RepeatSeat Ltd.
TSX VENTURE : RPS

RepeatSeat Ltd.

August 30, 2007 09:15 ET

RepeatSeat Ltd. Announces Second Quarter Results; Reports A 200% Increase in Quarterly Revenue

CALGARY, ALBERTA--(Marketwire - Aug. 30, 2007) - RepeatSeat Ltd., an industry leading interactive entertainment services company, offering private label ticketing and video arcade entertainment services throughout North America (TSX VENTURE:RPS) ("RepeatSeat" or the "Company") today announced that it has released its results for the three and six months ended June 30, 2007.

RepeatSeat continues to significantly improve its operating results by reducing its loss per share for the three months ended June 30, 2007 to ($0.01) per share.

George Davidson, RepeatSeat's President and CEO, stated "The continued improvement in our operating revenues dovetails with our business plan. These results should be very encouraging news for our shareholders. As we look forward to Q3 and the imminent launch of our mCommerce technology combined with historically strong movie ticket sales and arcade usage over the summer months, we expect continuing improvement in our financial results."

Overall, the Company's loss per share decreased to ($0.01) and ($0.03) for the three and six months ended June 30, 2007 compared with ($0.02) and ($0.06) for the same periods in 2006. The loss per share of ($0.01) in the three months ended June 30, 2007 was reduced from the loss per share of ($0.02) recorded during the first quarter of 2007.

Primarily as a result of the Janda Products Canada acquisition, as well as from overall increased revenue from ticketing operations, assets as at June 30, 2007 totaled $11,682,453, up from $1,605,143 at December 31, 2006.

Revenue for the three and six months ended June 30, 2007 were $1,375,272 and $1,762,767 compared to $446,169 and $708,512 for the same periods in 2006. This represents a 200% increase in revenues when comparing the second quarter of 2007 to the second quarter of 2006. The 2007 second quarter results include only one month of operating results of Janda Products Canada Limited, from the acquisition date of May 29, 2007 to June 30, 2007. During the three months ended June 30, 2007, ticketing related revenues increased by 74% as compared to the three months ended June 30, 2006.

Gross margins for the three and six month periods ended June 30, 2007 increased to 74% and 70%, compared to 66% and 60% respectively for the same periods in 2006.

For the three and six months ended June 30, 2007 Selling, General and Administration expenses increased to $1,418,208 and $2,250,010 when compared with $969,320 and $2,153,440 for the same periods in 2006. The increase is attributed to the inclusion of the newly acquired Janda operations.

Research and development costs for the six months ended June 30, 2007 reduced to $93,719 as compared to $175,233 for the same period in 2006. This reduction in research and development spending reflects the completion of the Company's mobile commerce development program and promotion of same to the Company's production environment for release during Q3, 2007. Ongoing product modifications enhancements are charged to general operating expenses in accordance with the Company's accounting policies.

Interest expense on outstanding debentures and bank lines was $78,592 and $135,338 for the three and six months ended June 30, 2007, compared with $97,583 and $220,925 for the same periods in 2006. The decrease in interest expense resulted from conversion and/or repayment of convertible debentures during the quarterly reporting period.



Summary of Results

Three months ended

June 30, 2007 June 30, 2006


Revenue $ 1,375,272 $ 446,169

Cost of Sales 352,551 150,896
------------------------------

$ 1,022,721 $ 295,273

Gross Margin 74% 66%

Selling, general and administration 1,418,207 969,320

Amortization 240,212 225,872

Interest and Finance Charges 78,592 97,583

Other Expenses 5,568 59,960
------------------------------
Net Loss $ (719,858) $(1,057,462)
------------------------------
------------------------------


Loss per Share - Basic and diluted $ (0.01) $ (0.02)



Six months ended

June 30, 2007 June 30, 2006


Revenue $ 1,762,767 $ 708,512

Cost of Sales 528,143 282,282
------------------------------

$ 1,234,624 $ 426,230

Gross Margin 70% 60%

Selling, general and administration 2,250,110 2,153,440

Amortization 354,769 456,641

Interest and Finance Charges 135,338 220,925

Other Expenses 34,366 147,487
------------------------------
Net Loss $(1,539,858) $(2,552,263)
------------------------------
------------------------------

Loss per Share - Basic and diluted $ (0.03) $ (0.06)


RepeatSeat Ltd.'s Unaudited Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2007 is available for review on SEDAR at www.sedar.com.

George Davidson Goes "Beyond the Press Release"

Please join George Davidson as he goes "Beyond the Press Release" to provide shareholders with an audio address where he will elaborate on the strategic importance of the Second Quarter financial results. The address will be available on the RepeatSeat Investor Relations website at http://www.agoracom.com/ir/repeatseat on or before August 31, 2007.

About RepeatSeat:

RepeatSeat Ltd. is a leading interactive entertainment services company, offering private label ticketing and video arcade services in North America. RepeatSeat's innovative Ticket Relationship Management (TRM™) solutions provide turn-key point-of-sale, Internet and wireless applications to target markets including excursion tours and tourist attractions, performing arts venues, movie theatres, sports venues and conferences/trade shows. All solutions feature full end-user data capture and management. For more information on RepeatSeat, visit www.repeatseat.com.

This news release contains certain forward-looking information and statements. Forward-looking information typically contains statements with words such as "consider", "anticipate", "believe", "expect", "plan", "intend", "may", "will", "likely" or similar words suggesting future outcomes or statements regarding an outlook for, or future changes in, the Company's financial performance, results of operations or other expectations future events or performance. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, readers should not place undue reliance on forward-looking information and should be aware that forward looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of the Company to differ materially from those suggested by the forward-looking statements.

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

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