RenoWorks Software Inc.

RenoWorks Software Inc.

May 26, 2006 13:10 ET

RenoWorks Announces March 31, 2006 Quarter End Financial Results and New Chief Executive Officer and President

CALGARY, ALBERTA--(CCNMatthews - May 26, 2006) - RenoWorks Software Inc. (TSX VENTURE:RW), a leading provider of digital exterior home imaging software for new home construction and existing home renovations, today announced financial results for the three months ended March 31, 2006.

Financial results from operations for the three months ended March 31,
2006, with comparatives for 2005, was as follows:

Quarter ended Quarter ended
March 31, 2006 March 31, 2005
Revenue $63,887 $ 88,204
Gross Margin $60,837 $ 83,966
Operating Expenses $98,639 $149,366
Loss $38,910 $ 65,332
Loss per share $ 0.002 $ 0.004
Weighted average shares
outstanding 15,953,780 14,480,251
Cash used in operations $47,345 $ 11,328

The Company's financial position as at March 31, 2006 and December 31,
2005 was as follows:

March 31, 2006 December 31, 2005
Cash balance $ 28,785 $ 79,854
Working capital $ (1,149) $ 32,689
Long term liabilities $ 270,678 $ 272,842
Shareholders deficiency $ 205,821 $ 166,911
Deficit $4,184,277 $4,145,367
Total assets $ 134,526 $ 202,932

Mr. Greg Martineau, who remains as the Chairman of the Board of Directors, has stepped down as Chief Executive Officer of the Company. RenoWorks is please to announce the appointment of Mr. Doug Vickerson as the Chief Executive Officer. RenoWorks is excited to have Mr. Vickerson bring his broad sales, marketing, business development and overall leadership talents to RenoWorks. Mr. Vickerson has worked for technology and service companies serving the enterprise software markets including Guest-Tek, where he acted as Vice President Sales and Marketing and oversaw the installation of high speed networks into the hospitality market worldwide. During his tenure, Guest-Tek grew from a start-up to a publicly traded $130 million dollar enterprise. He also acted as Vice President of Business Development at Replicon Inc. where he focused on channel development for web based timesheet software. Most recently he has worked as a Business Development consultant with the Cambrian House Inc., a start-up incubator of mass-market consumer software. Mr. Vickerson has a variety of talents in building cohesive teams in high growth situations. He has both built and delivered on multi-national customer contracts and has a business development and financial background, executive experience in numerous start-up companies as well as extensive marketing knowledge. This unique blend provides RenoWorks with the business leadership to enter new markets with new products and partners.

Mr. Vickerson holds a Masters in Business Administration from the University of Calgary with a specialization in Enterprise Development as well as a Bachelor of Commerce degree with a major in Finance also from the University of Calgary.

Mr. Nairn Nerland, who continues to serve as a director and Chief Financial Officer of the Company, has stepped down as President of the Company. Mr. David King, who has served as Chief Operating Officer of the Company since its inception, has been appointed as President and Chief Operating Officer.

About RenoWorks

RenoWorks Software Inc. has developed a visualization sales tool for the new home construction and remodeling industries. RenoWorks "Picture the Difference" software uses digital imaging to showcase exterior building products on a picture of the customers home. The software enables dealer/contractors to provide a "before and after" digital image of the exterior of the home using a database of manufacturers products. Currently, RenoWorks has 25 manufacturers available on it's Product Download Site. The software offers new homebuilders, remodeling professionals, building product manufacturers, suppliers and architects a cost-effective tool to help generate sales.

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

Contact Information

  • RenoWorks Software Inc.
    Greg Martineau
    Chairman of Board of Directors
    (403) 296-3880