Extenway Solutions Inc.

Extenway Solutions Inc.

November 22, 2011 15:53 ET

Extenway, the Leader in Medical Technology, Announces Its Financial Results for the Fiscal Year 2011

MONTREAL, QUEBEC--(Marketwire - Nov. 22, 2011) - Extenway Solutions Inc. ("Extenway") (TSX VENTURE:EY) took advantage of its 2011 annual and special meeting of shareholders to announce that Cote 100 has just bought 3 million shares in the company at 13¢ each for a total of $390,000. This capital contribution, which comes on top of a private placement of $2.5 million which included the Caisse de dépôt et placement du Québec and NATCAN last October, helps strengthen the financial capacity of the Montreal-based company, allowing it to be even more aggressive on the Quebec and Canadian markets.

Revenue for the year ending April 30, 2011 totalled $444,000, on the increase from $200,000 during the previous fiscal year. Earnings before financing income, financing expense and income taxes (EBIT) came in at a loss of $2.3 million, compared with a loss of $1.7 million for the previous year. The company announced net losses of $2.4 million compared to net losses of $1.8 million for the fiscal year 2010.

"In 2011, Extenway positioned itself within the healthcare sector as a leading player in the market of entertainment and medical information technologies, said John McAllister, CEO of Extenway. We know our solutions are appreciated, as they can improve both the experience of patients and the efficiency of hospital services. The large number of calls for proposal we were invited to participate in are proof of this."

During the 2011 fiscal year, Extenway grew its market share by winning a call for tender from the Centre de santé et de services sociaux (CSSS) du Lac-des-Deux-Montagnes, north of Montreal, to install and manage 280 bedside terminals. The company participated in a number of calls for proposal in Quebec and Canada that are still ongoing or in negotiation.

The Montreal-based company also used the 2011 fiscal year to develop its first medical assistance application, which means it will now be able to answer all the potential needs of healthcare establishments, covering everything from entertainment and medical assistance to managing and coordinating interactions between patients and medical staff.

Please take note that some of the directors of Extenway (Louis Brunel, Michel Lamontagne, Francine Laurent, Lorne Zakaib and Carolyne Lassonde) have been granted options allowing them to subscribe each a maximum of 115,385 common shares of the Corporation, at a price of subscription of 13¢ per share. The expiry date of these options is November 22, 2016.

About Extenway Solutions Inc.

Extenway Solutions Inc. provides IT, communications, entertainment and education solutions to the healthcare sector. Extenway terminals offer a wide range of integrated content and services, including television, Internet, Microsoft Office, and video conferencing. The terminals also offer the possibility of managing patient appointments and regulating a patient's bedroom environment. Extenway allows healthcare organizations to optimize the way they manage and coordinate interactions between patients, medical staff and those working in administration. The company is based in Baie D'Urfé in the Montreal region of Canada. For more information, visit www.extenway.com.

Disclaimer – Safe Harbour Forward–Looking Statements

Certain statements contained in this press release constitute forward-looking statements. These forward-looking statements relate to the future financial conditions, results of operations or business of Extenway. These statements may be current expectations and estimates about the markets in which Extenway 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. The results or events predicted in forward-looking statements may differ materially from actual results or events. Extenway disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, forward-looking statements do not reflect the potential impact of any merger, acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made.

* All prices in this document are in Canadian dollars (CAN).

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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