Bigknowledge Enterprises Inc.
TSX VENTURE : BGK

Bigknowledge Enterprises Inc.

November 01, 2005 17:37 ET

Bigknowledge Releases its Audited Financial Statements for the Year Ended June 30, 2005

MONTREAL, QUEBEC--(CCNMatthews - Nov. 1, 2005) - Bigknowledge Enterprises Inc. ("the Company") (TSX VENTURE:"BGK"), releases its audited financial statements for the year ended June 30, 2005.

The Company changed its year-end to June 30, effective June 30, 2004. For the twelve months ended June 30, 2005, revenues were $4,301,189 as compared to $6,001,529 for the eleven months ended June 30, 2004. The loss for the 12-month period ended June 30, 2005 was $4,823,803 as compared to a loss of $465,678 for the eleven-month period ended June 30, 2004.

During the 12 month period ended June 30, 2005, the Company issued Convertible Debentures in the amount of $345,000 and issued common shares totalling $1,615,000 before fees and commissions. As a result of these financings and other measures, the overall cash position of the Company increased by $188,432 during the 12 month period ended June 30, 2005.

Management has recently embarked on a major restructuring in its e-learning division with a view to reducing overhead and the use of outside contractual help, as well as improving its processes and project management systems. These measures will significantly reduce the cash used in operations.

Bigknowledge provides total learning solutions designed to address the strategic business objectives of its customers by helping them to improve workforce development, sales force effectiveness and customer acquisition and retention. The Company has an established reputation and expertise in e-learning deliveries across Canada, the United States and Mexico.

The financial information in this news release is taken from the Company's audited annual consolidated financial statements for the year ended June 30, 2005, and the accompanying MD&A, which may be found on www.sedar.com.

Readers are cautioned to refer to such financial statements and MD&A for complete information, as the information in this release has been selectively drawn from the full documents and is not complete.

This press release contains certain forward-looking statements. Such statements reflect the company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bigknowledge and its management do not intend, and do not assume any obligation, to update these forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Bigknowledge Enterprises Inc.
    Mr. Alain Lafrance
    President and CEO
    (514) 844-2300, ext. 243