(TSX.V: OM)
VANCOUVER, May 29 /CNW/ - OneMove Technologies Inc., reported financial results for its third quarter ended March 31, 2007.
Consolidated revenues for the third quarter increased to $353,841, up 235% compared to $105,512 for the same period a year ago. Domestic revenues increased to $228,695 from $105,771 for the same period last year, reflecting continued growth in OneMove's Canadian operations and sales of econveyance(TM).
OneMove's U.K. business also grew, reporting revenues of $125,145 for the third quarter of 2007 up from $59,791 reported in the second quarter ended December 31, 2006. (Prior to April 1, 2006, the Company did not consolidate the U.K. operations in its gross revenues.)
Net losses for the three month period ended March 31, 2007 were $1,280,398 or $(0.06) per diluted share as compared to losses of $2,085,473 or $(0.20) per diluted share for the same period a year ago.
For the nine months ended March 31, 2007, consolidated revenues increased 201% to $811,034 compared to $269,706 for the same period a year ago. Canadian revenues increased to $599,942 and U.K. revenues increased to $211,092. Net losses for the nine months ended March 31, 2007 increased to $4,404,443, or $(0.27) per diluted share, compared to $3,457,452, or $(0.34) per diluted share, for the comparable period in 2006.
The table below summaries the results of the period ended March 31, 2007:
-------------------------------------------------------------------------
Results of Operations Three months ended Nine months ended
March 31, December 31,
2007 2006 2007 2006
-------------------------------------------------------------------------
Canadian
revenues $ 228,695 $ 105,771 $ 599,942 $ 269,706
U.K revenues 125,146 - 211,092 -
-------------------------------------------------------------------------
Consolidated
revenues 353,841 105,771 811,034 269,706
-------------------------------------------------------------------------
Operating
losses (1,421,960) (506,904) (4,339,173) (1,702,993)
Net losses (1,280,398) (2,085,473) (4,404,443) (3,457,452)
EBITDA (1,180,772) (252,575) (3,347,316) (1,071,161)
EPS fully
diluted $ (0.06) $ (0.20) $ (0.27) $ (0.34)
-------------------------------------------------------------------------
About OneMove Technologies. www.onemovetech.com
OneMove began its business by developing a sophisticated software program that brought innovative advantages for all involved in British Columbia's real estate market, a Canadian province where real estate transactions were already near perfectly executed. OneMove then entered the market in the United Kingdom offering 'one-stop shop' services designed to simplify all aspects of buying and selling a home. OneMove currently operates in the British Columbia and U.K. markets. OneMove facilitates efficient communication between parties such as lawyers, conveyancers, realtors, lenders, buyers and sellers. OneMove's U.K. operations also offers a one-stop online shop for home buyers to access real estate listings through the largest property search portal, its unique insurance product, and its association of service providers which include realtors, solicitors and lenders (www.onemove.com).
Forward Looking Statements:
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
%SEDAR: 00023118E