OneMove Technologies Inc.
TSX VENTURE : OM

OneMove Technologies Inc.

November 17, 2009 18:33 ET

OneMove™ Achieves Its First Profitable Quarter and Releases Fiscal 2010 First Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), which provides a leading web-based real estate transaction platform, today announces its financial results for the three-month period ended September 30, 2009. All figures are reported in Canadian dollars unless otherwise stated.

Q1 Fiscal 2010 Operational Highlights

  • The Company posts its first profitable quarter since inception
  • Total revenue increased by 25% to $557,000 for Q1 of fiscal 2010 from $447,000 in Q1 in fiscal 2009
  • Transactional volumes increased 22% to 19,000 for Q1 of fiscal 2010 from 15,600 in Q1 in fiscal 2009
  • Expenses were reduced 25% to $548,773 for Q1 of fiscal 2010 from $736,409 in Q1 of fiscal 2009
  • Average daily revenues grew to $8,467 in Q1 of fiscal 2010 from $6,491 in Q1 of fiscal 2009
  • Client firms increased by 27% to 338 in Q1 of fiscal 2010 from 267 in Q1 of fiscal 2009
  • The Company released the production version of econveyancePro(TM); a completely rewritten version of its software platform with 29 new features and enhancements.

Q1 Fiscal 2010 Financial Summary

 Q1 FY 2010Q1 FY 2009% Change
Revenue$557,334$446,719+ 25%
Adjusted EBITDA (loss)1$96,759$(216,031)+145%
Net income (loss)$9,990$(289,670)+103%
Net income (loss) per share$0.00$(0.01)+100%

"Our focus for fiscal 2010 is improved financial performance," said Martin Johnson, President and CEO. "The number of users processing transactions through econveyance has increased by more than 27% from the first quarter a year ago. Given the return of the British Columbia real estate market to record sales and our software's increased adoption we are thrilled to have achieved the first profitable quarter in the Company's history."

Mr. Johnson continued: "Looking forward, we recognize the economic headwinds the real estate industry faces during the winter months. As such, we are working to grow the number of lawyers and notaries on our econveyance platform, which we believe will help offset the impact of the typical seasonal reduction in real estate transactions and maintain our newfound profitability. Our long-term growth prospects remain strong as supported by recently released forecasts for 2010 by the British Columbia Real Estate Association which call for an 8% growth in sales volume. Electronic filing of conveyance documents in BC has now crested 50%. Moving forward, we believe that our current trajectory will accelerate new client adoption thereby increasing our market share and resulting revenues."

Q1 Fiscal 2010 Financial Review

Revenue for Q1 fiscal 2010 increased to $557,334 from $446,719 for Q1 fiscal 2009, due to a higher number of transactions being processed through econveyance. The transactions processed in Q1 fiscal 2010 increased to 19,044 from 15,558 in Q1 fiscal 2009 due to the increased number of firms adopting econveyance.

For Q1 fiscal 2010, total expenses were $548,773, compared to $736,409 for Q1 fiscal 2009. The decrease in expenses was primarily due to the Company working to reduce investments in non-revenue generating activities.

Adjusted EBITDA was $96,759, for Q1 fiscal 2010, compared to $(216,031) in Q1 fiscal 2009.

For Q1 fiscal 2010, net income was $9,990, or $0.00 per share, compared to a net loss of $(289,670), or $(0.01) per share for Q1 fiscal 2009.

In Q1 fiscal 2010, cash provided by (used in) operations was $19,331, compared to $(259,944) in Q1 fiscal 2009. Cash provided by financing activities decreased to $252,210 from $434,336 in Q1 fiscal 2009. As at September 30, 2009, OneMove had cash on hand of $173,644, compared to $53,088 as at June 30, 2009. The Company had a working capital deficit of $461,525 as at September 30, 2009, compared to a deficit of $729,590 as at June 30, 2009. The Company is currently evaluating financing options to support its continued growth.

As at September 30, 2009, total shares issued and outstanding were 63,926,690.

The full financial statements and MD&A for OneMove can be viewed at www.onemovetech.com and www.sedar.com.

1Adjusted EBITDA is used internally by the Company to compare cash operating results from one period to another. EBITDA for the purposes of this analysis also excludes stock based compensation, shares issued for services and "Other income/losses" per the financial statements. EBITDA does not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies.
2Net income from continuing operations

About OneMove Technologies Inc.

OneMove Technologies Inc. (TSX VENTURE:OM) offers a leading real estate transaction platform. Through econveyancePro(TM), its proprietary web-based conveyancing software solution, OneMove(TM) simplifies and expedites the process of buying and selling real estate in British Columbia, Canada. EconveyancePro links all participants in the property transfer process, offering a secure and efficient means of seamlessly completing the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com. Professional users site www.econveyance.com.

Forward Looking Statements

This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.

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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