SOURCE: Visiphor Corporation

March 26, 2007 12:10 ET

Visiphor Announces 92% Revenue Growth for Fiscal 2006

VANCOUVER, BC -- (MARKET WIRE) -- March 26, 2007 -- Visiphor Corporation (OTCBB: VISRF) (TSX-V: VIS) (XETRA: IGYA) ("Visiphor"), a company that delivers practical, rapidly deployable solutions that integrate business processes and databases, announces today that total revenue for the year ended December 31, 2006 increased 92% to $6,383,383 over the prior year level of $3,330,141. The revenue for the three-month period ended December 31, 2006 was $1,458,707, which is 36% greater than the prior year level of $1,076,312.

Software Licensing and Related Services revenues were $422,338 for the three month period ended December 31, 2006 compared to the prior year's level of $308,076, an increase of 37%. Software Licensing and Related Services revenues were $1,358,473 for the year compared to the prior year's level of $2,291,730, a decrease of 41%.

Professional services revenues for the three-month period ended December 31, 2006 were $812,070 as compared to $580,629 in 2005. Professional services revenues for the year ended December 31, 2006 were $4,211,611 as compared to $580,629 in 2005.

Operating expenses totalled $2,680,441 for the three-month period ended December 31, 2006, which is 12% less than the 2005 operating expenses of $3,040,691 for the same period. Operating expenses totalled $13,061,754 for the year ended December 31, 2006, which is 31% greater than the 2005 operating expenses of $9,961,797.

The Company incurred a net loss for the year ended December 31, 2006 of $6,678,371 or $0.15 per share, compared to a net loss of $6,631,656, or $0.23 per share incurred during the period ended December 31, 2005.

Full details of Visiphor financial results are available by reviewing the Company's Form 10K-SB filed on both the SEDAR and EDGAR filing systems.

About Visiphor

Visiphor software products and services deliver practical, rapidly deployable solutions that integrate business processes and databases. The Company's solutions focus on disparate process and data management problems that exist in government, law enforcement, security, health care and financial services. Using industry standard Web Services and Service Oriented Architecture ("SOA"), Visiphor delivers a secure and economical approach to true, real-time application interoperability.

Visiphor is a Microsoft Gold Certified Partner. For information about Visiphor or the Company's products and services, please visit www.visiphor.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Oliver 'Buck' Revell"
Chairman, Visiphor Corporation
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements:

This press release may contain statements that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include the risks and uncertainties described in Visiphor Corporation's Form 10-KSB filed with the United States Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Media and Investor Inquiries:
    Roy Trivett - CEO
    Visiphor Corporation
    Phone: 604-684-2449 Ext. 234
    E-mail: Email Contact