ODESIA Group Inc.

ODESIA Group Inc.

April 30, 2009 17:00 ET

ODESIA Continues Its International Expansion Revenues of $ 17 Million in 2008, an Increase of 28%

MONTREAL, QUEBEC--(Marketwire - April 30, 2009) - ODESIA Group Inc. ("ODESIA") (TSX VENTURE:ODS) announced today that its revenues for the year ended December 31, 2008, jumped by 28% compared to the previous year; from $13,425,000 in 2007 to $17,135,000 in 2008.

"ODESIA Group has, once again, completed a year of strong growth delivering quality services to its Canadian, French and Mexican clients. Team ODESIA is even more meritorious considering that it achieved this growth despite a difficult economic context, and the challenges of integrating and operating in a new geographical market potentially very promising" said Nicolas Bonnafous, President and CEO of ODESIA.

On the financial side, ODESIA Group recorded a considerable expense for the amortization of intangible assets and the write-off of intangible assets, which had a significant impact on the Company's results in 2008. "Nevertheless, there will be a significant decline in amortization expenses in 2009 as a result of these write-offs. In addition, we undertook a major restructuring in 2008 which will result in annual operating costs savings of nearly $800,000 in the upcoming years. These measures should promote a substantial recovery that will impact the 2009 results" said Mr. Simon Lepage, Chief Financial Officer of ODESIA.

Financial Highlights of 2008

- The sales of the Company have increased by nearly $3,710,000 or 28% compared to 2007; from $13,425,000 in 2007 to $17,135,000 in 2008. This increase is mainly attributable to the growth of its operations in Europe, and to the integration of its Mexican subsidiaries.

- Amortization of intangible assets totaling $637,000, and write-offs of $1,409,000 of intangible assets in France and Mexico.

- The Company has incurred significant non-recurring operating costs of approximately $790,000 which have directly impacted the 2008 results. These non-recurring costs mainly include an investment to develop the Business Intelligence (BI) market in Mexico, a bad debt expense in France caused by the actual economic conditions and the departure of an officer who was not replaced. Management believes that these non-recurring costs are not likely to occur in 2009.

Selected financial information

2008 2007 2006
For the years ended December 31, Audited Audited Audited
$ $ $
Sales 17,134,764 13,424,914 7,999,764
Net earnings (loss) and
comprehensive income (loss) (3,007,235)(a) (613,176) 80,763
Basic and diluted net earnings /
(loss) per share (0.105) (0.024) 0.003
Total consolidated assets 6,333,419 9,784,002 4,773,809
Short term consolidated
liabilities 5,051,985 6,499,861 2,196,883
Long term consolidated liabilities 629,291 511,218 29,905
(a) Includes an expense for amortization of intangible assets totaling
$637,000 before income taxes, and write-off of intangible assets
totaling $1,409,000 before income taxes.

Shareholders' Annual Meeting

The Shareholder's Annual Meeting will be held at 10 am on June 16, 2009 at the St-Sulpice Hotel in Montreal. The meeting will be presided by Mr. Jacques Topping, Chairman of the Board of Directors. Nicolas Bonnafous, President and CEO will also address the audience. Furthermore, the management team will be available to answer questions.


ODESIA is an international corporation specialized in BI solutions, decision processes and data warehousing for large corporations. The management team at ODESIA has extensive knowledge and experience in leading the execution of BI processes in large enterprises. The team of some 200 professionals offers a high level of service and specialization. The company's goal is to provide customers a complete solution, no matter the technical challenge.

The consolidated financial statements and management's discussion and analysis are now available on SEDAR (www.sedar.com) and on our website (www.odesia.com).

Forward-looking statement

This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Readers are cautioned against exaggerated confidence in any information of a prospective nature. ODESIA rejects any obligation to revise or update the forward-looking statements contained in this press release.

The TSX Venture Exchange assumes no responsibility for the relevance or accuracy of this press release.

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