OneMove Technologies Inc.

OneMove Technologies Inc.

February 16, 2010 09:00 ET

OneMove™ Announces Fiscal 2010 Second Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2010) - 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 and six-month periods ended December 31, 2009. All figures are reported in Canadian dollars unless otherwise stated.

Q2 Fiscal 2010 Operational Summary

- The Company achieved positive EBITDA in Q2 following its first profitable quarter in Q1

- Total revenue increased by 53% to $528,000 for Q2 of fiscal 2010 from $345,000 in Q2 in fiscal 2009

- Transactional volumes increased 55% to 16,331 for Q2 of fiscal 2010 from 10,569 in Q2 in fiscal 2009

- Expense increased $22,481 or 15% to $614,000 compared to $591,000 for Q2 of fiscal 2009

- Average daily revenues grew 52% to $7,600 in Q2 of fiscal 2010 from $5,000 in Q2 of fiscal 2009

- Client firms increased by 18% to 356 in Q2 of fiscal 2010 from 301 in Q2 of fiscal 2009

- Released the production version of econveyancePro™; a completely rewritten version of its software platform with 29 new features and enhancements

Q2 Fiscal 2010 Financial Summary

Q2 FY Q2 FY % H1 FY H1 FY %
2010 2009 Change 2010 2009 Change

Revenue $527,555 $ 345,193 +53% $1,084,899 $ 791,912 +37%
EBITDA (loss) $ 1,000 $(152,053) +100% $ 85,951 $(369,807) +77%
Net income (loss) $(86,155) $(243,874) +65% $ (76,165) $(533,294) +86%
Net income (loss)
per share $ 0.00 $ (0.01) 0% $ 0.00 $ (0.02) 0%

Mr. Johnson commented: "OneMove's position has strengthened. The effect of the downward pressure felt by the real estate market a year ago continues to work in the Company's favour. As firms downsized, cutting expenses and staff, our value proposition became more attractive. As real estate sales returned to record levels lawyers and notaries were forced to be more productive with fewer resources and reduced staff. This created the perfect storm for OneMove and our software+service solution. In Q2 we saw positive EBITDA for the second quarter in a row and for the first half of fiscal 2010. It is certainly a dramatic difference from the challenges the change in economic circumstances posed this Company a year ago. There has been a $460,000 improvement in the Company's bottom line for the first half of the year compared to the same period a year ago. Certainly the improvement of the economy has played a major part, however, it has also been the ongoing increase of firms joining our network of conveyance professional's year over year that has fuelled our growth. We are thrilled with the response we received following the release of our newest version econveyancePro in conjunction with our attendance at the Pacific Legal Technology Conference in Vancouver in October. Our Focus moving into 2010 is one of continued growth of our network of firms here in British Columbia together with expansion into Alberta. The Company announced its latest referral campaign at the end of Q2 and is confident that it will be the most successful yet. Shareholders can look forward to continued financial performance improvement as we enter what is historically the strong period of seasonal transactions now through the summer. With operational expenses covered, we can re-deploy our programming resources and focus attention on development of econveyance for Alberta. Moving forward, our growth and trajectory will allow us to expand our platform into other Canadian provinces."

Q2 Fiscal 2010 Financial Review

Revenue for Q2 fiscal 2010 was $527,555, compared to $345,193 for Q2 fiscal 2009. Revenue for the first half of fiscal 2010 was $1,084,889, compared to $791,912 for the first half of fiscal 2009.

For Q2 fiscal 2010, total expenses were $613,710, an increase of 15% or $22,481 from $591,229 in Q2 fiscal 2009 and up 12% from $548,773 in Q1 fiscal 2009. For the first half of fiscal 2010, total expenses were $1,162,483, down from $1, 327,388 for the first half of fiscal 2009.

EBITDA was $1,000 in Q2 fiscal 2010, compared to $(152,053) in Q2 fiscal 2009. EBITDA was $89,951, for the first half of fiscal 2010, compared to $(369.807) for the first half of fiscal 2009.

For Q2 fiscal 2010, the net loss was $(86,155), or $(0.00) per share, compared to $(243,874), or $(0.01) per share. For the first half of fiscal 2010, the net loss was $(76,165), or $(0.00) per share, compared to $(533,294), or $(0.02) per share for the first half of fiscal 2009.

In Q2 fiscal 2010, cash used in operations was $(56,792), compared to $(148,072) in Q2 fiscal 2009. In the first half of fiscal 2010, cash used in operations was $(37,472), compared to $(407,766) in the first half of fiscal 2009.

As at December 31, 2009, OneMove had cash and cash equivalents of $168,101, compared to $53,088 as at June 30, 2009. The Company had a working capital deficit of $(378,291) as at December 31, 2009, compared to a working capital of $(729,590) as at June 30, 2009.

In March 1, 2009, OneMove implemented a company-wide reduction in salaries and wages of 20% in response to the economic downturn and preserve its cash flow. The Company returned everyone to full salary as of November 1, 2009.

Total shares issued and outstanding were 63,415,110 as at December 31, 2009.

The full MD&A and financial statements for OneMove are available at and

(1) EBITDA for continuing operations is used internally by the Company to compare cash operating resulted 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.

(2) Net income from continuing operations

About OneMove Technologies Inc.

OneMove Technologies Inc. (TSX VENTURE:OM) offers a leading real estate transaction platform. Through econveyance™, its proprietary web-based conveyancing software solution, OneMove™ simplifies and expedites the process of buying and selling real estate in British Columbia, Canada. Econveyance 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 or

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.

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

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