VRX Worldwide Inc.

VRX Worldwide Inc.

May 30, 2012 16:50 ET

VRX Worldwide Reports 2012 First Quarter Results

-- Global economy shows signs of improving as hotels increase their 2012-13 marketing budgets

-- Q1'12 EBITDA and Profit increase $141,0000 and $154,000, respectively

-- VRX announces 2nd round of financing to meet increasing demand for MediaValet

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 30, 2012) - VRX Worldwide Inc. (TSX VENTURE:VRW) a global provider of photography, content distribution and licensing, and cloud-based digital asset management services, is pleased to report its first quarter results for 2012.

Summary of Quarterly Results (Unaudited)
2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1
Total revenue $ 633,659 $ 682,426 $ 803,124 $ 850,559 $ 907,477
Gross profit $ 370,958 $ 326,538 $ 353,381 $ 542,698 $ 622,413
EBITDA $ (6,884 ) $ (147,374 ) $ (113,280 ) $ (214,904 ) $ 108,828
Net income $ (87,808 ) $ (241,968 ) $ (134,108 ) $ (262,732 ) $ 19,623
Earnings per share $ (0.003 ) $ (0.007 ) $ (0.004 ) $ (0.008 ) $ 0.001
Total assets $ 1,125,440 $ 1,107,431 $ 1,364,336 $ 1,256,446 $ 1,535,032

Total revenue for the first quarter of 2012 decreased $48,767 (7%) from the fourth quarter of 2011 and $273,818 (30%) from the first quarter of 2011. The decrease in revenue is due to the effects of the global downturn, the successful completion of a long-term licensing contract, normal seasonal trends and a weaker US dollar.

"Our first quarter revenue reflected the prolonged weakness of the global economy and the seasonal low that we usually experience at this time of year, however, as the year continues we've noticed that both our large and small hospitality clients are starting to relax, and in many cases increase, their marketing budgets for the remainder of 2012 and 2013," commented David MacLaren, President and CEO of VRX Worldwide. "As we head into our peak production season, our scheduling and photography teams are feeling these changes first hand."

"On the MediaValet front, we continue to add new features to our industry leading digital asset management system and to gain market share in North America, Europe and Asia/Pacific," continued MacLaren.

Subsequent to the end of the first quarter, VRX Worldwide announced a non-brokered private placement offering of up to $250,000 of convertible subordinated debentures. The net proceeds of the debentures will be used to finance ongoing sales, marketing, support and development activities related to MediaValet, and for general working capital requirements. See press release of May 23, 2012 for further details.

The full financial statements and related MD&A are now available on the Company's website (www.vrxworldwide.com) and on SEDAR (www.sedar.com).

ABOUT VRX Worldwide Inc.

Through a decade of growth, innovation and an unwavering commitment to quality, consistency and customer service, VRX Worldwide is one of the world's leading providers of content production, management, distribution and licensing services. To find out more about VRX Worldwide, its products and services, visit www.vrxworldwide.com, www.vrxstudios.com and www.mediavalet.co. VRX Studios Inc., is a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE:VRW).

VRX Worldwide Inc.

David MacLaren, CEO

"Neither the TSX Venture Exchange nor its Regulation Services 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