Honeybee Technology Inc.
TSX VENTURE : HBT

Honeybee Technology Inc.

January 31, 2006 13:48 ET

Honeybee Announces First Quarter Results

MONTREAL, QUEBEC--(CCNMatthews - Jan. 31, 2006) - Honeybee Technology Inc. ("Honeybee")(TSX VENTURE:HBT) today announced its financial results for the first quarter ended November 30, 2005.

Revenues were $970,944 for the quarter, as compared to $3,828,622 for the same period in 2004, a decrease of 74.6%. Net loss for the quarter was $310,158 as compared to earnings of $470,003 for the same period in 2004. Basic loss per share was $0.019 for the quarter, compared to earnings per share of $0.029 in 2004.

The loss of revenues in the first quarter was due to the shut-down of a major client of the Company, Mount Real Corporation, and certain of its affiliates on November 9, 2005. This, in turn, caused an interruption in revenue streams and the closure of some payment processing facilities.

President Jeff Klein commented: "The effects of the closure of Mount Real will continue to be felt, as we rebuild our marketing and processing operations. However, our business model remains sound, as do our long term future prospects."

Honeybee (TSX VENTURE:HBT) is a provider of information technology products and services to companies throughout North America, with specialization in e-commerce solutions.

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