OneMove Technologies Inc.

OneMove Technologies Inc.

October 28, 2009 00:39 ET

OneMove™ Announces Fiscal 2009 Fourth Quarter and Year End Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 27, 2009) - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), a provider of a leading web-based real estate transaction platform and the creator of the largest network of conveyancing professionals in British Columbia, announced today its financial results for the three and 12 month periods ended June 30, 2009. All figures are reported in Canadian dollars.

Fiscal 2009 Operational Highlights

- Average daily revenues grew to $5,652 in fiscal 2009 from $5,500 in fiscal 2008

- General Administration and Expense reductions of $883,000 or 30% from fiscal 2008

- Expanded the number of client firms by 34% to 331 from 247 in fiscal 2008

- OneMove™ ranked #1 in Business in Vancouver's List of B.C.'s 100 Fastest Growing Companies

- Completed Software Integration with Chicago Title Insurance Company's Title Insurance Application "CTIC Express"

- Launched econveyance Certification Programs at College Campuses across British Columbia

- Recognized by the National Research Council of Canada as a success story

- Achieved its first ever cash flow break-even month in April 2009

- Launched a dedicated web-portal for direct access for econveyance users

- Released econveyancePro™; a completely rewritten version of its software platform with 29 new features and enhancements

Fiscal 2009 Q4 and Year End Financial Summary

On March 7, 2008, OneMove completed the sale of its U.K.-based subsidiary, OneMove Limited. As a result, OneMove's financial results for the 12 months ended June 30, 2009, as well as the three and 12 months ended June 30, 2008, exclude contributions from OneMove Limited and are reported on a continuing operations basis.

Q4 Q4 %
FY 2009 FY 2008 Change

Revenue $483,000 $492,000 - 2%
EBITDA(ii) $57,000 $(318,000) + 118%
Net Income (loss)
((i)from continuing operations) $(218,000) $(582,000)(i) + 63%
Net loss per share
((i)from continuing operations) $(0.01) $(0.01)(i) 0%

FY 2009 FY 2008 Change

Revenue $1,513,000 $ 1,638,000 - 8%
EBITDA(ii) $(532,000) $(1,318,000) + 60%
Net Income (loss)
((i)from continuing operations) $(1,047,000) $(1,371,000)(i) + 24%
Net loss per share
((i)from continuing operations) $(0.02)(i) $(0.02)(i) + 0%

Mr. Johnson commented: "Entering fiscal 2010, OneMove is in the best position it has ever been. The effect of the downward pressure felt by the real estate market in the fall and winter actually worked in the Company's favour. As firms downsized, cutting expenses and staff, our value proposition became more attractive. This became more obvious when real estate sales returned to record levels again in the spring. Lawyers and notaries were forced to be more productive with fewer resources and reduced staff. This created the perfect storm for OneMove and our software/service solution. During fiscal 2009 the Company increased the number of user firms by 34% to 331. More importantly, we saw very little erosion in our transactional volumes (8%) compared to a 31% reduction in the reported MLS® sales during the same period. The Company is now recognized as having created the largest and fastest growing network of conveyancing professionals in British Columbia. Add the recent release of our latest version of software, econveyancePro and the Company is positioned perfectly for continued growth. Our new platform will allow us to maintain our reputation as the market leader in conveyancing technology and service. We believe that adoption of our software is now viral and expect its growth to continue as paperless property transfers gain momentum, through electronic filing, across B.C. Currently, about 50% of all transactions are filed electronically of which approximately 30% are filed using the econveyance platform. We believe our unique web-based service model and ability to seamlessly connect all parties involved in a real estate transaction will allow us to capitalize on this expanding market opportunity. We expect to grow transaction volume by increasing the number of lawyers and notaries on our econveyancePro platform while we concentrate our marketing efforts on law firms and real estate agencies that process higher volumes of transactions. Moving forward, our growth and trajectory will allow us to expand our platform into other Canadian provinces."

