VRX Worldwide Inc.

VRX Worldwide Inc.

November 28, 2013 17:32 ET

VRX Worldwide Reports 2013 Third Quarter Results

- Quarterly revenue achieves highest level in 12 quarters; Strong Service and Licensing revenue contribute

- MediaValet's growth continues quarter over quarter; Adding new customers in agriculture, healthcare and recreation

- Maturing $250,000 Debenture restructured and renewed for three years

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 28, 2013) - VRX Worldwide Inc. (TSX VENTURE:VRW), a global provider of cloud-based digital asset management, global photography and content management and licensing services, is pleased to report its third quarter results for 2013.

Summary of Quarterly Results (Unaudited)

2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3
Total revenue $ 944,220 $ 915,841 $ 732,529 $ 875,553 $ 923,788
Gross profit $ 473,681 $ 457,887 $ 391,695 $ 497,568 $ 485,915
EBITDA $ 64,964 $ 59,495 $ 17,201 $ 131,593 $ 156,258
Net income $ (54,116) $ (58,978) $ (78,120) $ 53,335 $ 56,188
Earnings per share $ (0.00) $ (0.00) $ (0.00) $ 0.00 $ 0.00
Total assets $ 1,757,219 $ 1,725,068 $ 1,748,497 $ 1,618,141 $ 1,476,084

Total revenue achieves its highest level since the third quarter of 2010 and increases 2% over the 3rd quarter of 2012 as the direct result of a 10% increase in Licensing revenue. Since the first quarter of 2013, Licensing revenue has been growing sequentially, quarter on quarter, due to the continuing success of VRX's digital asset management division - MediaValet.

"Throughout 2013 we've seen various signs that the global economy is on the road to recovery. None have been more evident than the demand for our photography services. For the first time in many years, we're hiring new photographers to strengthen existing regions in NA and cover new ones in the Middle East and Asia," commented David MacLaren, President and CEO of VRX Worldwide. "On the digital asset management front, MediaValet continues to impress, adding new customers in agriculture, healthcare and recreation and garnering the attention of companies in a wide variety of industries from all over the world."

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.,

per 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