ODESIA Group Inc.

ODESIA Group Inc.

May 28, 2009 17:03 ET

Despite the Global Recession ODESIA Almost Doubled its EBITDA in the First Quarter of 2009

MONTREAL, QUEBEC--(Marketwire - May 28, 2009) - ODESIA Group Inc. ("ODESIA") (TSX VENTURE:ODS) announced today its results for the first quarter ended March 31, 2009.

During this transition year, management focuses on the production of earnings. The Company has therefore generated earnings before amortization of tangible and intangible assets, financial expenses, and income taxes (EBITDA) of $137,000; almost double the $72,000 realized during the same quarter last year. This increase is mainly attributable to the restructuring of the operating expenses.

The sales of the Company have decreased by nearly $239,000 or 5.6%; from $4,236,000 in Q1 2008 to $3,997,000 in Q1 2009. This decrease in sales is the result of the economic crisis on the Mexican operations. However ODESIA has increased significantly its sales force in Mexico in order to correct this situation.

"Despite the current economic conditions, we are confident we will be able to at least maintain our 2009 first quarter's sales level for each of the remaining quarters of fiscal year 2009" said Nicolas Bonnafous, President and CEO of ODESIA.

Selected financial information

($000's except per share amounts) For the first quarter
ended March 31,
2009 2008
Sales 3,997 4,236

Earnings before amortization of
tangible and intangible assets,
financial expenses, and income taxes 137 72

Net loss and comprehensive loss (17) (218)

Basic and diluted loss per share (0.001) (0.008)

Shareholders' Annual Meeting

The Shareholder's Annual Meeting will be held at 10 am on June 16, 2009 at the St-Sulpice Hotel in Montreal. The meeting will be presided by Mr. Jacques Topping, Chairman of the Board of Directors. Nicolas Bonnafous, President and CEO will also address the audience. Furthermore, the management team will be available to answer questions.


ODESIA is an international corporation specialized in BI solutions, decision processes and data warehousing for large corporations. The management team at ODESIA has extensive knowledge and experience in leading the execution of BI processes in large enterprises. The team of some 200 professionals offers a high level of service and specialization. The company's goal is to provide customers a complete solution, no matter the technical challenge. For more information, visit us at www.odesia.com.

Forward-looking statement

This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Readers are cautioned against exaggerated confidence in any information of a prospective nature. ODESIA rejects any obligation to revise or update the forward-looking statements contained in this press release.

The consolidated financial statements and management's discussion and analysis are now available on SEDAR (www.sedar.com).

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