Fiscal 2009 Q4 and Year End Financial Review

Total revenue for fiscal 2009 decreased 8% to $1,513,000 from $1,638,000 for fiscal 2008. During fiscal 2009, OneMove processed approximately 51,000 transactions, compared to 55,000 transactions in the previous year. During the same period the number of real estate sales reported by the MLS® in BC dropped by 31% from 91,000 to 62,000. Average daily revenue increased to approximately $5,600 from approximately $5,500 in fiscal 2008.

For the three months ended June 30, 2009, total revenue was $483,000, down 2% from revenue of $492,000 for the three months ended June 30, 2008. During Q4 fiscal 2009, OneMove processed approximately 15,700 transactions, compared to 16,900 transactions in Q4 fiscal 2008. Average daily revenue for Q4 fiscal 2009 increased to approximately $7,000 from $6,700 in Q4 fiscal 2008. During the same period year over year MLS® reported sales dropped 20% or 1705 unit sales from 8623 to 6918.

For fiscal 2009, total expenses were $2,045,000, compared to $3,216,000, for fiscal 2008. The decrease in expenses reflects savings, in the majority of expense categories. The two largest reductions were in wages and salaries and commissions and fees. The primary reduction in wages and salaries was due to the capitalization of direct labor costs of approximately $529,000 in connection with the development of econveyancePro. Remaining reductions of approximately $170,000 resulted from administrative staff reductions announced prior to fiscal 2009 and wage reductions announced firm wide in March of 2009.

The decision to not renew the BC Online agreement on April 20, 2009 has decreased commissions and fees by approximately $104,000 for the year. There will be no commissions or fees payable in fiscal 2010 in this regard and this decision has the impact of 27% reduction in expenses as a percentage of sales. Going forward, OneMove will focus on maintaining tight cost controls. The Company will continue to look at reducing investments in non-revenue generating activities and re-investing those savings in areas that support future growth.

EBITDA was $(532,000), for fiscal 2009, compared to $(1,318,000) in fiscal 2008. EBITDA for the three months ended June 30, 2009, was $56,000, compared to $(318,000) for the three months ended June 30, 2008. This is the first time the Company has achieved positive EBITDA in its history. The difference in EBITDA is the result of approximately $529,000 in wages and salaries being capitalized as development costs in relation to the release of the Company's new software platform econveyancePro. Savings of an additional $170,000 in wages and salaries and $104,000 in fees and commissions also contribute to the difference year over year.

For fiscal 2009, losses from continuing operations were $1,047,000, or $(0.02) per share, compared to $1,371,000, or $(0.02) per share, in fiscal 2008. Net loss for fiscal 2009 was $1,047,000 or $(0.02) per share, compared to $3,088,000, or $(0.06) per share, in fiscal 2008. Net loss for the three months ended June 30, 2009, was $218,000 or $(0.01) per share, compared to $582,000, or $(0.01) per share, for the three months ended June 30, 2008.

Cash flows from continuing operations were $(96,718) as at June 30, 2009, compared to $(1,604,000) as at June 30, 2008. As at June 30, 2009, OneMove had cash of $53,000, compared to $194,000 as at June 30, 2008. The Company had working capital of $(730,000) as at June 30, 2009, compared to $31,000 at June 30, 2008. The current year working capital deficit is primarily made up of long term payable debt which the Company continues to service monthly. Subsequent to year end, OneMove completed the first tranche of a private placement for proceeds of approximately $263,000, strengthening the Company's cash position.

As at June 30, 2009, total shares issued and outstanding were 57,306,632.

Full financial statements and MD&A for OneMove will be available at and

(ii)EBITDA is used internally by the Company to compare cash operating resulted from one period to another. EBITDA for the purposes of this analysis also excludes stock based compensation, shares issued for services and "Other income/losses" per the financial statements. EBITDA does not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies.

About OneMove Technologies Inc.

OneMove Technologies Inc. (TSX VENTURE:OM) offers a leading real estate transaction platform. Through econveyancePro™, its proprietary web-based conveyancing software solution, OneMove™ simplifies and expedites the process of buying and selling real estate in British Columbia, Canada. EconveyancePro links all participants in the property transfer process, offering a secure and efficient means of seamlessly completing the transaction online. Additional information about OneMove can be found at or Professional users site

Forward Looking Statements

This press release contains certain "forward looking statements." These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.

Neither 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.

Contact Information