Titan Logix Corp.
TSX VENTURE : TLA

Titan Logix Corp.

January 20, 2010 16:30 ET

Titan Logix Corp. Reports Financial Results for Fiscal 2010 First-Quarter

EDMONTON, ALBERTA--(Marketwire - Jan. 20, 2010) - Titan Logix Corp., (TSX VENTURE:TLA), today reported its unaudited financial results for the first quarter of its fiscal 2010 ended November 30, 2009.

Summary of Sales Revenue, Gross Profit and Net Loss:

Sales for the first quarter ended November 30, 2009 were $1,434,007, down $1,269,609 from $2,703,616 in the first quarter of the previous fiscal year. Gross profit in the three month period was $433,067 (30% margin) compared to $1,125,857 (42% margin) and net loss and comprehensive loss was $305,173 this period compared to net earnings of $325,743 in the first quarter of the previous fiscal year.

Titan's financial results in the first quarter, ended November 30, 2009 reflect the reality that the petroleum industry is still recovering from the slow down due to the recession. As Titan's products are currently tied almost entirely to the petroleum industry – particularly to production activities (post-drilling) – when the drilling programs are low then Titan's revenues follow accordingly after a three to five month lag.

Summary of Operating Expenses:

Total expenses for the first three months of fiscal 2010 were $733,647, up slightly by 5% from $701,995 in the same period a year ago. General and administration expenses were $293,147, 27% lower than the $400,009 recorded in the first quarter of the previous fiscal year. This reduction is primarily due to lower consulting fees, insurance premiums, travel costs and employee compensation. Product development expense was $160,964 compared to $94,382 and marketing and sales expense decreased from $320,625 in the previous fiscal year's first quarter to $247,520 in this year's first quarter. Employee compensation, sales training and advertising expenses were lower in the current three month period of fiscal 2010 than in the three month period of the previous fiscal year.

Working Capital:

At November 30, 2009, working capital was $3,542,251 compared to the August 31, 2009 year-end balance of $3,835,745. Cash and cash equivalents were $1,236,776 compared to $1,326,487 at the end of fiscal 2009. Titan does not have any debt except for trade payables.

Outstanding Share Summary:

The common shares of Titan Logix Corp. trade on the TSX Venture Exchange under the symbol TLA. At January 7, 2010, Titan had 24,863,440 common shares issued and outstanding.

Additional Information:

Titan Logix Corp.'s unaudited financial statements and management's discussion and analysis for the first quarter of fiscal 2010 as well as its audited financial statements and management's discussion and analysis for its fiscal year ended August 31, 2009 are available on SEDAR at www.sedar.com and on the company's website, www.titanlogix.com

About Titan Logix Corp.:

Founded in 1979, Titan Logix Corp. has evolved into an advanced technology industrial instrumentation and controls company. We design, manufacture, distribute and service instrumentation, control and automation solutions. These are primarily for the oil and gas, transportation and aviation industries, which for many years have relied on manual intervention. However, due to rising costs, concerns and awareness about the environment, (including the importance of spill prevention) and technological advancements - to list but a few reasons – we expect an increased demand for our products. The products we specialize in comprise an essential part of a complete asset management solution in the following categories:

  • Transport Instruments: guided wave radar liquid gauging and control systems for mobile tankers;
  • Level and Flow Instruments: mechanical and electronic liquid level gauging systems for storage tanks and industrial process vessels;
  • Burner Controls: electronic burner management systems for atmospheric industrial heaters; and
  • Telemetry and Control Products: communication and control systems enabling remote telemetry and management of site processes.

Titan Logix Corp. is a public company listed on the TSX Venture Exchange and its shares trade under the symbol, TLA.

This news release contains certain statements with information that may be forward-looking and subject to unknown risks and uncertainties. The actual results, performance and achievements of Titan Logix Corp. may differ materially from the results, performance and achievements expressed or implied by such forward-looking statements. These forward-looking statements may not relate strictly to historical or current facts. They represent management's views as of the date of this press release and we assume no obligation to update them. We caution you not to place undue reliance on these 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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