MONTREAL, May 30 /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 quarter ended on March 31, 2008.
First Quarter Highlights
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's outstanding shares.
Montec Consolidated Financials
Consolidated revenue for the first quarter ended March 31, 2008 was $1.3 million compared to $1.1 million for the corresponding period in 2007. All Montec revenues are generated by its 51% owned subsidiary Datex Billing Services Inc.
Consolidated net loss for the quarter ended March 31, 2008 was $155,000 or $0.007 per basic and diluted share compared to a loss of $97,500 or $0.004 per basic and diluted share in March 2007.
Normalized earnings before interests, taxes, depreciation and amortization ("EBITDA") totalled $95,300, or 7.5% of revenues compared to $164,600, or 14.7% of revenues, for the first quarter of 2007.
Working capital was negative at $0.9 million, a non material variation since the beginning of the year.
As of May 29, 2008, 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 283,270 common shares held by the directors, officers and founders of the Corporation.
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, 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. 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