Renoworks Announces Funding From Alberta Innovates Tech Futures

CALGARY, ALBERTA--(Marketwired - July 20, 2016) - Renoworks Software Inc. (TSX VENTURE:RW)(OTC PINK:RWOKF)("Renoworks" or the "Company"), the leading visualizer for the home remodeling and construction industry, is pleased to announce that it has received funding from Alberta Innovates - Technology Futures (AITF), to enhance the company's sales and marketing efforts.

Through its Commercialization Associates Program, AITF will fund 80 per cent of the salaries for two sales and marketing employees focused on increasing Renoworks PRO™ sales and additional sales and marketing expenses. This grant totals $222,000 over a two-year period.

With Renoworks PRO™, contractors can show homeowners how their home will look before a remodelling project starts by quickly designing a new look for a home. Users upload a photo of a home and then apply products from over 250 manufacturer libraries, covering both exterior and interior building product categories, to produce a realistic image of the remodelled home.

AITF provides funding to Alberta-based technology companies to stimulate growth of the provincial economy through job creation, revenue generation, economic diversification, and increased out-of-province investment. With the Renoworks PRO™ platform becoming a much-needed tool for contractors all across North America, AITF saw excellent growth potential.

AITF previously provided Renoworks with approximately $100,000 grants through its Voucher programs to fund market assessment studies and the development of a mobile application.

"We are extremely grateful for this additional funding from Alberta Innovates - Technology Futures," said Doug Vickerson, CEO of Renoworks. "This funding will help us grow our Renoworks PRO™ platform into a suite of tools every contractor in North America uses to improve their sales process. It will also strengthen our business as well as Alberta's technology sector. The fact AITF has provided funding for Renoworks PRO™ more than once shows it strongly believes in what we are doing for contractors and the provincial economy."

"AITF is pleased to support Renoworks in its efforts to revolutionize the home renovation industry through the integration of cutting edge technology," said Cory Fries, Acting CEO of AITF. "The support of Renoworks, and other Alberta based innovators, demonstrates AITF's efforts to further diversify Alberta's economy."

About Alberta Innovates - Tech Futures (AITF)
AITF is a provincial corporation that provides innovation, research and commercialization services that deliver economic and social benefits to Alberta and Canada. The corporation works extensively with industry, government, academic and other science and technology organizations to bring good ideas from the lab bench to the marketplace. The Government of Alberta is consolidating the four Alberta Innovates corporations (Bio Solutions, Energy and Environment Solutions, Health Solutions and Technology Futures) into one called Alberta Innovates that will fund and drive innovations. A new wholly-owned subsidiary corporation that provides specialized applied research services will also be created. For more information, visit http://www.albertatechfutures.ca/Corporate/AboutTechFutures.aspx.

About Renoworks
Renoworks Software Inc. develops and sells unique digital visualization software for the remodelling and new home construction industry, primarily in the United States and Canada. Delivered online, as a custom developed app or desktop software, Renoworks PRO™ provides its technology to manufacturers, contractors, builders and retailers offering the solution to one of the home remodelling industry's greatest challenges: enabling customers to see how their product choices will look in a realistic, virtual environment - even in their own home - before they make a purchase decision. Renoworks markets its software as a cost-effective lead generation tool and generates revenues from three main business lines: enterprise, Renoworks PRO™, and its Software Development Kit (SDK). For more information, visit www.renoworks.com.

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

Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.