VANCOUVER, CANADA — (Marketwired) — 10/24/13 — Versatile Systems Inc. (TSX VENTURE: VV), announces its results for the fourth quarter and the 2013 fiscal year.
Revenue for the three months ended June 30, 2013 was $8,584,095, generating a gross profit of $1,050,994 or 12.2% of sales compared to $8,832,150, generating a gross profit of $1,942,201 or 22.0% of sales for the same quarter last year. The Net Loss for the quarter amounted to $2,175,031 ($0.01 per share) compared to a Net Loss of $14,075,239 ($0.09 per share) for the same period last year.
Highlights for the quarter included:
Revenue for the year ended June 30, 2013 was $36,272,893 generating a gross profit of $6,424,199 or 17.7% of sales compared to $39,501,388 generating a gross profit of $8,020,245 or 20.3% of sales for the same period last year. The Net Loss for the year amounted to $3,854,602 ($0.02 per share) compared to $14,717,158 ($0.09 per share) for the same period last year.
On June 26, 2013 the Board of Directors formally approved the disposition of the Company-s investment in Equus. The disposition is by way of a spin-out of the shares of the Company-s wholly owned subsidiary, Mobiquity Investments Corp (“MIC”). The Company signed an Arrangement Agreement with MIC. Under the Arrangement Agreement, Versatile and MIC have agreed to undertake a plan of arrangement (the “Spin-out Transaction”) under which the shares of MIC will be distributed to Versatile shareholders. Existing Versatile shareholders will receive the same percentage interest in MIC as they presently hold in Versatile such that following the completion of the transaction, shareholders will hold shares in both Versatile and MIC.
On September 27, 2013 the Company completed an Information Circular setting out the details of the Spin-out Transaction which was mailed to the shareholders of the Company. A shareholder meeting to approve the Spin-out Transaction will be held on October 31, 2013. The completion of the Spin-out Transaction is subject to a number of conditions precedent, including the approval of the Versatile shareholders, the approval of the Supreme Court of British Columbia, the approval of the TSX Venture Exchange, and the listing of the common shares of MIC on the CNSX.
About Versatile
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information go to .
Forward-Looking Statements
This document may contain forward-looking statements relating to Versatile-s operations or to the environment in which it operates, which are based on Versatile-s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile-s control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither 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. All amounts are expressed in U.S. dollars unless otherwise stated. © 2013 Versatile Systems Inc. All rights reserved.
Contacts:
Versatile Systems Inc.
John Hardy, CEO
1-800-262-1633
International: 001-206-979-6760
Versatile Systems Inc.
Fraser Atkinson, CFO
1-800-262-1633
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