Call Genie Inc.
TSX : GNE

Call Genie Inc.

August 08, 2008 08:30 ET

Call Genie Announces Second Quarter 2008 Financial Results

Continued investment in Business Development and Technology Development Drive Operating Results

TORONTO, ONTARIO--(Marketwire - Aug. 8, 2008) - Call Genie (TSX:GNE), a leading provider of mobile local search and advertising solutions, today announced financial results for the three and six month periods ended June 30, 2008 and re-affirmed financial guidance for 2008 and 2009.

First Half 2008 Results

- Revenues of $2,415,622 compared to $646,719 for the first six months of 2007.

- Net loss of $10,307,789 ($0.13 per share) compared to $5,226,721 ($0.09 per share) for the first six months of 2007.

- Cash used in operations was $8,661,103 compared to $4,518,173 for the first six months of 2007.

- At June 30, 2008 the Company had positive working capital of $11,443,748.

Second Quarter 2008 Results

- Revenues of $1,402,321 compared to $353,356 for the second quarter of 2007 and $1,013,313 for the first quarter of 2008.

- Net loss of $5,349,857 ($0.07 per share) compared to $2,873,285 ($0.04 per share) for the second quarter of 2007 and $$4,957,932 ($0.06 per share) for the first quarter of 2008.

- Cash used in operations for the 2nd Quarter was $4,426,015 compared to $2,577,666 for the second quarter of 2007.

Second Quarter 2008 Highlights

- The second quarter of 2008 represents the 14th consecutive quarter that revenues have increased.

- Total Cash used during the quarter declined by $195,767 over the first quarter of 2008.

- The Company has substantially completed the integration of the intellectual property purchased from BTS Logic Europe ApS and PhoneSpots, Inc.

Mr. Michael Durance, the Company's Chief Executive Officer, noted, "The financial results of the first half of 2008 are in-line with our internal Plan of Record. We continue to find new applications and markets for our technology. I remain confident in the long term prospects of the Company and that we can achieve continued revenue growth."

The preceding Quarterly Results for Call Genie should be read in conjunction with Call Genie's unaudited financial statements and the accompanying notes for the three and six months ended June 30, 2008 and the related Management Discussion and Analysis ("MD&A"), which have been filed with certain securities regulatory authorities in Canada and available on SEDAR (www.sedar.com) and on the Call Genie website at www.callgenie.com.

About Call Genie Mobile Local Search Product Suite

The CG Mobile Local Search Product Suite includes three product lines: CG Interact, CG Open and CG ADvantage. These product lines provide directory assistance providers, Yellow Pages publishers, wireless carriers and search engine companies, the applications and technology platforms required to deliver innovative mobile local search services that lead trends rather than respond late in today's shorter consumer adoption cycles.

The CG Interact products deliver automated or operator-assisted voice enabled solutions, mobile data search and seamless delivery of information to phones from web sites. CG Open products have been designed with the underlying philosophy that a great user experience must be the foundation for any service that will be monetized through ad sponsorship. CG Open products are intended to reduce costs and enhance the user experience. All of the CG Open platforms leverage industry standards to maximize their ability to integrate into and interoperate with our customer's existing systems, data sources and with mobile content providers. CG ADvantage products enable our customers to capitalize on the emerging Mobile Local Search advertising opportunity and deliver inventory, taxonomy and campaign management specifically optimized for this unique ad inventory.

About Call Genie Inc.

Call Genie is a leading provider of local mobile search and advertising solutions to Yellow Pages publishers, directory assistance providers, and wireless carriers. These solutions enable companies to offer an exceptional experience for both advertisers and consumers. Call Genie won the Yellow Page Association Industry Excellence Award for Marketing Innovation in North America, the Whitaker Innovation Award in Europe, and the 118 Tracker Award for Technology Innovation in the UK. Call Genie has over 30 customers in 11 countries. For more information, visit www.callgenie.com.

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