QuStream Corporation
TSX VENTURE : QVC

QuStream Corporation

April 29, 2009 16:01 ET

QuStream Corporation Announces Fourth Quarter and Full Fiscal Year 2008 Results

TORONTO, ONTARIO--(Marketwire - April 29, 2009) - QuStream Corporation ("QuStream" or the "Company") (TSX VENTURE:QVC), an innovative global provider of high-definition (HD) broadcast solutions, announces its fourth quarter and full fiscal year 2008 results.

Revenue for the fourth quarter of fiscal 2008 was $5.0 million compared to $6.8 million in the same period in fiscal 2007, a decrease of 26%. Revenue for the year ended December 31, 2008 was $19.6 million, a decrease of 24% from the $25.8 million during the same period last year.

Net loss for the fourth quarter of fiscal 2008 was $6.0 million or ($0.25) per share compared with net earnings of $0.4 million or $0.01 per share for the same period last year. Net loss for the year ended December 31, 2008 was $10.7 million or ($0.45) per share compared to net earnings of $0.5 million or $0.02 per share for the same period last year.

The Company recorded inventory write-downs and non-cash charges on the impairment of certain long-lived assets and goodwill totaling $5.4 million and $6.8 million for the fourth quarter of fiscal 2008 and for the year ended December 31, 2008 respectively.

"2008 was a very challenging year," stated newly appointed President of QuStream, Howard Sutton. "The Company is working hard to provide quality products and exceptional service to meet our customers' needs."

The Company has filed its audited Annual Financial Statements and Management's Discussion and Analysis on SEDAR at www.sedar.com.

About QuStream Corporation:

QuStream, embracing the PESA brand and FortelDTV technology, is a global provider of integrated solutions to the creators and distributors of professional video content including the high-definition television and professional audio/video market segments. QuStream has operations in Huntsville Alabama, Duluth Georgia, Toronto Canada and Beijing China. For more information, visit QuStream at www.qustream.com.

Forward-Looking Statements:

The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address QuStream's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as contained in the Company's filings with Canadian securities regulatory authorities, which in relation to this press release include, but are not limited to, our expected fiscal 2009 organic revenue growth, our expected future design wins, and our expected market share across various customers and product segments. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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