ACT360 Solutions Ltd.

TSX VENTURE : AKM


ACT360 Solutions Ltd.

August 29, 2014 15:00 ET

ACT360 Solutions Announces Financial Results for Quarter Ended June 30, 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 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 June 30, 2014. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.

According to Vincent Wong, CEO of ACT360 Solutions, "The Company made solid progress diversifying its client base to include traditional campus universities, expanding its product mix with its global call center verified lead service, and extending its reach into the Indian education market. These initiatives are expected to contribute to the Company's long term growth."

Business summary for the quarter ended June 30, 2014:

  • Channel partner sales strategy yielding results with first ten traditional campus-based universities signed for the Company's Student Marketing Service;
  • Diversification of the Company's product mix as the Company's call-center verified student qualification service gained traction;
  • Doubling of the Company's total international student traffic to 1 million visitors per month from the integration of the Savvica licensed websites www.learnhub.com and www.jumbotests.com with the Company's TestDEN platform;
  • Revenue decline of 17% compared to the prior year quarter primarily the result of reduced budget allocation from a single online university client as it shifted student recruiting resources into other channels;
  • Continued expensing of long-term investments in global call center infrastructure and corporate development activities;
  • Launch of the Company's growth-by-acquisition strategy as a means to scale the Company's business.
Three Months Ended
June 30, 2014
Three Months Ended
June 30, 2013
Nine Months Ended June 30, 2014 Nine Months Ended June 30, 2013
Sales $238,683 $286,891 $837,198 $798,922
Net Income (Loss) ($82,355 ) $34,576 ($133,753 ) $43,136
Earnings (Loss) per share ($0.00 ) $0.00 ($0.00 ) $0.00

The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended June 30, 2014 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