OneMove Technologies Inc.
TSX VENTURE : OM

OneMove Technologies Inc.

May 29, 2013 15:49 ET

OneMove™ Announces Fiscal 2013 Third Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2013) - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), the provider of the leading web-based real estate transaction platform and the creator of the largest and fastest growing online community of conveyancing professionals, announced today its financial results for the nine months period ended March 31, 2013. All figures are reported in Canadian dollars.

The third quarter saw the Company continue to build its membership and brand by concentrating on adding new users and expanding the largest network of conveyance professionals. Our expansion was maintained in spite of the continuation of the real estate market contraction. For the quarter ended March 2013, MLS® listed sales in British Columbia were down by 19.33% compared to the same period a year ago.

Third Quarter Operational Highlights

  • MLS® listed sales in BC decreased from 16,781 in 2012 to 13,572 in 2013.

  • Q3 Revenue decreased to $470,398 compared to $475,608 from Q3 fiscal 2012.

  • Transactional volume slightly increased to 17,708 compared to 17,462 last year.

  • As a result of higher operational expenses and the softening of the BC market, losses increased to $(593,851) from Q3 of last year $(237,434).

Fiscal 2013 Q3 Financial Summary

Q3
FY 2013
Q3
FY 2012
% Change
Revenue $ 470,000 $ 476,000 (1.26 %)
Adjusted EBITDA** $ (517,000 ) $ (122,000 ) (323.77 %)
Net Income (loss) $ (593,000 ) $ (238,000 ) (149.16 %)
Net Income (loss) p/s $ 0.00 $ 0.00 0 %

Operations in British Columbia

Concurrent with Q1 and Q2, the results for this quarter have been negatively affected by the downturn in the British Columbia real estate market which is due to the tighter mortgage credit regulations. The number of real estate transactions recorded through the MLS have declined, respectively, 15%, 25% and 18% in January, February and March of this year versus a year ago.

Our sales teams have started to commercialize our large volume project version of econveyance in BC which has been and continues to be in beta testing. Prospects for this platform are promising and we already booked modest revenues from a handful of customers this quarter.

We expect that some initiatives, like a price increase in BC and the launch our new branding and communication campaigns planned for April 2013 will improve the Company's top and bottom line.

Operations in Alberta

Most of the Company's commercial efforts are now in the province of Alberta, which is currently enjoying a more stable real estate market. We are still assessing our growth in Alberta and hope to increase our market penetration. Alberta is different from BC as more competitors are present, the market is more fragmented and there are many prospects that have not yet embraced an electronic conveyancing platform. The Company continued to invest in sales and marketing in Q3. Our sales teams continue to build their pipelines and we expect that this will materialize in stronger Q4 sales. Our sales operations in Alberta are being adversely affected by the difficulties of recruiting talented individuals in this province.

Take over bid

The Company was subject to a takeover bid by 0955662 B.C. Ltd., a company owned by Plantro Ltd. and Seastone Investments Ltd., during Q3. The going-private transaction will be completed by way of a statutory amalgamation of the Company and 0955662 B.C. Ltd. (the "Amalgamation"). The Amalgamation was approved by shareholders at the special meeting of shareholders held May 17, 2013 and is expected to close in the coming days. Upon completion of the Amalgamation, it is anticipated that the common shares of the Company will be de-listed from the TSX-V and the Company will make application to cease to be a reporting issuer.

Full financial statements and MD&A for OneMove will be available at www.sedar.com.

**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) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance™, its proprietary web-based conveyancing software solution, OneMove™ simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at www.sedar.com. Professional users site www.econveyance.com.

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.

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