Portlogic Systems Inc.

Portlogic Systems Inc.

September 04, 2013 15:55 ET

Portlogic Reports Record Year-End Revenues and Financial Results

TORONTO, ONTARIO--(Marketwired - Sept. 4, 2013) - Portlogic Systems Inc. (OTCQB:PGSY), a telecom solutions provider, and mobile and Internet software and kiosk solutions developer for electronic payments, marketing delivery and community communication systems, announced its audited consolidated results for its fiscal year and fourth quarter, both ended May 31, 2013. Net sales and gross margins achieved record highs over any previous year in Portlogic's almost 10-year history.

Revenues for 2013-Q4 were a record high of $482,390 and on a year-to-date ("YTD") basis revenues for fiscal 2013 were $648,806, which accounts for 87% of the $745,538 in base revenues earned since Portlogic's inception.

Commenting on the Company's financial performance, Jueane Thiessen, Portlogic's Chief Financial Officer said, "We are certainly extremely pleased to report achievement of planned sales and record revenues for the quarter and fiscal year-end results. The strength of our balance sheet continues to increase and given our current operations the Company is now no longer considered in the development stage so we will no longer report as such. We continue to expect improvement in operating and net income (loss) over our upcoming year as our initial start-up investments amortize into our operations. We see tremendous opportunity as our focus remains on expanding in new markets and technology."

About Portlogic Systems Inc.

Incorporated in 2004, Portlogic Systems Inc. is a telecom solutions provider, and mobile and Internet software developer and solutions provider for electronic payments, ticketing and marketing delivery and community communication systems. According to Gartner Research, by 2013, Mobile users will download more than 21 billion mobile apps, worth more than $30 billion. Portlogic's goal is to continually research, develop and market the most convenient and advanced software tools that receive information and manage daily tasks. For more details please visit www.portlogicsystems.com

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning our financial and business outlook for 2013-2014, and other anticipated developments related to us, our business or customers. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.

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