BasicGov Systems, Inc. Reports Q1 2010 Results and Business Highlights
29 May 2010 - 4:46AM
Marketwired
BasicGov Systems, Inc. (TSX VENTURE: BSG) ("BasicGov" or the
"Company") today announced its financial results for the three
months ended March 31, 2010. All amounts are stated in Canadian
dollars unless otherwise noted.
Revenues from BasicGov, the Company's cloud computing solution
for government, grew to $59,025 in 2010, a 62% increase from
$36,402 in 2009. The Company's annualized committed recurring
revenues, a non-GAAP measure, are currently US$300,000.
"Our revenues continued to grow as cost conscious governments
switched from expensive, on-premise software to affordable cloud
computing solutions like BasicGov. Through partnerships with
Salesforce.com and Carahsoft Technology Corp., we can now offer
BasicGov to larger cities, states and government agencies in
addition to our current customer base of smaller cities and
counties," said David Roberts, President and Chief Executive
Officer of BasicGov. "By partnering with Salesforce.com we're
generating more sales leads while their Force.com platform ensures
that BasicGov is scalable, reliable and secure. And, through our
partnership with Carahsoft, we're marketing BasicGov to federal,
state, and government agencies through Carahsoft's General Services
Administration (GSA) schedule."
At March 31, 2010 the Company's cash position was $469,895.
Operating costs grew to $336,926 in the first quarter of 2010
compared to $245,349 in the first quarter of 2009 as a result of
expanding our sales and marketing efforts ($70,781), building our
implementation team ($20,783) and investing in product development
($40,365) while reducing our general and administrative costs
($45,795). This resulted in a net loss for the first quarter of
2010 of $324,924 or $(.02)/share compared to a net loss in the
first quarter of 2009 of $199,723 or $(.01)/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: BSG) develops, sells and supports
web-based software for cities, counties, state governments and
government agencies to streamline planning, permitting and
inspections, code enforcement, 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's 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. www.basicgov.com.
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.
Contacts
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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