BasicGov Systems, Inc. Reports for the Year Ended December 31, 2009 and Business Highlights
30 April 2010 - 6:24PM
Marketwired
BasicGov Systems, Inc. (TSX VENTURE: BSG) ("BasicGov" or the
"Company") today announced its financial results for the year ended
December 31, 2009. All amounts are stated in Canadian dollars
unless otherwise noted.
Revenues from BasicGov, the Company's cloud computing solution
for local government, grew to $236,985 in 2009, a 127% increase
from $104,905 in 2008. The Company's annualized committed recurring
revenues, a non-GAAP measure, increased 140% to US$300,000 compared
to US$124,000 for the same period last year.
"Our revenues grew significantly as local governments switched
from traditional, on-premise software to our BasicGov cloud
computing modules. To accelerate revenue recognition we streamlined
our implementation process so new customers go live quickly," said
David Roberts, President and Chief Executive Officer of BasicGov.
"We think we're in a great position to grow. Our partnership with
Salesforce.com and the Force.com cloud computing platform ensures
that BasicGov is scalable, reliable and secure;. Our recently
launched Citizen Portal opens BasicGov to citizen access. Last
quarter we added an experienced Vice President of Marketing and
Sales and received additional equity financing. We believe we can
make BasicGov the natural choice for costconscious cities and
counties across North America."
At December 31, 2009 the total value of the Company's cash
position and net holdback receivable was $636,081. Of this amount
$275,334 was cash and $360,747 was net holdback receivable related
to the sale of the Company's CityView business to N. Harris
Computer Corporation in 2008. The net holdback receivable was
received subsequent to December 31, 2009.
A comparison of operating results to the prior period is not
meaningful since the Company sold CityView, its on-premises
business, on July 18, 2008. Net loss for the year was $1,416,643 or
($0.07)/share compared to net income of $4,355,912 $023/share.
A complete set of financial statements and analysis is available
at www.sedar.com.
About BasicGov Systems, Inc.
BasicGov Systems, Inc. ("BasicGov") (formerly CloudBench
Applications Inc.) (TSX VENTURE: BCG) develops, sells and supports
web-based software for cities, counties, state governments and
government agencies to streamline permitting and inspections, code
enforcement, planning, licensing and citizen access. BasicGov is a
reliable, secure solution delivered for an affordable price and the
only web-based software for local governments built on the
Salesforce.com Force.com platform, the backbone of cloud computing
solutions used by more than 70,000 organizations worldwide. Unlike
enterprise software that is expensive to acquire and difficult to
implement, BasicGov does not require capital investment and is easy
to set up.
Forward-Looking Statements
This news release contains forward-looking statements. Actual
events or results may differ materially from those described in the
forward-looking statements due to a number of risks and
uncertainties, including changes in market and competition,
technological and competitive developments, cooperation and
performance of strategic partners, potential downturns in economic
conditions generally and the outcome of the negotiations with
Harris as to the amount of the Holdbacks. Forward-looking
statements are based upon management's estimates, beliefs and
opinions. The Company assumes no obligation to update
forward-looking statements, other than as required by applicable
law.
For more information about BasicGov Systems, Inc. and BasicGov
visit www.basicgov.com.
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.
Contacts: BasicGov Systems, Inc. Ian Power CFO +1 (604) 729-5142
info@basicgov.com www.basicgov.com
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