Fireswirl Technologies Inc.
TSX VENTURE : FSW

Fireswirl Technologies Inc.

July 31, 2009 19:16 ET

Fireswirl Reports 2009 Second Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2009) - Fireswirl Technologies Inc. (TSX VENTURE:FSW), "the Company", today announced its financial results for the second quarter ended July 31, 2009. All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Highlights for the first quarter were as follows:

- Total revenue for the three and six months ended June 30, 2009 increased by 660% and 1,144% to $49,849 and $157,723 respectively compared to $6,560 and $12,679 during the same period in 2008. The increase was mainly due to the sales revenue generated by the handset trading business in China.

- Total operating expenses for the three and six months ended June 30, 2009 decreased by 49% and 53% to $261,199 and $532,497 respectively from $510,507 and $1,141,681 during the same periods in 2008. The decrease in total operating expenses is mainly attributable to the expense reduction efforts made in 2008 and relocation of the core business over to China.

- Net loss for the three and six months ended June 30, 2009 decreased by 41% and 48% to $289,793 and $546,935 respectively compared to net loss of $488,198 and $1,047,940 during the same period in 2008. This net loss translated into a loss per share of $0.01 and $0.02 for the three and six months ended June 30, 2009 respectively compared to a loss per share of $0.02 and $0.04 for the same period in 2008.

- The Company had no long term debt, $1,330,323 in cash and short term investments and working capital (defined as current assets less current liabilities) of $1,733,927 as at June 30, 2009 compared to $2,226,544 of cash and short term investments and working capital of $2,202,225 as at December 31, 2008.

About Fireswirl

Fireswirl Technologies Inc. (TSX VENTURE:FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multicurrency and multi-language capabilities. Our solutions can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users through internet or wireless applications.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

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