Labrador Technologies Inc.

Labrador Technologies Inc.

April 03, 2006 09:01 ET

LTI's 1st Quarter 2006 Financial Results

CALGARY, ALBERTA--(CCNMatthews - April 3, 2006) -


Labrador Technologies Inc. (LTI) (TSX VENTURE:LTX) today announced its unaudited financial results for the first quarter ended January 31st, 2006. Complete financial results are available at


Everything Has Changed...

Strange as it may seem, everything has changed for LTI, and yet nothing has changed at all. The Labrador® suite of products, with its flagship, the incomparable LABengine™, remain as the primary intellectual property of the Company, albeit a little buffed up and shinier than before. Without question, it was the intrinsic value of the Labrador® family of products that attracted Tim Breitkreutz, LTI's Chief Technology Officer, to the Company - and the competitive value of these products has been well documented on the LTI web-site, as well as in the 2004 Annual Report. In a nutshell, Labrador® provides users, in everyday business language, with the ability to generate "ad hoc" or "on-demand" queries, in highly optimized SQL, and this sets us apart from all other software vendors.

What has changed is that the Company's non-compete, with Qbyte Services (now owned by P2 Energy Solutions), expired on September 30th, 2005, finally allowing the Company to re-enter the Calgary oil and gas market with Labrador®, after a five year hiatus. Like it or not, being able to put an application's "face" on Labrador® has proven to be a critical success factor in marketing Labrador®'s unique strengths as embeddable components - simply because seeing the results of deploying something (somewhat abstract) such as Labrador® in action, as a "living, breathing" entity, is compelling. Consequently, on October 1st, 2005, LTI initiated an intense, full-out effort to create Labrador® eTriever™, as "proof of its Labrador® pudding".

Labrador® eTriever™

As of this writing, Labrador eTriever™ is a secure, web-based, generic data retriever, which thrives in complex database environments, such as the oil and gas industry. Importantly, eTriever™ will offer its users the proven strengths of LTI's dynamic Labrador® query back-bone to access the most current data available, with all of the features of the Web 2.0 framework, popularized by Google's™ successes. As a web-based offering, eTriever™ requires no installation, no CD updates, and no maintenance, while providing "minimal-click" search, reporting, and exporting capabilities - and employing Microsoft®'s impressive Virtual Earth satellite imagery mapping. eTriever™ licensing is facilitated with an easily readable, straight-forward "Click Wrap Agreement."

A Major Advancement

LTI has already achieved a major advancement with its eTriever™ product - going well beyond conventional oil and gas web access - to provide wireless data retrieval for proven hand-held devices, such as BlackBerries™, Palm® Treos™, and Microsoft® Windows Mobile™ Smart Phones.

For staff on-the-move, field personnel, and anyone requiring information 'on-demand', eTriever™ provides a single, cross-platform, hand-held solution, so its clients can stay productive on the road, in meetings, during lunch, or anywhere else. Now, users can enjoy the same real-time access to their oil and gas data-stores through their wireless browsers, as they do sitting at their desk-tops. Said Tim Breitkreutz, C.T.O. of Labrador, "the opportunity to have all of your oil and gas data, available at your fingertips, is highly convenient - the ability to have an oil and gas "well-ticket", right in the palm of your hand, borders on the revolutionary."

This expanded, mobile accessibility to data broadens significantly eTriever™'s market by now providing all of the field service companies, industry analysts and stock brokers, as well as the field geologists, field engineers, and particularly the landmen - with easily affordable, wireless access to current oil and gas data, such as the data offered by the geoLOGIC Data Center (gDC). The gDC is Calgary's first Data Centre to request that eTriever™ services be made available for the gDC's data clients, and eTriever™ is now commercially available at the gDC, accessing the drilling and producing well datasets.

Land data is now eTriever™'s Number 1 Priority, with emphasis on providing seamless access to proprietary Land, in order to complement the gDC's Land database. Moreover, and as quickly as possible, LTI will continue to model further datasets with Labrador Modeller™, the Company's unique capability to make relational databases - both proprietary and public - rapidly accessible. Thus, on an ongoing basis, all of these additional databases will be prioritized, and made eTriever™ accessible, based on client requests and the Data Centres which they choose to have access to.

The Value Proposition

Thanks to Google™, and the other Web 2.0 pioneers, the eTriever service has a "rich", friendly 'look and feel' that surpasses the old client/server standards. Thanks to Microsoft®'s Virtual Earth satellite imagery mapping, eTriever provides stunningly impressive geographic context for an oil and gas industry, which is "map-centric" by nature. When one combines this with Labrador® and our hand-held technology, eTriever provides the ultimate in customer convenience, at a very economical price, in a society where the so-called "CrackBerry" has become a way of life. Needless to say, the prospect of returning again to monthly cash-flow, after the expiration of the Petro-LAB™ non-compete, is extremely attractive to the Company.

But, equally importantly for LTI, eTriever™ puts an exceptionally friendly, compelling "face" on the Labrador® technology, which is LTI's unique competitive advantage. And, as eTriever™ is generic, it positions LTI to sell into other verticals, such as healthcare, pharmaceuticals, and insurance, all of which have complex database environments.

Significant Event After 1st Quarter, 2006

As has been previously documented, the company engaged, on January 24th, 2006, in a fully subscribed Private Placement to raise $400,000, at 10 cents per LTI Unit, which was filled by February 28th, 2006, and closed on March 2nd. Apart from general working capital, the Company intends to use these funds to enhance the already "rapid-fire" eTriever™ development process, as well as the means to employ more aggressive marketing/sales strategies to kick-start eTriever™'s revenue generation.

On Behalf of the Board of Directors

H. Ronald Sterne
C.E.O. & President,
Labrador Technologies Inc.

Financial Summary

As mentioned above, complete financial results are available at

Financial Summary
3 Months Ended
January 31 January 31
2006 2006
Revenue $ 1,784 $ 30,987
Expenses 190,768 213,464
Net income (loss) (188,984) (182,477)
Net income (loss) per share (0.02) (0.02)
Outstanding shares 11,488,508 8,289,685

LTI ( trades on the TSX Venture Exchange (TSX.V) under the ticker symbol LTX.

This release may contain forward-looking statements with risks and uncertainties that may cause the actual results to differ materially from those intended or anticipated by the Company.

The Toronto Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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