Total Telcom Inc.

Total Telcom Inc.

October 30, 2006 15:54 ET

Total Telcom Announces Financial Results for Fiscal 2006

EDMONTON, ALBERTA--(CCNMatthews - Oct. 30, 2006) - TOTAL TELCOM INC. (TSX VENTURE:TTZ) today announced its financial results for the year ending June 30th 2006. The Company's consolidated revenue's from continuing operations were $620,049. The Company reported a net loss of $5,217,172 or a loss of $0.21 per share compared to a net loss of $0.017 per share for the year ending June 30, 2005. The Company reported cash of $5,021,284 and working capital of $5,275,461 as at June 30, 2006.

Mr. Scott Allen,C.A.,CFO, stated that "it is important to qualify the significant loss reported as largely non cash based transactions consisting of a valuation allowance of $4,400,000 to reflect the minimum cash value of it's note receivable, $310,000 in amortization and depreciation and a write off of $274,000 in goodwill. The actual cash loss for continuing operations is $210,000 for this reporting period."

Mr. Neil Magrath, CEO, stated that "fiscal 2006 reflects the significant restructuring of operations and corporate focus of Total Telcom. Overall management is pleased with its initiatives, direction and remains on track to see the company in a positive cash flow position by the end of 2007." Mr. Magrath further stated, "the reported net loss reflects Management's conservative approach to its balance sheet and ongoing financial reporting."

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

Contact Information

  • Total Telcom Inc.
    Ben McClure
    Investor Relations
    (780) 934-7206