MONTREAL (Quebec), July 22, 2010 – Alphinat Inc. (TSX Venture: NPA) announces its results for the fiscal quarter ended May 31 2010.
For the 3-month period ended May 31, 2010, the Company recorded total revenue of $170,838 compared to $164,112 for the same period in 2009.
Revenues for the period under review result mainly from the first portion of license sales to the Direction Générale de Modernisation de l’État (DGME), the French government agency responsible for State reform. The bulk of the balance of revenues results from revenue recognition related to the annual maintenance contract of the SmartGuide™ government license sold to the Québec government.
For the 3-month period ended May 31, 2010 operating expenses increased from $360,381 in 2009 to $473,670 in 2010. Although the Company rationalized its’ operations reflecting a shift from services to product sales that lead to a decrease in the cost of services, selling and administrative expenses this increase is due essentially to the issuance of stock options during the period for a value of $145,022. This accounting expense is a non-cash item.
The net loss for the 3-month period ended May 31, 2010 is $302,681 or $0.008 per outstanding common share compared to a net loss of $200,132 or $0.006 per outstanding common share for the corresponding period in 2009.
Alphinat’s financial statements and Management’s Discussion and Analysis for the quarter ending February 28, 2010 can be found on SEDAR, at www.sedar.com.
Also, Alphinat Inc. announces that it has hired a Vice President of Global Alliances and Channels to negotiate partnership agreements in the United States. John Cordell has twenty-five years of experience in the software industry with a focus on developing alternate distribution channels and creating go-to-market partnerships with leading global technology and SI firms. Most recently he led global alliances and channels for Savvion and prior to that he was Vice President of Business Development at Initiate Systems. Mr. Cordell began his software career as an early employee of Oracle Corporation where he held a variety of sales and alliances management roles. He has a B.A. from Western Michigan University and a Masters in Business Economics from the University of Colorado at Boulder.
At Alphinat, we are driven by the passion to make application development easy for everyone. It always struck us as odd that the people with the vision of how a finished application should look and behave would only be involved at the start of the process. After all, what better way to ensure a favourable outcome than to provide those closest to an application’s end-users with a vested interest in its success throughout its development?
That’s why we bring you new ways to empower the right people at the right time in the application development process. At the same time, we’re constantly working to reduce the need to code in order to make application development and maintenance simpler and less error-prone.
So whether you choose to develop your applications with the help of our low-code platform SmartGuide®, kickstart your project using one of our pre-built apps or engage us or one of our partners to do the work for you, we’re here to help you deploy better applications in record time. Visit http://www.alphinat.com for more information. We look forward to hearing from you.
Certain statements in this document, including those which express management’s expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. A number of factors could cause significant differences between actual results and those described in forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to Alphinat or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances. Risks and uncertainties that bear on the Company are described in greater detail in the Company’s Annual Report.