TORONTO, April 27 /CNW/ - Route1, Inc. (TSXV:ROI) today reported its
results for its fiscal year ended December 31, 2005. The consolidated results
reflect the full year of operations as Route1 Inc. ("Route1") evolved from a
development company into a product and solutions-oriented company. The
Company's flagship MobiKEY product was released mid-December, 2005 and
generated sales in the 2005 fiscal year.
The Company had revenues of $70,600 for the year ended December 31, 2005.
The Company's losses from operations, reflecting, primarily, the product
development and the early selling stage of the Company, were $6,250,386 or
$0.05 per share for the same period. Current assets were $1,508,543 which
included $838,862 in cash and cash equivalents and short term investments.
Current liabilities were $1,155,034. The Company had 134,731,332 common shares
outstanding as at December 31, 2006. For the complete financial statements
please visit www.sedar.com.
"2005 was a transitional year for the Company," said Andrew White, CEO,
Route1. "We were able to release and ship our first products and move on from
being a pure development company. We have set a strong foundation from which
to move forward as the market is well positioned to embrace our MobiKEY
solution." In order to continue this development and drive forward the sales
process, the Company raised, from January 2005 until April 26, 2006,
$10,168,869 through private equity placements and the exercise of warrants and
options.
Teleconference Webcast
The Company will host an investor teleconference webcast today at 4:30 pm
EST. Andrew White, CEO, and John Denham, CFO, will lead a presentation and
answer questions about the Company's progress. Investors and analysts are
invited to call 416-644-3415 or visit
http://www.route1.com/investors/investor_webcasts.htm at least 5 minutes prior
to the start of the call. The audio webcast will be archived and available for
replay for 30 days.
Annual Meeting
Route1 will hold its Annual and Special Meeting of Shareholders on June
15, 2006, 11:00 am EST, at the Hilton Hotel, 145 Richmond Street West,
Toronto.
About Route1, Inc.
Route1's innovative remote access solution transforms the way people
work. Route1 offers simple and trusted remote access, enabling companies to
securely expand the remote computing capability of all their employees.
Furthermore, since no applications or data reside on the remote devices,
organizations can assure compliance with privacy, security and governance
regulations. The Mobi Solution's secure design also supports regulatory and
business continuity needs.
Route1's Mobi Solution currently consists of the MobiKEY - a unique
remote access software solution embedded on a cryptographic USB device -
integrated with a managed secure connectivity service called MobiNET.
The Company is listed on the TSX Venture Exchange (symbol: ROI) with
offices in Toronto and New York. For more information, visit www.route1.com.
%SEDAR: 00008444E
