VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/29/12 — OneMove Technologies Inc. (“OneMove” or the “Company”) (TSX VENTURE: OM), the provider of the leading web-based real estate transaction platform and the creator of the largest and fastest growing online community of conveyancing professionals, announced today its financial results for the six months ended December 31, 2011. All figures are reported in Canadian dollars.
Q2 Fiscal 2012 Operational Highlights
During the second 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 December 31, 2011, MLS® listed sales in British Columbia were up by 1.8% compared to the same period a year ago.
Mr. Parminder Virk, the interim CEO, stated, “Membership saw strong growth with the addition of 134 new member firms from Q2, Fiscal 2011 (ending December 31, 2010) and 75 new firms that came onboard from July 1, 2011 (beginning of Q1, Fiscal 2012). The Company launched the beta release of Connections and commenced its Let-s Connect Marketing Campaign September 12, 2011. Econveyance Staff had been visiting old and new users in order to educate them on the advantages of the Connection feature prior to the closure of the campaign on November 23, 2011. This was the most successful campaign in the history of the Company and as at December 2011, over 50% of the firms had chosen to connect with each other. Also the members have shown their excitement with the new 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. Our records indicate that for all transactions conducted to date in fiscal 2012, the sell side transactions have increased to 29% which is a 4% increase from historical figures.”
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.
Fiscal 2012 Q2 Financial Review
Total revenues for the second quarter of fiscal 2012, increased by 21% or $88,000 to $491,000 compared with $403,000 for the same period in fiscal 2011. The number of firms using econveyance increased from 446 to 580 year over year and individual registered users also increased by 765 from 2,504 to 3,269 year over year. During the same period, MLS® reported sales in British Columbia increased by 1.8% or 279 from 15,412 to 15,691 units. Average daily revenue increased to $7,800 from approximately $6,400 in Q2 of fiscal 2011.
The Company reported General and Administrative expenses for the second quarter of fiscal 2012 were $597,000 an increase of 10% or $58,000 compared to $539,000 in the second quarter of fiscal 2011. The main reason for the increase was the starting of the repayment of the IRAP loan but management continues to focus on maintaining cost control.
EBITDA for the second quarter of fiscal 2012 was $(106,000), compared to $(136,000) for the same period a year ago, a decrease of $30,000.
Net loss for the second quarter of fiscal 2012 was $(221,000) or $0.00 per share, compared to $(286,000) or $(0.00) per share for the same period a year ago, a decrease of 23% or $65,000. As at December 31, 2011, the Company had cash of $80,000 and working capital deficiency of $(389,000) compared to cash of $407,000 and working capital deficiency of $(237,000) as at June 30, 2011.
As at December 31, 2011, total shares issued and outstanding were 84,115,110. Full financial statements and MD&A for OneMove will be available at and
The Company plans to conduct a non-brokered private placement for total proceeds of up to $1,200,000 at a price of $0.05 per unit. Each unit will consist 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 private placement, subject to regulatory approval, is expected to close on or about March 15, 2012. The common shares and warrants issued through the private placement will be 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.
(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, its proprietary web-based conveyancing software solution, OneMove 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 or . Professional users site .
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.
Contacts:
OneMove Techologies Inc.
Parminder S. Virk, P. Eng.
President & CEO
604.662.8207 ext 102
OneMove Techologies Inc.
William Cawker
Corporate and Investor Communications
604.662.8207 ext 114
Stone Communication Services Limited
Jason Stone
800.336.9528 ext 4428
You must be logged in to post a comment Login