NPA Alphinat Inc

Alphinat Inc. ("Alphinat") (TSX VENTURE:NPA), a leader in innovative Software
for the Smart Enterprise(TM), announces its results for the quarter ended
February 28, 2014.


During the quarter under review, Alphinat has focused its efforts on nurturing
and expanding its distribution channels and on diversifying its geographic and
industry sector presence.


Alphinat has continued to make strong headway into partnerships for enterprise
license sales, OEM agreements as well as for launching SaaS services. We have
seen significant uptake in sales with partners, with a growing number of
installed clients in various geographies and industry sectors. Furthermore,
during the period under review, Alphinat has been involved in the implementation
of SmartGuide with clients in various vertical markets.


During the quarter under review, Alphinat has seen OEM sales by partner CSDC
continue to progress with the addition of clients in the USA and in Canada.
During the same period, a large municipality in France ordered additional
SmartGuide licenses. SaaS sales by partner Vicrea have also continued to
increase at a steady pace.


During the period under review, Alphinat received an order for delivery of a
SaaS-based solution from a private sector enterprise.


The Workplace Safety and Insurance Board of Ontario (WSIB) and a client in
Saskatchewan have confirmed the renewal of their respective annual software
maintenance contracts.


In January 2014, the Company finalized a contract renewal with an agency of the
government of France that allows France's SGMAP organization (Secretariat
General de Modernisation de l'Appareil Public), the leading agency of the
government of France for State Modernisation, to continue to leverage SmartGuide
and SmartGuide PaaS Edition to deliver citizen-centric e-government services.
The contract has been renewed for three years with an option for a fourth year.
This new contract puts Alphinat in a direct relationship with the SGMAP and
allows the client to acquire additional software licenses, annual maintenance
and associated professional services.


Profit before financing expenses and amortization amount to $14,160 for the
quarter ended February 28, 2014. The loss for the 3-month period ended February
28, 2014 is $27,782 or $0.001 per outstanding common share compared to a profit
of $144,945 or $0.003 per outstanding common share for the corresponding period
in 2013.


Alphinat's financial statements and Management's Discussion and Analysis for the
quarter ending February 28, 2014 can be found on SEDAR, at www.sedar.com.


Additionally, Alphinat announces the issuance of 198,989 Bonus Shares as set
forth in the Management Proxy Circular dated January 29, 2014. On August 7,
2013, as announced in its press releases, the Corporation closed the first
tranche of a private placement consisting of Class A Units, each comprising a
Class A Debenture accompanied by one Bonus Common Share per dollar of Class A
Debenture subscribed and Class B Units, each comprising a Class B Debenture
accompanied by one Bonus Common Share per dollar of Class B Debenture
subscribed.


The Class A Debentures bear interest at 10% annually with interest payable
quarterly and mature on September 30, 2017. They are redeemable by the
Corporation on or after September 30, 2015. They were offered at their face
value. The Class A and Class B Debenture holders have the right to convert the
debentures at the principal amount plus any unpaid accrued interest into the
next equity issue of the Corporation. In the event that the issue was offered at
a discount to market the Class B Debenture holders are not be entitled to any
discount. Conversion of debentures will be conditional to prior TSX Venture
Exchange's approval and the conversion price will be based on market price at
the time of conversion.


The Class B Units, including a Class B Debenture substantially identical to the
Class A Debenture, were offered exclusively to Alphinat secured lenders (the
"Secured Lenders") who advanced $500,000 (the "Secured Indebtedness") to the
Corporation in October 2011. The Units were offered in the context of a Debt
Settlement whereby in consideration of the cancellation of the Secured
Indebtedness which bore interest at a substantially higher rate than the Class B
Debenture, and the removal of the security for the Secured Indebtedness, the
Corporation issued Class B Debentures having a value of 120% of the Secured
Indebtedness being settled. The premium was offered in view of the importance of
foregoing described benefits to the Corporation. In addition, the Secured
Lenders were entitled to receive one Bonus Common Share per dollar of Class B
Debenture subscribed, of which 154,761 Bonus Common Shares have been issued at
closing and the remaining 198,989 Bonus Common Shares, will be issued only upon
approval by the shareholders at a special meeting of the shareholders. In
addition, the Secured Lenders were entitled to receive one Bonus Common Share
per dollar of Class B Debenture subscribed, of which 154,761 Bonus Common Shares
have been issued at closing and the remaining 198,989 Bonus Common Shares were
to be issued only upon approval by the shareholders at a special meeting of the
shareholders. The annual and special meeting of shareholders was held on
February 26, 2014.


About Alphinat

Software for the Smart Enterprise(TM) providing agility to leverage existing IT
assets and lower costs.


Alphinat develops, markets and supports software technology that enables
non-technical managers to configure and deploy form based Web and mobile
applications and utilities that helps organizations and governments better serve
clients whether they are looking to deploy on premise or in the Cloud. This
technology uses sophisticated data organization and processing software to
automate interactions between systems, employees, clients, suppliers and
partners. The software seamlessly integrates into complex environments
permitting a high level of collaboration in delivering user-centric services
while leveraging existing IT assets. It provides efficient and cost-effective
solutions to clients at both the time of acquisition and on an ongoing basis.


Alphinat technology could also be used in the healthcare, banking, insurance,
telecommunications and other sectors, in modernising, automating and rendering
cost-effective a number of business processes at a fraction of the cost
associated with conventional customized solutions. For more details about
Alphinat or its software suite, please visit www.alphinat.com.


Forward-looking statements

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. These include, but are not limited to, the Company's and CCFL
Capital's ability to find subscribers in connection with the proposed private
placement. This is only one of the factors that could bear on any of our
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.


Neither 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mr. Philippe Lecoq
Chief Executive Officer
Alphinat Inc.
(514) 398-9799 ext 222

Alphinat (TSXV:NPA)
Historical Stock Chart
From Apr 2024 to May 2024

Alphinat (TSXV:NPA)
Historical Stock Chart
From May 2023 to May 2024