SOURCE: Critical Outcome Technologies Inc. (COTI)

Critical Outcome Technologies Inc. (COTI)

September 29, 2015 16:54 ET

Critical Outcome Technologies Updates First Quarter Financial and Operating Results

LONDON, ON--(Marketwired - September 29, 2015) - Critical Outcome Technologies Inc. (TSX VENTURE: COT) (OTCQB: COTQF) ("COTI" or the "Company") updates certain information contained in its press release issued earlier today that reported financial and operating results for the three months ended July 31, 2015.

Due to a typographical error, the quarterly net loss of $1,125,825 set out in the earlier press release should have been stated as $985,120 for the first quarter of fiscal 2016 compared to a net loss of $970,796, for the first quarter a year earlier. The increased loss of $92,573 should have been stated as $14,324 and related primarily to an increase in sales and marketing expense as previously reported.

The decrease in general and administration expenditures of $123,015 should have been stated as $263,720 and related primarily to a decrease of $248,805 in professional fees for strategic advice in pursuing financing in the United States that was handled more cost effectively in the current quarter than the prior year as previously reported.

These errors in the earlier press release did not occur in the detailed operating and financial results disclosed in the Company's Unaudited Condensed Interim Financial Statements and Management Discussion and Analysis for the quarter ended July 31, 2015, which were filed on SEDAR and can be found at www.sedar.com or on the Company's website at www.criticaloutcome.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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