 2011. The Q3 2012 expenses included $95k in non-recurring expenses.
EBITDA for the third quarter of fiscal 2012 was $(121,000), compared to $(175,000) for the same period a year ago, an increase of $54,000.
Net loss for the third quarter of fiscal 2012 was $(237,000) or $0.00 per share, compared to $(274,000) or $(0.00) per share for the same period a year ago, a decrease of 23% or $65,000. As at March 31, 2012, the Company had cash of $848,000 and working capital of $570,000 compared to cash of $168,000 and working capital deficiency of $(196,000) as at March 31, 2011.
The Company issued shares for total proceeds of $1,146,000 CDN raised via a non-brokered private placement priced at $0.05 per unit. Each unit consists of one common share and one common share purchase warrant, exercisable at a price of $0.10 per share for the first year, $0.12 per share for the second year and $0.15 per share for the third year. The proceeds from the private placement will be used for general corporate purposes.
The Company's Board of Directors has initiated a review of strategic and financial alternatives available to the Company with the objective of enhancing shareholder value. In this regard the Company has engaged Salager Advisors Ltd. as its financial advisor. The Board of Directors has not established any timeframe for completing its review of such strategic alternatives, and may ultimately determine that the Company's current business plan is the best means to enhance shareholder value. Accordingly, there can be no assurance that the strategic review will result in the Company entering into any agreement or transaction of any kind with a third party nor can there be any assurance that should the Company enter into any agreement or transaction, that such agreement or transaction would be consummated.
As at March 31, 2012, total shares issued and outstanding were 109,035,110. Full financial statements and MD&A for OneMove will be available at www.onemovetech.com and www.sedar.com.
(ii)EBITDA is used internally by the Company to compare cash operating resulted from one period to another. EBITDA for the purposes of this analysis also excludes stock based compensation, shares issued for services and "Other income/losses" per the financial statements. EBITDA does not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies.
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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