EDMONTON, ALBERTA — (Marketwire) — 07/28/11 — Serenic Corporation (the “Company” or “Serenic”) (TSX VENTURE: SER), an international software developer specializing in integrated financial management and human capital management solutions for Non-Profit organizations, government agencies, and Microsoft Dynamics NAV users, announces its financial results for the three months ended May 31,2011 (“Q1”).
Financial results are summarized as follows:
Quarter Highlights
Q1 2012 Corporate Highlights
Please refer to the latest financial statements and MD&A filed on for full financial analysis and details.
Outlook
Serenic-s management continues to believe the outlook remains positive. The strategy for Fiscal 2012 is to continue organic growth of core operations, to maintain EBITDA positive results as we grow our business and to continue to explore and pursue scenarios to maximize value for our shareholders beyond what organic growth would produce.
From an operational perspective, this will entail continued pursuit of new business through our traditional reseller and direct channel business models, accelerating activities that pertain to international markets and executing aggressive new campaigns to market our software as a service (“SaaS”) product, Navigator On-line. We have also enacted an internal initiative termed “The Year of the Customer”, which involves revamping current processes and systems throughout the Company in an effort to support and serve our customers and partners even better and to ensure their ongoing satisfaction and loyalty.
From a corporate development focus, we will continue exploration and pursuit of various strategic opportunities to maximize shareholder value, including but not limited to: a capital structure review, strategic partnerships, and/or merger and acquisition scenarios. Management strongly believes that the current market capitalization of the Company does not adequately reflect Serenic-s fair value and is determined to take judicious action that would best serve the interests of shareholders to rectify this situation, as soon as practical.
With $4 million of cash on hand at quarter-end and no long term debt, the Company is adequately financed to operate as anticipated. The management team is excited and committed to achieve the objectives as stated and we anticipate another fruitful year of advancement for the Company.
About Serenic Corporation
Serenic Corporation publishes mission-critical software products for not-for-profits (NFP), educational institutions and governments. The Company-s products are based on leading application and technology platforms from Microsoft, including Dynamics NAV, SQL Server, and .NET, and are distributed in North America and internationally through value-added resellers and a direct sales organization. Serenic Corporation is the exclusive developer of human resource management and payroll products for Microsoft Dynamics NAV ERP users in North America. Serenic has offices in Edmonton, Alberta and Denver, Colorado and staff located throughout the USA, and in Europe and Africa.
ON BEHALF OF THE BOARD OF DIRECTORS
Dwayne Kushniruk, Chairman
SERENIC CORPORATION
Forward Looking Statements
Certain statements contained in this press release, including statements which may contain words such as “could”, “should”, “expect”, “anticipate”, “believe”, “will”, and similar expressions and statements relating to matters that are not historical facts, are forward looking statements. Such forward looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Serenic Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to, software industry risks, general business risks, foreign currency risks, economic dependence risks, and credit risks.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Serenic Corporation
Dwayne Kushniruk
Chairman
1-877-426-5385 x509
Serenic Corporation
Paul Johnston
CFO
1-877-426-5385 x509
Cantech Communications
Investor Relations
Nick Waddell
Toll free: (877) 737-3642 x144
You must be logged in to post a comment Login