MONTREAL, May 30 /CNW/ - Montec Holdings Inc. (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 quarter ended on March 31, 2007.
First quarter highlights - Datex contract with Globalive Communications Corp. - Datex contract with Toronto Hydro Telecom Inc. - EBITDA of $155,000 compared to a negative $11,000 in Q1 2006
"We are pleased with our performance throughout the first quarter of 2007 as we successfully met the objectives we set at the beginning of the year," said Myer Bentob, President and Chief Executive Officer of Montec Holdings Inc. "Our subsidiary company, Datex, has won key contracts with Globalive Communications Corp. and Toronto Hydro Telecom Inc. that will reinforce its position and credibility in the billing industry."
Financials
Total revenue for the quarter ended March 31, 2007 was $1,119,000 compared to nil for the corresponding period in 2006. This increase is due to the revenues generated by the acquisition of Datex Billing services Inc. as a Qualifying Transaction in December 2006.
EBITDA for the quarter ended March 31 2007 was $155,000 compared to a negative $11,000 as at March 31, 2006. This increase is mainly due to the quality of the financial results of Datex acquired by Montec on December 29, 2006.
Consolidated loss for the quarter ended March 31, 2007, after provisions for income tax of $103,000 and minority interest of $90,380, was $98,000 or $0.004 per basic and diluted share compared to a loss of $11,000 or $0.001 per basic and diluted share in March 2006.
The Company had cash totaling $434,000 at March 31, 2007, a decrease of $179,000 from March 31, 2006. The Company had a negative working capital of $50,000 as at March 31, 2007.
Total consolidated long term assets were $3,772,000 as of March 31, 2007, the same amount as of December 31, 2006. Long-term liabilities amounted to $873,000, a slight increase from December 31, 2006. As of March 31, 2007, there were 14,454,500 common shares issued and outstanding and 7,294,118 preferred shares issued and outstanding.
Additional information about the Company, including the MD&A 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, it will acquire, in each case, at least 51% shareholdings of a number of synergetic companies and it will develop a diversified portfolio of high-growth technology companies. The Company recently completed the acquisition of Datex Billing Services Inc. 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.
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Consolidated Results of Operations
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Quarters ended
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Unaudited March 31, 2007 March 31, 2006
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Revenue $1,119,000 $6,000
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Net loss ($98,000) ($11,000)
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Basic and diluted net loss per share ($0.004) ($0.001)
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Basic and diluted weighted average
number of shares outstanding 21,748,618 8,004,500
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%SEDAR: 00020865E