EDMONTON, May 29 /CNW/ - TOTAL TELCOM INC. (TSX Venture: TTZ) today
announced its financial results for the quarter ended March 31, 2006. The
Company's consolidated revenues from continuing operations for the third
quarter ended March 31, 2006 were $104,807. The company reported a net loss of
$180,410 or $0.007 per share for the quarter ended March 31, 2006 compared to
a net loss of $0.009 per share for the quarter ended March 31, 2005. The
Company reported cash of $3,927,850 and working capital of $5,422,667 as at
March 31, 2006.
Mr. Scott Allen, CA, CFO, stated that "the current quarter results
reflect the Company's reorganization which addressed the significant overhead
and administration reductions required, resulting from the sale of its fiber
optic network and the cessation of its construction services. Both the
Edmonton and Kelowna operations were moved to new facilities that reflect the
direction and scale of current operations. Administration personnel were
replaced with additional technical staff to help expedite the development and
completion of new products and services scheduled for release over the next
quarter."
Mr. Neil Magrath, CEO, stated that "the Company has identified
significant opportunities in the Environmental, Utility and Asset Management
market segments. The Corporation will begin to implement a strategic sales and
marketing plan in the forth quarter which will incorporate a series of
application specific products and services developed by ROM. Two fulltime
sales professionals have been hired to support this initiative and in addition
several strategic key industry partners have been made distributors of ROM's
products and services. While management expects see immediate results from
this initiative it does not anticipate being cash flow positive until the next
fiscal year."
Trading symbol: TTZ: TSX Venture
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