Odesia Group Inc.

TSX VENTURE : ODS


Odesia Group Inc.

May 28, 2014 08:00 ET

Odesia Group Announces Results for the First Quarter of Fiscal 2014

Change to the Board of Directors and the Management

MONTREAL, QUEBEC--(Marketwired - May 28, 2014) - ODESIA Group Inc. (TSX VENTURE:ODS), a Canadian Information Technology consulting and solutions company, specialized in Business Intelligence (BI), Business Process Management (BPM) and Big Data Analytics is pleased to announce its 2014 first quarter financial results.

First Quarter Key Highlights

  • Renewed long term qualifications with key clients;
  • Listed within the top 250 Canadian ICT companies in the 2013 edition of the Branham300; the most comprehensive listing of the top non-governmental organizations operating in the Canadian Information and Communication Technology (ICT) industry;
  • Moved its head-office in better suited office space that will result in cost savings in 2014;

First Quarter Financial Highlights

  • Revenues of $1,745,000, a decrease of $169,000 or 9% compared to Q1 2013;
  • Gross profit of 22% or $384,000;
  • Operating loss of $170,000 and net loss of $187,000;

Selected financial information
Income statement

($000's except per share amounts) For the first quarter ended March 31, (unaudited)
2014 2013
Restated
Revenue 1,745 1,914
Gross profit 384 499
Operating loss (170 ) (76 )
Net loss (187 ) (321 )
Basic and diluted net loss per share attributable to shareholders of ODESIA Group Inc. (0.005 ) (0.010 )

Statement of financial position


($000's)
March 31, 2014
(unaudited)
December 31, 2013
(audited)
Total assets 3,691 4,309
Convertible debentures and long-term debt including short-term portion 389 546

Change to the Board of Directors and the Management

Meir Levi resigned as a member of the Company's Board of Directors. M. Levi has served as a Board member since the acquisition of Interfacing Technologies (a former division of Odesia) in May 2012. "The Company and the Board of Directors would like to wish M. Levi all the best in the future" said Michael Perrault, ODESIA's Chairman.

Simon Lepage resigned as Chief Financial Officer to pursue an opportunity with Ceragres, a Montréal privately held importer and distributor of ceramic, porcelain, slate, stone, quartz and mosaics. Nicolas Bonnafous, who currently serves as the Company's Chief Executive Officer, will assume the CFO responsibilities until a permanent successor is named; M. Lepage will remain available to help the Company until then to ensure an orderly transition. "On behalf of our team and our board of directors, we thank Simon for his valuable guidance and leadership over the last 6 years. He lead the finance team and played a major role in implementing our strategies. We wish him the very best in the next phase of his career," said Nicolas Bonnafous. "The decision to leave Odesia was not an easy one," said M. Lepage. "I am satisfied with my contribution to the evolution of the Company since I joined the ODESIA family. I would like to thank Nicolas and the board of directors' members for their trust and support throughout these years. I look forward to hear more about the success of Odesia in the future," concluded M. Lepage.

Additional information on the first quarter ended March 31, 2014

The financial information regarding the first quarter ended March 31, 2014 should be read in parallel with the Company's consolidated financial statements and MD&A (Management Discussion and Analysis). These documents can be found on www.sedar.com.

About ODESIA

Founded in 1998, ODESIA Group Inc. is a Canadian Information Technology (IT) consulting and solutions company headquartered in Montreal. ODESIA offers solutions in Business Intelligence, Business Process Management and Big Data Analytics. ODESIA's mission is to help its clients improve operations efficiency, enhance process performance and make better business decisions by mastering the right information at the right time and the right place. Website: www.odesia.com

ODESIA is listed on the Toronto Venture exchange under the symbol "ODS".

Disclaimer in regards to forward-looking statements

This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events and may involve risks or uncertainties. Actual results could differ materially from those projected herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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