Virtutone Networks Inc.
TSX VENTURE : VFX

Virtutone Networks Inc.

May 29, 2012 12:59 ET

Virtutone Announces Strong Annual Results

SHERWOOD PARK, ALBERTA--(Marketwire - May 29, 2012) - Virtutone Networks Inc., ("Virtutone") (TSX VENTURE:VFX) is pleased to report its financial and operating results for the year ended January 31, 2012. Highlights from the year include:

  • Net income of $236,880 versus a loss of $150,313 in the previous year
  • Earnings Per Share (EPS) of $0.02
  • Profitable for 6 consecutive quarters
  • Increase in assets from $675,000 to over $1,300,000

"This year has been an important one for Virtutone" said Colin Campbell, Virtutone's Chief Financial Officer. "Not only have we completed a significant upgrade to our infrastructure, which has allowed us to automate most of our processes, but we have done so while remaining profitable. We take great pride that our customers have chosen Virtutone for their telephony needs. With the addition of our wholesale division, we expect continued growth in the future."

For complete financial statements as well as our Management Discussion & Analysis, please visit www.sedar.com or call Colin Campbell at 780-702-5777 ext. 108.

About Virtutone Networks Inc.

Virtutone Networks Inc. is a technology company based in Sherwood Park and is listed on the TSX Venture Exchange in Canada. The company is a leading supplier of managed telecommunication services, including: VoIP, Fax over IP services, Hosted PBX services, DSL & T1 data circuits, wireless solutions for mobile work forces and SCADA networks, and network management and IT-related products. Additional information can be found on the company's website at www.virtutone.com.

This document may contain certain forward-looking information or statements ("Forward- looking statements") as defined under applicable securities legislation that involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include, without limitation, risks related to: changes in the global economy; a failure to negotiate new customer contracts; increasing infrastructure needs and costs; termination or non- renewal of material contracts; and changes in demand for telephony services. Forward- looking statements are any statements other than statements of historical fact. The use of any "plan" "expect " "project" "believe" "should" "anticipate" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward- looking statements. In particular, forward-looking statements included in the press release include, without limitation, statements regarding: Virtutone's wholesale services division and the benefits therefrom; and expected future growth. The forward-looking- statements contained herein are based on certain assumptions including, without limitation, assumptions regarding: global economic conditions; changes in laws and regulations; the impact of Virtutone's new infrastructure; infrastructure requirements; and the market for telephony services. Although management believes the expectations and assumptions reflected in the forward-looking statements contained herein are reasonable, no assurances can be given that any of the events anticipated in forward- looking statements will occur, or, if they do, what benefits Virtutone will derive therefrom. As such readers are cautioned not to place undue reliance on forward-looking statements, which are effective only as of the date of this document or as of the date otherwise specifically indicated herein. Virtutone assumes no obligation to update forward-looking statements, except as required by applicable law.

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

Contact Information

  • Virtutone Networks Inc.
    Colin Campbell
    780-702-5777 ext. 108