ACT360 Solutions Ltd.

TSX VENTURE : AKM


ACT360 Solutions Ltd.

February 25, 2014 17:00 ET

ACT360 Solutions Announces Financial Results for Quarter Ended December 31, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 25, 2014) - ACT360 Solutions Ltd. (the "Company" or "ACT360 Solutions") (TSX VENTURE:AKM), a provider of Internet-based testing and international marketing programs for higher education, announced its unaudited financial results for the quarter ended December 31, 2013. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.

Highlights for the first quarter:

  • Revenue growth of 32% compared to the prior year quarter;
  • Student Marketing Service revenue growth of 48% compared to the prior year quarter;
  • Acquisition of license to operate and monetize the websites www.learnhub.com and www.jumbotests.com with a combined total of 2.5 million users and a substantial presence in India;
  • Loss of $24,598 resulting from the Company's decision to increase investment in global call center activities, online branding, and corporate development to support and accelerate the Company's long term growth objectives.
Three Months Ended
December 31, 2013
Three Months Ended
December 31, 2012
Sales $ 298,472 $ 226,110
Net Income (Loss) $ (24,598 ) $ 15,047
Earnings (Loss) per share $ (0.00 ) $ 0.00
Total Assets $ 448,795 $ 294,039

For the three months ended December 31, 2013, the Company's revenue increased by 32% to $298,472 compared to revenue of $226,110 for the same period in the previous year.

Student Marketing Service revenue, derived from the Company's proprietary international student marketing platform, rose by 48% compared to the prior year quarter. Revenue growth resulted from increased marketing budget allocations from higher education clients targeting international students. Internet Application revenue rose by 19% as the Company sold more English tests and grading services through B2B channel partners.

On a consolidated basis for the three months ended December 31, 2013, the Company had a net loss of $24,598 on sales of $298,472 compared to a profit of $15,047 on sales of $226,110 during the same period in the previous year.

On a consolidated basis, expenses were $323,369 in the first quarter ended December 31, 2013 compared to $211,294 in the first quarter ended December 31, 2012, an increase of 53%. Selling, office, and general expenses were higher as the Company expanded its investments in online branding for its TestDEN.com website, global call center capability, and business development activities.

The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended December 31, 2013 are available at www.sedar.com.

About ACT360 Solutions Ltd.

ACT360 Solutions helps colleges and universities qualify and recruit international students. We are committed to assisting students from South America, Europe, Africa, the Middle East, and Asia achieve their study abroad goals.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding revenue estimates and future plans and objectives of ACT360 Solutions Ltd. - are forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are based on current expectations and analyses, including the effects of anticipated product, service, and distribution changes and the potential benefits of such efforts and activities on the Company's results of operations in future periods. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such 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.

Contact Information

  • ACT360 Solutions Ltd.
    Vincent Wong
    President
    (604) 638-1553, ext. 1
    www.act360.com