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AKM

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Share Name Share Symbol Market Type
TSXV:AKM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

ACT360 Solutions Announces Financial Results for Quarter Ended December 31, 2013

25/02/2014 9:00pm

Marketwired Canada


ACT360 Solutions Ltd. (the "Company" or "ACT360 Solutions") (TSX VENTURE:AKM), a
provider of Internet-based testing and international marketing programs for
higher education, announced its unaudited financial results for the quarter
ended December 31, 2013. Results are in Canadian dollars and were prepared in
accordance with International Financial Reporting Standards.


Highlights for the first quarter:



--  Revenue growth of 32% compared to the prior year quarter; 
--  Student Marketing Service revenue growth of 48% compared to the prior
    year quarter; 
--  Acquisition of license to operate and monetize the websites
    www.learnhub.com and www.jumbotests.com with a combined total of 2.5
    million users and a substantial presence in India; 
--  Loss of $24,598 resulting from the Company's decision to increase
    investment in global call center activities, online branding, and
    corporate development to support and accelerate the Company's long term
    growth objectives. 

----------------------------------------------------------------------------
                                 Three Months Ended       Three Months Ended
                                  December 31, 2013        December 31, 2012
----------------------------------------------------------------------------
Sales                             $         298,472        $         226,110
----------------------------------------------------------------------------
Net Income (Loss)                 $         (24,598)       $          15,047
----------------------------------------------------------------------------
Earnings (Loss) per share         $           (0.00)       $            0.00
----------------------------------------------------------------------------
Total Assets                      $         448,795        $         294,039
----------------------------------------------------------------------------



For the three months ended December 31, 2013, the Company's revenue increased by
32% to $298,472 compared to revenue of $226,110 for the same period in the
previous year.


Student Marketing Service revenue, derived from the Company's proprietary
international student marketing platform, rose by 48% compared to the prior year
quarter. Revenue growth resulted from increased marketing budget allocations
from higher education clients targeting international students. Internet
Application revenue rose by 19% as the Company sold more English tests and
grading services through B2B channel partners.


On a consolidated basis for the three months ended December 31, 2013, the
Company had a net loss of $24,598 on sales of $298,472 compared to a profit of
$15,047 on sales of $226,110 during the same period in the previous year. 


On a consolidated basis, expenses were $323,369 in the first quarter ended
December 31, 2013 compared to $211,294 in the first quarter ended December 31,
2012, an increase of 53%. Selling, office, and general expenses were higher as
the Company expanded its investments in online branding for its TestDEN.com
website, global call center capability, and business development activities. 


The unaudited consolidated financial statements and Management Discussion and
Analysis for the quarter ended December 31, 2013 are available at www.sedar.com.


About ACT360 Solutions Ltd.

ACT360 Solutions helps colleges and universities qualify and recruit
international students. We are committed to assisting students from South
America, Europe, Africa, the Middle East, and Asia achieve their study abroad
goals. 


FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding revenue estimates and future plans and objectives of ACT360 Solutions
Ltd. - are forward-looking statements that are subject to various risks and
uncertainties. Forward-looking statements are based on current expectations and
analyses, including the effects of anticipated product, service, and
distribution changes and the potential benefits of such efforts and activities
on the Company's results of operations in future periods. There can be no
assurance that such statements will prove to be accurate; actual results and
future events could differ materially from those anticipated in such statements.


Neither 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
ACT360 Solutions Ltd.
Vincent Wong
President
(604) 638-1553, ext. 1
www.act360.com

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