SOURCE: Visiphor Corporation

November 15, 2007 08:30 ET

Visiphor Announces Q3 Results -- 78% Reduction in Losses

VANCOUVER, BC--(Marketwire - November 15, 2007) - Visiphor Corporation ("Visiphor") (OTCBB: VISRF) (TSX-V: VIS) (XETRA: IGYA), a leading provider of integration software and services, announces their third quarter financial results for the period ended September 30, 2007.

Net loss for the quarter was $412,211 compared to a net loss of $1,904,857, or a 78% improvement compared to the same period in 2006. Net loss for the nine-months ended September 30, 2007 was $2,009,227 compared to a net loss of $5,456,637, or a 63% improvement compared to the same period in 2006.

Third quarter EBITDA (loss), a non-GAAP measure, improved by 88% to a loss of $165,299 compared with a loss of $1,350,346 in the third quarter 2006. EBITDA (loss), for the nine-month period improved by 65% to a loss of $1,310,208 compared with a loss of $3,754,741 in the same period in 2006.

Revenues for the third quarter totaled $1,121,492, compared to the prior year amount of $1,120,766. Total revenues for the nine-month period ended September 30, 2007 were $3,262,523 compared with $4,924,676, or a decrease of 33.8% compared with the same period in 2006.

Expenses for the quarter decreased by 49% to $1,533,703 compared with $3,025,623 for the same period in 2006. Expenses for the nine-months ended September 30, 2007 also decreased by 49% to $5,271,750 compared with $10,381,313 in 2006.

"We have successfully cut operating costs and improved our financial efficiency which has led to a proportionally modest drop in top line revenue this year. We have significantly reduced our losses and are on track to reaching our goal of being profitable," commented Visiphor CEO Roy Trivett. "Business activity in the law enforcement and healthcare sectors is increasing, and we believe that with our focus on sales, product and efficiency that we are on track to have a positive 2008."

The Company recommends that the full details of Visiphor's financial results be read in conjunction with this news release. These results are available by reviewing the Company's September 30, 2007 Form 10-QSB filed on both the SEDAR and EDGAR systems.

About Visiphor

Visiphor software products and services deliver practical, rapidly deployable solutions that integrate business processes and databases. The Company's solutions focus on disparate process and data management problems that exist in numerous verticals spanning government, energy, law enforcement, security, healthcare and financial services. Using industry standard Web Services and Service Oriented Architecture ("SOA"), Visiphor delivers a secure and economical approach to true, real-time application interoperability.

Visiphor is a Microsoft Gold Certified Partner. For information about Visiphor or the Company's products and services, please visit www.visiphor.com.

ON BEHALF OF THE BOARD OF DIRECTORS
"Oliver 'Buck' Revell"
Chairman, Visiphor Corporation

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

Forward-Looking Statements: This press release may contain statements that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include the risks and uncertainties described in Visiphor Corporation's Form 10-KSB filed with the United States Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Investor and Media Inquiries:
    Roy Trivett
    CEO
    Visiphor Corporation
    Phone: 604-684-2449 Ext. 234
    E-mail: Email Contact