Iplayco Corporation Ltd.
TSX VENTURE : IPC

Iplayco Corporation Ltd.

May 30, 2006 16:10 ET

Diversaflow Releases Q2 Financials

LANGLEY, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) - IPlayco Corporation Ltd. (TSX VENTURE:IPC) -

Diversaflow Corporation (TSX VENTURE:DVF) announces the release of its 2nd quarter financials for the period ended March 31, 2006. For the three month period ended March 31, 2006 total sales of $2,129,263 increased by 20% in comparison to $1,768,308 for the same three month period last year. Total revenue for the six month period ending March 31, 2006 of $5,232,490 represented a $1,873,701 increase (57%) over the same period in the preceding year.

Total operating expenses of $769,306 for the three months ending March 31, 2006 increased by 35% or $201,349 from the total operating expenses of $567,956 in the comparable period last year. Six month operating expenses of $1,562,848 increased by $515,733 or 49% over the prior year's expenses of $1,047,115. Specifically the Company has increased spending in areas such as marketing and advertising to further the Company's sales promotion and marketing efforts in a variety of new markets as well as reinforcing the Company's positioning in traditional markets.

The Company incurred a net loss after tax of $167,987 for the three months ended March 31, 2006, as compared to a loss of $118,887 for the prior year. On a year to date basis, the after tax loss of $148,804 for the six month period ended March 31, 2006 compares with a loss of $115,416 for the comparable period in 2005.

The increase in revenues during the six months ended March 31, 2006 is consistent with the Company's pattern of general growth in domestic and international market penetration. The Company's management is optimistic about continuing operations. The Company continues to maintain a minimum 20% increase in gross revenues annually; IPC sales and shipments have historically proven to be strongest in the last six months of the fiscal year. As well recent trends and current activities indicate sales and orders are increasing.

On May 18, 2006 Diversaflow Corporation subsequently changed its name to IPlayco Corporation Ltd., and its trading symbol on the TSX-V to "IPC".

ON BEHALF OF THE BOARD OF DIRECTORS

Scott Forbes, President and Director

FORWARD-LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's business, results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed elsewhere in documents that are available to the public.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • IPlayco Corporation Ltd.
    David Romano
    (604) 882-1188
    (604) 882-1977 (FAX)