SOURCE: Cytiva Software Inc.

November 17, 2008 09:00 ET

Cytiva Achieves 30% Revenue Growth for Nine Months of 2008

Unaudited Q3 08 Financials Show Strong Revenue Growth

VANCOUVER, BC--(Marketwire - November 17, 2008) - Cytiva Software Inc. (TSX-V: CRX), a leading provider of on-demand talent management software solutions, announced today unaudited results from the quarter ended September 30, 2008.

Third quarter highlights:

- Third quarter recognized revenue increased 28 percent to $1,686,776 compared with $1,317,951 for the same period in 2007;

- 2008 year-to-date GAAP revenues at $4,810,469 (non-GAAP $5,290,046), representing a 30-percent increase over the same nine-month period in 2007;

- Cytiva reported over $1,600,000 in new contracted business for the period, a 98 percent increase over the same period last year;

- 38% deferred revenue growth for the nine months 2008;

- Posted a net loss for the third quarter of 2008 of $255,947, as compared with a net income of $23,295 in the same period of 2007. The increase in net loss is attributed to increased headcount to service the rapidly growing client base, acquisition costs for one45 software and amortization of development costs for Cytiva's new SonicPerform product;

- The company ended the quarter with cash and equivalents balance of $1,252,975;

- Net cash used by operations was $39,988 for the three month period 2008 compared to $149,102 - Q3 2007;

- 2008 year-to-date net cash provided from operations was $207,302 compared to ($3,852) in 2007;

- 17th consecutive period of quarter-over-quarter growth

- 11 new SonicRecruit customers;

- Two new one45 customers;

- Two new SonicPerform customers;

- SonicRecruit named to the work force magazine applicant tracking system hotlist;

- SonicPerform featured in the Bersin & Associates report: The Essential Guide to Performance Management Systems

- Released case study detailing client, Ocean Spray's success with SonicRecruit. "We continue to achieve strong growth and positive year to date cash flow from operations," said Jason Moreau, CEO of Cytiva Software. "These key success indicators remain constant despite uncertain financial times."

About Cytiva Software Inc.

Cytiva Software Inc. (TSX-V: CRX) provides innovative on-demand talent management software and services to mid-sized and Fortune 500 companies. Its flagship talent acquisition product, SonicRecruit, allows corporations to screen applicants, automate recruiting departments, customize corporate career sites and hire great people. This premier applicant tracking system improves recruiting effectiveness, speeding up the hiring process and reducing cost per hire. Cytiva's SonicPerform employee performance management system automates employee evaluations, aligns employees around key goals and encourages year round feedback.

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The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Forward-looking Statements: This news release contains forward-looking statements related to the future financial condition and results of operations of Cytiva. These statements are based on current expectations and estimates about the human resources markets in which Cytiva operates and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. Some of the factors which could cause results or events to differ materially from current expectations include but are not limited to: general economic conditions, market or business conditions; changing competitive environment; changing regulatory conditions or requirements; changing technology; and success in implementing productivity initiatives. Some of these factors are largely beyond the control of Cytiva. Should any factor impact Cytiva in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. All of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by Cytiva will be realized or, even if substantially realized, that they will have the expected consequences for Cytiva. Readers should not place undue reliance on any forward-looking statements. Further, Cytiva disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other occurrence.

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