Welcome!

News Feed Item

OneSoft Solutions Inc. (Formerly Serenic Corporation) Reports Financial Results for the Three Months Ended May 31, 2014

EDMONTON, ALBERTA -- (Marketwired) -- 07/29/14 --

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

OneSoft Solutions Inc. (the "Company" or "OneSoft"), formerly Serenic Corporation ("Serenic"), (TSX VENTURE:SER), reports its financial results for the three months ended May 31, 2014.

----------------------------------------------------------------------------
                                         Three months ended May 31          
                               ---------------------------------------------
                                                                 Increase / 
                                          2014           2013     (Decrease)
                               ---------------------------------------------
                                             $              $              %
----------------------------------------------------------------------------
Revenue                              3,369,094      2,603,370          29.4 
----------------------------------------------------------------------------
Net loss                             (210,037)      (317,052)         (33.8)
----------------------------------------------------------------------------
Basic and diluted loss per                                                  
 share                                  (0.02)         (0.02)             - 
----------------------------------------------------------------------------
Adjusted EBITDA (1)                  (132,440)      (238,254)          44.4 
----------------------------------------------------------------------------
Adjusted EBITDA as % of sales            (3.9)          (9.2)          57.0 
----------------------------------------------------------------------------
Weighted average common shares                                              
 outstanding - basic                13,961,958     14,639,646               
-------------------------------------------------------------               
Weighted average common shares                                              
 outstanding - diluted              13,961,958     14,724,023               
----------------------------------------------------------------------------

(1) Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, and stock option expense. Please review the Serenic Management Discussion and Analysis ("MD&A") for the Three months ended May 31, 2014 for more information

SALE OF SERENIC SUBSIDIARIES JULY 28, 2014

On July 28, 2014, Serenic closed on a sale transaction whereby Sylogist Ltd. acquired its three operating subsidiaries which were a substantial portion of Serenic's assets, for net cash of approximately $7,911,471, subject to certain closing adjustments. Please refer to the Serenic Press Release dated July 28, 2014 and the Management's Discussion and Analysis for the Three months ended May 31, 2014, both of which are posted on SEDAR.

CHANGE OF NAME OF CORPORATION and CHANGE OF CEO

On July 28, 2014, Serenic Corporation changed its name to OneSoft Solutions Inc., as this name change was required as a condition of the sale of the subsidiaries to Sylogist. Dwayne Kushniruk will replace Randy Keith as CEO and President of the Company, effective August 1, 2014. The Board wishes to thank Mr. Keith for his dedicated leadership of the Company since 2007, and looks forward to Mr. Keith's continued contribution as a director of the Company for the ensuing year.

QUARTER HIGHLIGHTS

During the quarter ended May 31, 2014 ("Fiscal 2015 Q1") revenue increased 29.4% to $3,360,094 from $2,603,370 for the comparative quarter last year. Software license sales were 43.3% higher year over year due to increases in Serenic Navigator license sales that were sold directly by Serenic and by reselling partners in the USA, Canada and in Africa. Services revenue increased 70% due to some large Human Resource Information System ("HRIS") projects being implemented by subcontractors, which were supplementary to Serenic's usual level of engagements with implementations and software version upgrades for direct customers. Serenic introduced its Total Care Plan in September 2013, which also added to Services revenue and which has resulted in an increased demand by customers for software version upgrades. Software maintenance contract revenue also increased year over year. The increase in the Canadian to U.S. dollar exchange rate also favourably affected revenues.

Gross profit increased 9.8% year over year, to $1,900,108 from $1,730,542, due to the increase in license and maintenance contracts revenue. Expenses were similar to last year at $2,080,442 versus $2,053,909 in the comparable period last year. While savings were realized from staff reductions that were made in February, 2014, the increase in the foreign exchange rate offset these and other cost savings measures. The net loss reduced year over year, from $317,052 in Q1 of Fiscal 2014 to $210,037 in Q1 of Fiscal 2015. Adjusted EBITDA also decreased year over year, from a loss of $238,254 in Q1 of Fiscal 2014 to a loss of $132,440 in Q1 of Fiscal 2015.

OUTLOOK

The sale of the Serenic operating companies to Sylogist is very beneficial. This has allowed us to unlock approximately $6.9 million (approximately $0.45 per share on a fully diluted basis) of value for shareholders, and also provide funding to advance the on-going Cloud business. With significant investment already having been made in the Cloud technology and products, we anticipate that new OneSoft divisions will now be operated with only minimal staff, and essentially in "start-up" mode until Cloud-only revenues start to occur and build.

The OneSoft IP includes: the underlying cloud technology that enables Serenic's legacy Dynamics NAV ERP products to be re-configured for Microsoft's Cloud and volume strategies: and, three products: Express, Essentials and Donor Vision 2013, which are derivative products of the Serenic legacy products. OneSoft's first order of business is to execute upon its plans to sell the OneSoft products into new NFP markets that are ideally suited for these products, which have not historically been addressable with Serenic's legacy solutions. This will be conducted pursuant to the OEM arrangement that OneSoft entered into with the Serenic operating companies immediately prior to Sylogist acquiring the Serenic companies. We intend to also investigate potential opportunities to enter into similar arrangements with other Dynamics NAV vendors who have developed ERP solutions for other vertical markets, whereby OneSoft's underlying technology can be applied to those products, and new volume markets within those verticals can be addressed. We believe that developing this bridge to Microsoft Cloud is not easily repeatable by or feasible for most small software companies to pursue, particularly by those who had not yet committed to this development strategy and are now lagging from a technology perspective.

Management's immediate priority is to now accelerate and leverage the OneSoft strategies. Investigation will be conducted to determine alternatives in this regard, which may include organic growth strategies as well as joint venture or M&A scenarios. The Company has sufficient cash to operate as envisioned (which will likely be on a negative EBITDA basis), for approximately four quarters. We anticipate that further announcements to outline future strategies will be forthcoming in the next couple of quarters.

ON BEHALF OF THE BOARD OF DIRECTORS

OneSoft Solutions Inc.

Dwayne Kushniruk, Chairman

Forward-looking Statements

This news release contains forward-looking statements relating to the future operations and profitability of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", "believe", "will", "intends", "plans" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. In respect of the forward-looking information and statements, the Company has provided such in reliance on certain assumptions that it believes are reasonable at this time, including expectations and assumptions concerning, among other things: interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; the success of growth projects; future operating costs; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; and that there are no unforeseen material development or other costs related to current growth projects or current operations. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release.

Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts:
OneSoft Solutions Inc.
Dwayne Kushniruk
[email protected]

OneSoft Solutions Inc.
Paul Johnston
CFO
780.426.5387 ext 509
[email protected]

Investor Relations
Cantech Communications
Nick Waddell
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...