ACT360 Solutions Ltd.

TSX VENTURE : AKM


ACT360 Solutions Ltd.

May 26, 2014 14:30 ET

ACT360 Solutions Announces Financial Results for Quarter Ended March 31, 2014

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 26, 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 March 31, 2014. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.

Highlights for the quarter ended March 31, 2014:

  • Student Marketing Service revenue growth of 19% compared to the prior year quarter;
  • Expanded relationships with three existing channel partners to increase sales of the Company's Student Marketing Service;
  • Completed integration of Savvica licensed websites www.learnhub.com and www.jumbotests.com with the Company's TestDEN.com platform with corresponding licensing royalty expense of $30,000;
  • Signed partnership agreement with education loan provider in India to provide a source of finance for TestDEN.com international students;
  • $320,000 raised from the exercise of 3,200,000 warrants from existing shareholders;
  • Loss of $26,800 resulting from the Company's ongoing investment in global call center infrastructure and corporate development activities to support and accelerate the Company's long term growth objectives.
Three Months Ended
March 31, 2014
Three Months Ended
March 31, 2013
Sales $ 300,043 $ 285,920
Net Income (Loss) $ (26,800 ) $ (6,487 )
Earnings (Loss) per share $ (0.00 ) $ (0.00 )
Total Assets $ 684,812 $ 356,375

According to Vincent Wong, CEO of ACT360 Solutions, "In addition to achieving a key milestone with the integration of the Savvica websites, the India licensing partnership has led to a promising opportunity in education finance. The Company continues to evaluate business synergies with providers of education loans as a complement to our student recruiting service."

The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended March 31, 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.

For further information, please visit the Company website at www.act360.com.

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