Fireswirl Technologies Inc.

Fireswirl Technologies Inc.

November 10, 2009 13:36 ET

Fireswirl Reports 2009 Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009) - Fireswirl Technologies Inc. (TSX VENTURE:FSW), "the Company", today announced its financial results for the third quarter ended September 30, 2009. All figures are quoted in Canadian dollars. Financial statements and accompanying MD&A are available on SEDAR.

Highlights for the third quarter were as follows:

  • Total revenue for the three and nine months ended September 30, 2009 decreased by 66% and 12% to $92,328 and $250,051 respectively compared to $272,347 and $285,026 for the same periods a year earlier. The decrease was mainly due to the decline of sales revenue generated by the handset trading business in China.
  • Total operating expenses for the three and nine months ended September 30, 2009 decreased by 36% and 48% to $293,540 and $826,037 respectively from $461,124 and $1,602,805 during the same periods in 2008. The decrease in operating expenses is mainly due to the expense reduction efforts and the continuous relocation of cost centre from Canada to China in 2008 and 2009.
  • Net loss for the three and nine months ended September 30, 2009 decreased by 31% and 43% to $291,445 and $838,379 respectively compared to net loss of $421,380 and $1,469,320 during the same periods of 2008. This net loss translated into a loss per share of $0.01 and $0.03 for the three and nine months ended September 30, 2009 respectively compared to a loss per share of $0.02 and $0.06 for the same periods in 2008.
  • The Company had no long term debt, $984,996 in cash and short term investments and $1,458,818 of working capital (defined as current assets less current liabilities) as at September 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.

Further information can be found on the company at:

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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