Apivio Announces First Quarter Financial Results
02 June 2014 - 11:00PM
Marketwired
Apivio Announces First Quarter Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 2, 2014) -
Apivio Systems Inc. (formerly Moimstone Corporation) ("Apivio" or
the "Company") (TSX-VENTURE:APV) reports its results of operations
for the three months ended March 31, 2014.
For the full condensed consolidated interim financial statements
and management discussion & analysis for the first quarter
ended March 31, 2014, please see SEDAR at www.sedar.com.
In the first quarter of 2014, sales revenues increased by 20.5%
to $9.3 million CAD compared to the same quarter in 2013. Gross
margin for Q1 2014 was 16.8% compared to 15.6% for the same quarter
a year ago. Net loss for the first quarter in 2014 and 2013 was
$0.6 million CAD. In the first quarter of 2014, sales were mostly
in South Korea just as in 2013, but currently the company is
preparing for an international distribution of its
voice-over-internet telephones.
"While I'm encouraged by our continued progress in sales and
gross margin growth of our core business in Korea, it is important
to remember that we are in expansion mode, both in terms of
geography and product offerings and therefore these results are
only part of the story", said Rob Bakshi CEO. "These consistent
core business results are allowing us to invest in long term growth
and profitability outside of the Korean market. Investments in
market expansion (like our recently announced deals with NEC,
Global Integrated Solutions and Dot Communications) as well as
investments in the strengthening of our senior management, internal
controls, research and development and product certifications for
global markets, are some of our long-term growth initiatives which
are starting to pay off".
About Apivio Systems
Apivio Systems Inc. (formerly Moimstone Corporation) is a
Canadian technology company principally engaged in the design,
development, marketing, and sale of communications equipment and
software. It has a wholly-owned Korean subsidiary with a nine year
history of supplying VoIP telephone equipment and other products to
major Korean and international telecommunications carriers. For
more information regarding the Company, please refer to its
respective public filings available at www.sedar.com.
This press release has been prepared by Apivio Systems Inc.
(formerly Moimstone Corporation). Neither the TSX Venture Exchange
nor its Regulation Service Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not
historical facts are "forward-looking information" or
"forward-looking statements" (collectively, "Forward-Looking
Information") within the meaning of applicable Canadian securities
legislation. Forward Looking Information includes, but is not
limited to, disclosure regarding possible events, anticipated
revenue, conditions or financial performance that is based on
assumptions about future economic conditions and courses of action.
In certain cases, Forward-Looking Information can be identified by
the use of words and phrases such as "plans", "expects" or "does
not expect", "is expected", budget", "scheduled", "suggest",
"optimize", "estimates", "forecasts", "intends", "anticipates",
"potential" or "does not anticipate", believes", "anomalous" or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-Looking
Information involves known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
Forward-Looking Information. Although Apivio has attempted to
identify important factors that could affect Apivio and may cause
actual actions, events or results to differ materially from those
described in Forward-Looking Information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
Forward-Looking Information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on Forward-Looking Information. Except as
required by law, Apivio does not assume any obligation to release
publicly any revisions to Forward-Looking Information contained in
this news release to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated
events.
Rob Bakshi, President and Chief Executive OfficerEmail:
info@moimstone.comTelephone: 604-244-3700Website:
www.moimstone.com
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