RenoWorks Software Inc.

RenoWorks Software Inc.

March 23, 2005 09:00 ET

RenoWorks Announces December 31, 2004 Year End Financial Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RENOWORKS SOFTWARE INC.

TSX VENTURE SYMBOL: RW

MARCH 23, 2005 - 09:00 ET

RenoWorks Announces December 31, 2004 Year End
Financial Results

CALGARY, ALBERTA--(CCNMatthews - March 23, 2005) - 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 financial results for the year ended
December 31, 2004.

Financial results from operations for the year ended December 31, 2004,
with comparatives for 2003, were as follows:



------------------------------------------------------------------------
Year ended Year ended
December 31, 2004 December 31, 2003
------------------------------------------------------------------------
Revenue $ 479,006 $ 260,113
------------------------------------------------------------------------
Gross Margin $ 330,963 $ 213,572
------------------------------------------------------------------------
Expenses $ 493,136 $ 824,315
------------------------------------------------------------------------
Loss $ 162,173 $ 610,743
------------------------------------------------------------------------
Loss per share $ 0.01 $ 0.05
------------------------------------------------------------------------
Weighted average
shares outstanding 14,114,131 12,052,168
------------------------------------------------------------------------
Cash used in
operations $ 124,877 $ 584,248
------------------------------------------------------------------------

The Company's financial position as at December 31, 2004 and 2003 was as
follows:

------------------------------------------------------------------------
December 31, 2004 December 31, 2003
------------------------------------------------------------------------
Cash balance $ 80,890 $ 28,695
------------------------------------------------------------------------
Working capital $ 93,498 $ 23,246
------------------------------------------------------------------------
Long term liabilities $ 272,505 $ 293,147
------------------------------------------------------------------------
Shareholders deficiency $ 97,701 $ 148,628
------------------------------------------------------------------------
Deficit $ 3,818,157 $ 3,620,695
------------------------------------------------------------------------
Total assets $ 255,186 $ 185,713
------------------------------------------------------------------------

The Company also reported selected highlights from 2004, including the
following:

- RenoWorks recorded an increase in sales volume of 84% during 2004,
increasing from $260,113 in 2003 to $479,006 in 2004
- RenoWorks decreased its cash used in operations by 78% to $124,877 in
2004 from $584,248 in 2003
- RenoWorks decreased its net loss by 73% to $162,173 in 2004 compared
to a net loss of $610,743 in 2003.
- RenoWorks successfully completed design, development and testing of
Owens Corning Exterior FX ® branded software leading to a January
2005 launch to their preferred contractor network at the International
Builders Show.
- Alside, Vytec and James Hardie Building Products joined RenoWorks'
growing list of participating manufacturers. Each of these
manufacturers has implemented individual programs to make RenoWorks
available to their broad network of contractors.


About RenoWorks

RenoWorks Software Inc. (www.RenoWorks.com) develops visualization sales
tools 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 customer's 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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RenoWorks Software Inc.
    Greg Martineau
    CEO
    (403) 296-3880
    Website: www.RenoWorks.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.