VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 05/30/12 — VRX Worldwide Inc. (TSX VENTURE: VRW) a global provider of photography, content distribution and licensing, and cloud-based digital asset management services, is pleased to report its first quarter results for 2012.
Total revenue for the first quarter of 2012 decreased $48,767 (7%) from the fourth quarter of 2011 and $273,818 (30%) from the first quarter of 2011. The decrease in revenue is due to the effects of the global downturn, the successful completion of a long-term licensing contract, normal seasonal trends and a weaker US dollar.
“Our first quarter revenue reflected the prolonged weakness of the global economy and the seasonal low that we usually experience at this time of year, however, as the year continues we-ve noticed that both our large and small hospitality clients are starting to relax, and in many cases increase, their marketing budgets for the remainder of 2012 and 2013,” commented David MacLaren, President and CEO of VRX Worldwide. “As we head into our peak production season, our scheduling and photography teams are feeling these changes first hand.”
“On the MediaValet front, we continue to add new features to our industry leading digital asset management system and to gain market share in North America, Europe and Asia/Pacific,” continued MacLaren.
Subsequent to the end of the first quarter, VRX Worldwide announced a non-brokered private placement offering of up to $250,000 of convertible subordinated debentures. The net proceeds of the debentures will be used to finance ongoing sales, marketing, support and development activities related to MediaValet, and for general working capital requirements. See press release of May 23, 2012 for further details.
The full financial statements and related MD&A are now available on the Company-s website () and on SEDAR ().
ABOUT VRX Worldwide Inc.
Through a decade of growth, innovation and an unwavering commitment to quality, consistency and customer service, VRX Worldwide is one of the world-s leading providers of content production, management, distribution and licensing services. To find out more about VRX Worldwide, its products and services, visit , and . VRX Studios Inc., is a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE: VRW).
VRX Worldwide Inc.
David MacLaren, CEO
“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:
VRX Worldwide Inc.
David MacLaren
CEO
888.605.0059
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