RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

August 25, 2006 16:37 ET

RenoWorks Announces the Appointment of a New Director, June 30, 2006 Quarter End Financial Results and the Issuance of Director Stock Options

CALGARY, ALBERTA--(CCNMatthews - Aug. 25, 2006) -

Not for dissemination in the United States or for distribution to United States news wire services.

RenoWorks Software Inc. (TSX VENTURE:RW), a leading provider of digital exterior home imaging software for new home construction and existing home renovations, today announced the appointment of a new Director, Mr. Michael J. Sikorsky.

Mr. Sikorsky is currently CEO of Cambrian House Inc. a crowd-sourced software development firm. Mr. Sikorsky is a seasoned veteran of the information technology industry. Mr. Sikorsky attended the University of Alberta in Edmonton, graduating with a Computer Engineering degree, and holds a software patent related to innovative rendering techniques. He previously served as Vice President of ThoughtWorks Inc. after their acquisition of Servidium Inc. - an enterprise-class software development firm he founded in 1999 and sold in 2001. Mr. Sikorsky is also Chairman of BrightSpot Consulting, a boutique technology consulting firm.

Cambrian House has flourished under Mr. Sikorsky's leadership, garnering the attention of the Globe and Mail, the Financial Times, CBC, CNET, BusinessWeek and Harvard Business School. The new firm has fostered a large online community on which their crowd-sourcing model is based. Mr. Sikorsky's prior experience with community coding includes contributions to the online open-source community and being a lead creator in Apache Jarkarta projects.

Alongside his professional career in information technology, Mr. Sikorsky is a supporter and active private equity investor to Canadian-based technology firms and sits on many advisory boards. He is also a guest lecturer at the University of Calgary's Haskayne School of Business.

Mr. Sikorsky replaces Mr. Jamie Strain as a Director of the company. RenoWorks would like to thank Mr. Strain for his contribution to the Board.

The Corporation also today announces the financial results for the quarter and six months ended June 30, 2006, with comparatives for 2005, as follows:



------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2006 June 30, 2005
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Revenue $ 60,647 $ 48,901
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Gross Margin $ 49,609 $ 45,530
------------------------------------------------------------------------
Expenses $ 131,210 $ 124,023
------------------------------------------------------------------------
Net Loss $ 84,573 $ 76,522
------------------------------------------------------------------------
Net Loss per share $ 0.01 $ 0.01
------------------------------------------------------------------------
Weighted average shares
outstanding 17,453,778 14,480,251
------------------------------------------------------------------------
Cash used in operations $ 70,207 $ 16,985
------------------------------------------------------------------------
------------------------------------------------------------------------


------------------------------------------------------------------------
Six months ended Six months ended
June 30, 2006 June 30, 2005
------------------------------------------------------------------------
Revenue $ 124,534 $ 137,105
------------------------------------------------------------------------
Gross Margin $ 110,446 $ 129,496
------------------------------------------------------------------------
Expenses $ 229,849 $ 273,389
------------------------------------------------------------------------
Net Loss $ 123,483 $ 141,854
------------------------------------------------------------------------
Net Loss per share $ 0.01 $ 0.01
------------------------------------------------------------------------
Weighted average shares
outstanding 16,699,635 14,480,251
------------------------------------------------------------------------
Cash used in operations $ 117,552 $ 28,313
------------------------------------------------------------------------
------------------------------------------------------------------------

The Company's financial position as at June 30, 2006 and December 31,
2005 was as follows:

------------------------------------------------------------------------
June 30, 2006 December 31, 2005
------------------------------------------------------------------------
Cash balance $ 65,361 $ 129,690
------------------------------------------------------------------------
Working capital $ 10,125 $ 32,689
------------------------------------------------------------------------
Long term liabilities $ 267,796 $ 272,842
------------------------------------------------------------------------
Shareholders deficiency $ 190,394 $ 166,911
------------------------------------------------------------------------
Deficit $ 4,268,850 $ 4,145367
------------------------------------------------------------------------
Total assets $ 132,638 $ 202,932
------------------------------------------------------------------------
------------------------------------------------------------------------


RenoWorks Software Inc. also announces that it has granted options to acquire an aggregate of 300,000 common shares at an exercise price of $0.175 per share to Directors of the Company. These options expire August 24, 2011 and are governed by the company's Stock Option Plan.


About RenoWorks

RenoWorks Software Inc. has developed a visualization sales tool for the new home construction and remodeling industries. RenoWorks "Picture the Difference" software uses digital imaging to showcase exterior building products on a picture of the customers home. The software enables dealer/contractors to provide a "before and after" digital image of the exterior of the home using a database of manufacturers products. Currently, RenoWorks has 25 manufacturers available on it's Product Download Site. The software offers new homebuilders, remodeling professionals, building product manufacturers, suppliers and architects a cost-effective tool to help generate sales.


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

Contact Information

  • RenoWorks Software Inc.
    Doug Vickerson
    CEO
    (403) 296-3880 x 227