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MONTREAL, April 29 /CNW Telbec/ - Montec Holdings Inc. ("Montec" or the "Company") (TSX-V : MTE), a holding company focused on acquiring and developing a diversified portfolio of high-growth technology companies, today announced its operational and financial results for the fiscal year ended on December 31, 2007.
Montec Consolidated Financials
On December 29, 2006, the Company completed a "qualifying transaction" as defined in Policy 2.4 of the TSX Venture Exchange. Thus, a comparison of results for the years 2007 and 2006 would not reveal pertinent information.
Consolidated revenue for the year 2007 was $5.2 million and $1.0 million for the last quarter of the year.
Consolidated net loss for the year 2007 was $0.5 million or $0.023 per basic and diluted share. During the fourth quarter of 2007, Montec generated a consolidated net income of $0.04 million or $0.001 per basic and diluted share.
Normalized earnings before interests, taxes, depreciation and amortization ("EBITDA") totalled $0.7 million in 2007, or 13.4% of revenues, and $0.3 million, or 28.2% of revenues, during the fourth quarter of 2007.
Working capital was negative at $0.8 million, a decrease of $0.8 million since the beginning of the year.
As of April 28, 2007, there were 14,454,500 common shares, 7,294,118 Series A preferred shares, and 3,845,000 common share purchase warrants of the Company issued and outstanding. Of these, an aggregate of 5,648,399 common shares, 4,376,475 Series A preferred shares and 1,818,000 common share purchase warrants are still held in escrow pursuant to the policies of the TSX Venture Exchange. There are stock options outstanding in respect of an aggregate of 397,534 common shares held by the directors, officers and founders of the Corporation. The weighted average exercise price of these options is $0.19 per share and expires five years after the date of the grant.
Datex Billing Services Inc. Financials
All Montec revenues are generated by its 51% owned subsidiary Datex Billing Services Inc. During 2007, Datex revenues totalled $5.2 million with income before income taxes of $0.5 million, or 9% of revenues, and $0.95 million of normalized EBITDA, or 18% of revenues.
Subsequent Event
On April 1st, 2008 the Company announced that it has entered into a Letter of Intent with the five minority shareholders of Datex Billing Services Inc. under which the parties have agreed to the terms and conditions for the acquisition by Montec of the 49% of Datex held by the minority shareholders. Montec currently holds 51% of Datex' outstanding shares.
Additional information about the Company, including the management report and financial results may be found on SEDAR at www.sedar.com.
About Montec Holdings Inc.
Montec Holdings Inc. is listed on the TSX Venture Exchange (TSX-V: MTE). Montec's objective is to create shareholder value by building a profitable technology entity with high-growth potential. Structured as a holding company, Montec's mandate is to acquire shareholdings of a number of synergistic companies and develop a diversified portfolio of high-growth technology companies. For more information about Montec Holdings, please visit our website at www.montecholdings.com
Forward Looking Statements
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00020865E