ACT360 Solutions Announces Financial Results for Quarter Ended March 31, 2014
26 Mai 2014 - 8:30PM
Marketwired Canada
ACT360 Solutions Ltd. (the "Company" or "ACT360 Solutions") (TSX VENTURE:AKM), a
provider of Internet-based testing and international marketing programs for
higher education, announced its unaudited financial results for the quarter
ended March 31, 2014. Results are in Canadian dollars and were prepared in
accordance with International Financial Reporting Standards.
Highlights for the quarter ended March 31, 2014:
-- Student Marketing Service revenue growth of 19% compared to the prior
year quarter;
-- Expanded relationships with three existing channel partners to increase
sales of the Company's Student Marketing Service;
-- Completed integration of Savvica licensed websites www.learnhub.com and
www.jumbotests.com with the Company's TestDEN.com platform with
corresponding licensing royalty expense of $30,000;
-- Signed partnership agreement with education loan provider in India to
provide a source of finance for TestDEN.com international students;
-- $320,000 raised from the exercise of 3,200,000 warrants from existing
shareholders;
-- Loss of $26,800 resulting from the Company's ongoing investment in
global call center infrastructure and corporate development activities
to support and accelerate the Company's long term growth objectives.
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Three Months Ended Three Months Ended
March 31, 2014 March 31, 2013
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Sales $ 300,043 $ 285,920
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Net Income (Loss) $ (26,800) $ (6,487)
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Earnings (Loss) per share $ (0.00) $ (0.00)
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Total Assets $ 684,812 $ 356,375
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According to Vincent Wong, CEO of ACT360 Solutions, "In addition to achieving a
key milestone with the integration of the Savvica websites, the India licensing
partnership has led to a promising opportunity in education finance. The Company
continues to evaluate business synergies with providers of education loans as a
complement to our student recruiting service."
The unaudited consolidated financial statements and Management Discussion and
Analysis for the quarter ended March 31, 2014 are available at www.sedar.com.
About ACT360 Solutions Ltd.
ACT360 Solutions helps colleges and universities qualify and recruit
international students. We are committed to assisting students from South
America, Europe, Africa, the Middle East, and Asia achieve their study abroad
goals.
For further information, please visit the Company website at www.act360.com.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding revenue estimates and future plans and objectives of ACT360 Solutions
Ltd. - are forward-looking statements that are subject to various risks and
uncertainties. Forward-looking statements are based on current expectations and
analyses, including the effects of anticipated product, service, and
distribution changes and the potential benefits of such efforts and activities
on the Company's results of operations in future periods. There can be no
assurance that such statements will prove to be accurate; actual results and
future events could differ materially from those anticipated in such statements.
Neither 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
ACT360 Solutions Ltd.
Vincent Wong
President
(604) 638 1553, ext. 1
www.act360.com
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