EDMONTON, Jan. 29 /PRNewswire-FirstCall/ -- Serenic Corporation (the "Company" or "Serenic") (TSX-V:SER), an international software developer and marketer specializing in the deployment of Microsoft integrated business solutions, is pleased to announce its financial results for the three and nine month period ended November 30, 2006. The financial results include year-to-date operations of the Company's wholly-owned subsidiaries, Serenic Canada Inc. ("SCI") (name change November 2, 2006 from Vision Pay Inc.), Serenic Software, Inc. ("SSI") and Accurate Financial Xchange Ltd. ("AFX").
The Company reached a significant milestone in support of its long term growth strategy during the period, wherein it commenced the transition of its businesses to operate in accordance with its new agreements with Microsoft, which became effective on October 1st 2006. SSI is now the single vendor for all components of its Navigator products, including those Dynamics NAV technology components that previously had to be purchased from Microsoft independently. This will allow Serenic to market its products more effectively and efficiently than was previously possible, for both North American and international markets. Additionally, SCI assumed full operational control of the North American payroll business for Dynamics NAV during the period, which had previously been managed by Microsoft directly. While challenging in the short term, these changes are welcomed by management, having occurred as a result of lengthy due diligence and negotiation processes with Microsoft. Management considers this to be an important milestone and most beneficial to the long term growth strategy of the Company.
The financial results for Q3 this year are reflective of the transitional challenges inherent with changes that were implemented during the quarter to re-tool operations and re-direct certain resources in order to leverage the new business relationships with Microsoft and the Dynamics NAV reseller partners. Management remains confident that the resulting short term financial sacrifices in this regard are warranted by long term benefits that may result from these changes.
Financial highlights for the third quarter are summarized as follows:
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Statement of (Unaudited) (Unaudited)
Operations November 30 November 30
Information (3 months) (9 months)
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2006 2005 % 2006 2005 %
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$ $ $ $
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Revenue 1,827,736 1,956,742 (6.6)% 5,509,155 5,782,277 (4.7)%
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Income
(loss) for
the period (506,748) 152,885 (279,685) 326,989
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Basic and
diluted
income (loss)
per share (0.044) 0.013 (0.024) 0.028
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Weighted
average
common
shares
out- # # # #
standing 11,632,467 11,632,467 11,632,467 11,632,467
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Please refer to the financial statements and management discussion and analysis posted on http://www.sedar.com/ for further information in this regard.
About Serenic Corporation
Serenic Corporation publishes mission-critical software products for not-for-profits (NFP), educational institutions and governments. The Company's products are based on leading application and technology platforms from Microsoft, including Dynamics NAV, SQL Server, .NET, and Access and are distributed through value-added resellers and direct sales organizations. In addition, Serenic Corporation is the exclusive developer of the human resource management and payroll products distributed by Microsoft Dynamics as part of its Dynamics NAV ERP solution for North American markets.
ON BEHALF OF THE BOARD OF DIRECTORS
By: "Jay Malik"
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Chief Executive Officer
SERENIC CORPORATION
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
