Business
Advantex reports F2007 results; key accomplishments drive year-over-year improvement
Advantex reports F2007 results; key accomplishments drive year-over-year improvement.
About this update from Advantex Marketing International Inc.
[{"type":"text","content":"\n\n\n\nADX: TSX\n\n\nTORONTO, Sept. 28 /CNW/ - Advantex Marketing International Inc.\n(TSX:ADX), a leading specialist in merchant funding and loyalty marketing\nprograms, today announced its results for the fiscal year ended June 30, 2007.\n\n\n"Fiscal 2007 was an important transitional period for the company during\nwhich we underwent fundamental changes in senior management and operating\nmethodology," said Kelly E. Ambrose, Advantex's new Chief Executive Officer\nand President. "We focused on strengthening our corporate structure, enhancing\nour technology backbone, and establishing a customer pipeline for future\ngrowth. All of these initiatives enabled us to deliver substantially better\noperating performance than last year and set the stage for continued\nimprovements going forward."\n\n\nThe following are highlights of the Company's key accomplishments during\nFiscal 2007:\n\n\n(1) In November, 2006 the Company successfully completed a convertible\n debenture financing. The term of the existing convertible debenture\n was extended to December, 2011 and an additional $2.0 million of\n convertible debenture was issued.\n(2) In December, 2006 G. Randall Munger stepped down from his roles as\n Chairman, Chief Executive Officer and director of the Company and\n Kelly E. Ambrose was appointed Chief Executive Officer and President.\n This change was followed by re-building of the senior management team\n with new leadership in sales, marketing, and IT to ensure development\n of processes, systems, and customer and client relationships that are\n robust and scaleable.\n(3) Expansion of the Advance Purchase Marketing product for merchants was\n accelerated. Under the program, Advantex purchases future credit card\n transactions at a discount from merchants, providing them with cash\n in advance along with marketing, customer incentives and business\n incentives. This expansion was rolled out using the Company's\n proprietary pricing and risk management models. The program has\n significant growth potential and the Company currently has a backlog\n of merchants wishing to join this program.\n\nFinancial Performance\n\nThe positive impact of the initiatives implemented during fiscal 2006 and\n2007 are reflected in the current year's performance and are expected to\ncontinue to have a positive effect on future pe...