April 29, 2008 21:00 ET

MPVC Inc. Releases December 31, 2007 Annual Audited Financial Statements

TORONTO, ONTARIO--(Marketwire - April 29, 2008) - MPVC Inc. (TSX VENTURE:OCI) (the "Company") released its audited annual statements today. The Company reported that its wholly-owned subsidiaries, One Contact Inc. (US) and One Contact (Canada) Inc. ("OCI"), which are reflected in its consolidated statements, reported record interim Canadian GAAP financial results for the three month period ended December 31, 2007.

For the year ended December 31, 2007 the Company posted revenues of $6,745,850 and a net loss of ($1,386,022) , compared to $2,589,393 sales and a loss of ($1,359,219) for the year ended December 31, 2006. The per share loss for 2007 is ($0.11) compared to per share of ($0.13) reported for the year end December 31, 2006.

The Company also reported cash and short-term investments of $43,294, for the year ended December 31, 2007. Accounts receivable, net of an allowance for doubtful accounts, totaled $508,176 and other current assets, composed primarily of prepaid items, were $67,831.

"Our 2007 year was more difficult than anticipated, however we are pleased with the progress overall. MPVC is now an established player in the mid-market business process outsourcing space with strong pricing and exceptional quality across many industry verticals. Our strengths in telecommunications, energy, financial Services and other areas are yielding profitable growth. The significant one-time expenditures are behind us and our capabilities are established and known to the market. We are planning the launch of several new customers through 2008. We will continue to review acquisitions as the opportunities present themselves and look forward to fulfilling our strong organic pipeline as our primary source of growth." - commented Michael Hilmer, CEO.

About MPVC Inc.

The Company, through its wholly owned subsidiary OCI, is committed to providing and managing specialized inbound and outbound customer care, sales and marketing, technical support and many other centralized contact center services to its clients. The Company's focus is on providing single source solutions for all clients' contact center needs from its growing base of delivery centers. The Company is dedicated to providing a quality and breadth of service that exceeds client expectations.

This press release contains forward-looking statements. The Corporation is subject to significant risks and uncertainties which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Such risk factors include, but are not limited to, risks associated with public markets, competition, lack of available acquisition opportunities, market price of the Corporation's shares, failure to obtain additional financing, dilution, customer credit risk, reliance on key personnel, changes in legislation, environmental matters, potential conflicts of interest and risk of loss of key contracts. The Corporation cannot assure investors that actual results will be consistent with any forward-looking statement and the Corporation assumes no obligation to update or revise such forward-looking statements to reflect actual events or new circumstances.

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

Contact Information

  • MPVC Inc.
    Graham Kemp
    Chairman of the Company
    (480) 575-9481
    MPVC Inc.
    Michael Hilmer
    CEO of the Corporation
    (416) 420-5529