RenoWorks Software Inc.
TSX VENTURE : RW

RenoWorks Software Inc.

August 29, 2011 19:21 ET

RenoWorks Announces June 30, 2011 Quarter-End Financial Results

CALGARY, ALBERTA--(Marketwire - Aug. 29, 2011) -

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 and interior home imaging software solutions for new home construction and existing home renovations, today announced financial results for the six months ended June 30, 2011.

Financial results from operations for the quarter and six months ended June 30, 2011, with comparatives for 2010, are as follows:

Quarter ended June 30, 2011 Quarter ended June 30, 2010
Revenue $ 255,996 $ 301,927
Gross Margin $ 187,761 $ 243,980
Expenses $ 268,154 $ 282,621
Income (Loss) $ (80,393 ) $ (38,641 )
Net Income (Loss) per share $ (0.003 ) $ (0.001 )
Weighted average shares outstanding 26,620,244 26,620,244
Six Months ended June 30, 2011 Six Months ended June 30, 2010
Revenue $ 573,506 $ 857,675
Gross Margin $ 427,520 $ 697,778
Operating Expenses $ 546,696 $ 566,571
Net Income (Loss) $ (119,176 ) $ 131,207
Net Income (Loss) per share $ (0.006 ) $ 0.005
Weighted average shares outstanding 26,620,244 26,620,244
Cash from (used in) operations $ (153,656 ) $ 37,150

The Company's financial position as at June 30, 2011 and December 31, 2010 was as follows:

June 30, 2011 December 31, 2010
Cash balance $ 42,199 $ 77,431
Working capital $ (499,806 ) $ (378,358 )
Long term liabilities $ 127,978 $ 135,554
Shareholders' deficiency $ (596,351 ) $ (477,175 )
Deficit $ (5,438,923 ) $ (5,319,747 )
Total assets $ 263,940 $ 255,279

Effective September 1st, 2011 Mr. Kim Chua will become RenoWorks Software Chief Financial Officer. He will be taking over the CFO duties and responsibilities from Doug Vickerson who served as both the CFO and CEO. Doug Vickerson will remain the CEO.

RenoWorks Software Inc. announces that it has granted options to acquire an aggregate of 1,015,000 common shares at an exercise price of $.10 per share to directors, officers, and employees of the Company. These options expire August 25th, 2016 and are governed by the company's Stock Option Plan. This brings the total number of options outstanding to 1,285,000 or 4.8% of outstanding shares.

About RenoWorks Software Inc:

RenoWorks Software Inc. develops and markets cutting-edge visualization software and integrated solutions for the remodeling and new home construction industries. RenoWorks' software and web solutions use digital imaging to showcase interior and exterior building products on a picture of a customer's room, home, or blueprint. The software allows users to envision various 'before and after' design options using a database of manufacturers' actual products. For more information, visit www.renoworks.com, or call 403-296-3880.

"Neither TSX Venture Exchange nor its Regulation Services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release".

Contact Information

  • RenoWorks Software Inc.
    Doug Vickerson
    CEO and CFO
    403-296-3880 x 227
    www.renoworks.com