Business
IP Applications to add over $75,000 in monthly recurring revenue
IP Applications to add over $75,000 in monthly recurring revenue.
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, April 20 /CNW/ - IP Applications Corp. (TSX-Venture: IPX) is\npleased to provide this business update to inform shareholders about progress\nat the company.\nIn the first three months of the year, IP Applications won six new client\ncontracts, renewed two existing client contracts and amended two existing\nclient contracts. In January and February, the company performed as predicted\nwith recurring revenue of approximately $800,000 per month. With service\ndelivery for these new and amended contracts beginning in the second quarter\nof the year, the company expects to add more than $75,000 to monthly recurring\nrevenue by the end of June 2006. The company is also pleased to report that it\nretained all of its existing client contracts and that erosion in some revenue\nstreams were offset by growth in others.\nThe company continued to improve operational efficiency in the first two\nmonths of the year, keeping operating expenses in line with revenue. The\ncompany operated through the quarter with cash on hand and did not use its\nbank borrowing facilities. With the new business noted above, IP Applications\nremains on track to be cash self-sufficient on operations in 2006 and does not\nexpect to need to raise additional equity capital to finance operations.\nJohn Jacobson, President and CEO of IP Applications Corp., said \"In the\nfirst quarter, our goals were to streamline the new client setup process and\nensure that the existing business was functioning smoothly. We bid on a number\nof new contracts and I'm pleased to report that we were successful and we're\nendeavoring to bring them on-line in the second quarter. We are financially\nstable and - with a solid customer base - we are positioned to grow.\"\nThe Company further announces that one Director of the Board and one\nofficer of the company have been granted options to purchase an aggregate of\n100,000 common shares of the company at $0.34 per share for a period of five\nyears. The grant is subject to regulatory approval.\n\nAbout IP Applications\n\nIP Applications Corp. is uniquely positioned to serve companies that are\nbringing online products, services, content, and internet access to market. IP\nApplications provides a flexible combination of technology, systems and\nexpertise for customers who have identified channels and products but who lack\...