TORONTO, ONTARIO — (Marketwire) — 07/29/11 — Arius3D Corp. (“Arius3D” or the “Company”) (TSX VENTURE: LZR) today announced its financial results for the fiscal year ended March 31, 2011.
Revenue for the year ended March 31, 2011 was $1,975,377, compared to $2,059,087 for the previous year. Virtually all of the current year revenues resulted from the agreement with A3DL Limited with respect to the 3D image library being commercialized.
Expenses, including direct costs, for the year ended March 31, 2011 were $5,711,302, compared to $5,865,058 in the prior year. The overall $153,756 decrease in expenses occurred despite bad debt expenses increasing to $1,273,148, compared to $111,021 in the prior fiscal year. Certain accounts receivable had been outstanding for an extended period of time with customers who were adversely impacted by the world financial crisis which precluded them from implementing their business strategies effectively. As a result, these customers have not met their obligations. Management determined that in the circumstances it was prudent to accrue a provision of 100% of the receivables related to these customers, being $1,378,200. Negotiations with these customers are nearing completion and, in the event they are successful, there may be some recovery in the near term.
The Company reported a net loss for the year ended March 31, 2011 of $3,730,834, a decrease of $641,327 over a net loss of $4,372,161 for fiscal 2010. As at March 31, 2011, the Company had a negative working capital of $1,982,399 (March 31, 2010 – positive working capital of $1,227,105), including cash of $235,657 (March 31, 2010 – $942,476). The Company had an accumulated deficit of $46,461,912 as at March 31, 2010 (2010 – $42,731,078).
The Company continues to pursue its business plan which is focused on building and commercializing the 3D image library. In addition, the Company is pursuing other growth strategies. In order to pursue these opportunities, the Company will require additional funds through its arrangement with A3DL Limited and through future equity or debt financings.
For more detailed information, please refer to the Company-s filings on SEDAR at , including the Company-s audited consolidated financial statements for the fiscal year ended March 31, 2011 and the related management-s discussion and analysis.
About Arius3D Corp.
Classified as an “Information Technology” company, Arius3D is publicly traded and listed on the TSX Venture Exchange trading under the symbol “LZR”. Arius3D creates imaging solutions that allow organizations to capture and share unique physical objects in digital form. Arius3D offers 3D imaging systems and services to a growing 3D image library. The Arius3D technology supports wide ranging applications in culture and heritage, entertainment, education and product design with a primary focus of generating image license recurring revenues from rich media content. Arius3D has its head office located in Mississauga, Ontario. Visit our website at to understand more about the Company.
Forward-Looking Information
This news release contains forward-looking information and forward-looking statements (collectively “forward looking statements”), within the meaning of applicable securities laws, with respect to the ability of the Company to implement its business plan. Such forward looking statements are based upon assumptions, and estimates made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. These assumptions include those concerning the availability of financing, and no significant decline in existing general business and economic conditions. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward looking statements and, accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to, the Company-s limited financial resources and the availability of financing alternatives; changes in general economic conditions or conditions in the financial market; as well as other risks and uncertainties which are more fully described in the Company-s Management-s Discussion and Analysis for the 2011 fiscal year and in other Company filings with securities and regulatory authorities which are available at . Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward looking statements and accordingly, readers should not place undue reliance on those statements. Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The forward looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Arius3D Corp.
David Beutel
Chairman
905 270 7999
Arius3D Corp.
John Wood
CEO
905 270 7999
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