MONTREAL, QUEBEC — (Marketwire) — 07/27/11 — ODESIA Group Inc. (“ODESIA” or “the Company”) (TSX VENTURE: ODS), an international corporation specializing in business-intelligence solutions (“BI”), decision process management and analytics announced today that following a strategic review of available options regarding its Mexican subsidiaries (Resource IT de Mexico S.C., Resource IT Software de Mexico de S.A. de C.V., Global Business Integration de Mexico S.A. de C.V.), management, in consultation with its board of directors, decided to stop its activities in Mexico.
“While our Mexican subsidiaries were progressing favorably within their local market, the income earned was clearly inadequate to achieve reasonable profitability and counteract the negative business climate prevailing in these subsidiaries,” said Nicolas Bonnafous, President and CEO of ODESIA. “This decision should positively impact the profitability of the Company in the coming months” said Mr. Bonnafous.
For the year ended December 31, 2010 and for the quarter ended March 31, 2011, the activities of ODESIA-s Mexican subsidiaries generated sales of $671,033 and $100,395 respectively, about 5% and 4% of ODESIA-s consolidated sales; and a net loss of $189,207 and $66,210 respectively.
Following this decision, ODESIA is evaluating the options available to put an end to its Mexican subsidiaries- financial and legal obligations as well as to certain legal proceedings with employees and officers of its Mexican subsidiaries.
ODESIA now intends to focus on its core markets by developing its business strategy around the trade route from Montreal to Paris.
About ODESIA Group Inc.
ODESIA is an international corporation specialized in business-intelligence (BI) solutions, decision process management and business analytics for large corporations. The Company provides customers with a complete solution, regardless of the technical challenges involved. For more information visit us at
Disclaimer in regards to forward-looking statements
This press release contains forward-looking statements which reflect ODESIA-s current expectations regarding future events and may involve risks or uncertainties. Actual results could differ materially from those projected herein.
Neither the 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:
ODESIA Group Inc.
Mr. Nicolas Bonnafous, President and CEO
514.876.1155
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