- Company expects to realize cost savings as a result of migrating customers over to a OneMove operated, direct access website -
VANCOUVER, March 30 /CNW/ - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX-V: OM), which provides a leading web-based real estate transaction platform, today announced that it has launched a dedicated web portal for econveyance, its online conveyance transaction processing solution. As a result, OneMove has decided not to renew its BC OnLine Product Reseller Agreement (the "Agreement"). As of May 1st, 2009, OneMove will no longer be a menu selection on the BC OnLine website. The Company expects this will generate significant cost savings over the long-term.
"With 328 firms using our technology platform, we are currently supporting the largest network of conveyance professionals in British Columbia," said Martin Johnson, President and CEO, OneMove. "As such, launching our own dedicated, direct access web portal was a natural progression. We believe it will help us to further strengthen the OneMove and econveyance brands and enable us to offer our users more customized levels of service. In addition, we remain focused on controlling our costs. Eliminating the per transaction processing fee we are presently paying BC OnLine frees up resources which we can invest in driving continued growth of the business."
Under the terms of the Agreement, OneMove pays fees and royalties based on a percentage of gross revenue collected through BC OnLine. For fiscal 2008, the combined fees and royalties totalled approximately $400,000. With the elimination of these fees and royalties the Company will start to recognize savings in the last two months of its current fiscal year, and the full impact of the savings will be evident in the Company's fiscal 2010 financial results.
Lawyers, notaries and realtors can access econveyance directly via www.econveyance.com. With OneMove's new web portal, econveyance customers can log in to their account, complete and file their web-based conveyance transactions and submit payment all through a single user interface. The portal operates Monday to Saturday from 6:00 a.m. to 12:00 a.m. and Sundays from 1:00 p.m. to 12:00 a.m. OneMove also offers flexible payment options, accepting all major credit cards, and direct online payments via all major Canadian banks. The Company will work with its customers to ensure a smooth and seamless transition over to the new OneMove portal.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX-V: OM) is a real estate transaction platform. Through econveyance(TM), a leading edge web-based conveyancing software solution, OneMove(TM) simplifies and expedites the process of buying and selling real estate in British Columbia, Canada. econveyance links all participants in the property transfer process, offering a secure and efficient means of seamlessly completing and monitoring the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.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.
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