Business
Route1 Reports Fiscal 2005 Financial Results
Route1 Reports Fiscal 2005 Financial Results.
About this update from Route1 Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, April 27 /CNW/ - Route1, Inc. (TSXV:ROI) today reported its\nresults for its fiscal year ended December 31, 2005. The consolidated results\nreflect the full year of operations as Route1 Inc. (\"Route1\") evolved from a\ndevelopment company into a product and solutions-oriented company. The\nCompany's flagship MobiKEY product was released mid-December, 2005 and\ngenerated sales in the 2005 fiscal year.\nThe Company had revenues of $70,600 for the year ended December 31, 2005.\nThe Company's losses from operations, reflecting, primarily, the product\ndevelopment and the early selling stage of the Company, were $6,250,386 or\n$0.05 per share for the same period. Current assets were $1,508,543 which\nincluded $838,862 in cash and cash equivalents and short term investments.\nCurrent liabilities were $1,155,034. The Company had 134,731,332 common shares\noutstanding as at December 31, 2006. For the complete financial statements\nplease visit www.sedar.com.\n\"2005 was a transitional year for the Company,\" said Andrew White, CEO,\nRoute1. \"We were able to release and ship our first products and move on from\nbeing a pure development company. We have set a strong foundation from which\nto move forward as the market is well positioned to embrace our MobiKEY\nsolution.\" In order to continue this development and drive forward the sales\nprocess, the Company raised, from January 2005 until April 26, 2006,\n$10,168,869 through private equity placements and the exercise of warrants and\noptions.\n\nTeleconference Webcast\nThe Company will host an investor teleconference webcast today at 4:30 pm\nEST. Andrew White, CEO, and John Denham, CFO, will lead a presentation and\nanswer questions about the Company's progress. Investors and analysts are\ninvited to call 416-644-3415 or visit\nhttp://www.route1.com/investors/investor_webcasts.htm at least 5 minutes prior\nto the start of the call. The audio webcast will be archived and available for\nreplay for 30 days.\n\nAnnual Meeting\nRoute1 will hold its Annual and Special Meeting of Shareholders on June\n15, 2006, 11:00 am EST, at the Hilton Hotel, 145 Richmond Street West,\nToronto.\n\nAbout Route1, Inc.\nRoute1's innovative remote access solution transforms the way people\nwork. Route1 offers simple and trusted remote access, enabling companies to\nsecurely expand the remot...