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BSG Basicgov Systems Inc.

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Share Name Share Symbol Market Type
Basicgov Systems Inc. TSXV:BSG TSX Venture Common Stock
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BasicGov Systems, Inc. Reports for the Year Ended December 31, 2009 and Business Highlights

30/04/2010 5:24pm

Marketwired Canada


BasicGov Systems, Inc. (TSX VENTURE:BSG) ("BasicGov" or the "Company") today
announced its financial results for the year ended December 31, 2009. All
amounts are stated in Canadian dollars unless otherwise noted.


Revenues from BasicGov, the Company's cloud computing solution for local
government, grew to $236,985 in 2009, a 127% increase from $104,905 in 2008. The
Company's annualized committed recurring revenues, a non-GAAP measure, increased
140% to US$300,000 compared to US$124,000 for the same period last year.


"Our revenues grew significantly as local governments switched from traditional,
on-premise software to our BasicGov cloud computing modules. To accelerate
revenue recognition we streamlined our implementation process so new customers
go live quickly," said David Roberts, President and Chief Executive Officer of
BasicGov. "We think we're in a great position to grow. Our partnership with
Salesforce.com and the Force.com cloud computing platform ensures that BasicGov
is scalable, reliable and secure;. Our recently launched Citizen Portal opens
BasicGov to citizen access. Last quarter we added an experienced Vice President
of Marketing and Sales and received additional equity financing. We believe we
can make BasicGov the natural choice for costconscious cities and counties
across North America."


At December 31, 2009 the total value of the Company's cash position and net
holdback receivable was $636,081. Of this amount $275,334 was cash and $360,747
was net holdback receivable related to the sale of the Company's CityView
business to N. Harris Computer Corporation in 2008. The net holdback receivable
was received subsequent to December 31, 2009.


A comparison of operating results to the prior period is not meaningful since
the Company sold CityView, its on-premises business, on July 18, 2008. Net loss
for the year was $1,416,643 or ($0.07)/share compared to net income of
$4,355,912 $023/share.


A complete set of financial statements and analysis is available at www.sedar.com.

About BasicGov Systems, Inc.

BasicGov Systems, Inc. ("BasicGov") (formerly CloudBench Applications Inc.) (TSX
VENTURE:BCG) develops, sells and supports web-based software for cities,
counties, state governments and government agencies to streamline permitting and
inspections, code enforcement, planning, licensing and citizen access. BasicGov
is a reliable, secure solution delivered for an affordable price and the only
web-based software for local governments built on the Salesforce.com Force.com
platform, the backbone of cloud computing solutions used by more than 70,000
organizations worldwide. Unlike enterprise software that is expensive to acquire
and difficult to implement, BasicGov does not require capital investment and is
easy to set up.


Forward-Looking Statements

This news release contains forward-looking statements. Actual events or results
may differ materially from those described in the forward-looking statements due
to a number of risks and uncertainties, including changes in market and
competition, technological and competitive developments, cooperation and
performance of strategic partners, potential downturns in economic conditions
generally and the outcome of the negotiations with Harris as to the amount of
the Holdbacks. Forward-looking statements are based upon management's estimates,
beliefs and opinions. The Company assumes no obligation to update
forward-looking statements, other than as required by applicable law.


For more information about BasicGov Systems, Inc. and BasicGov visit
www.basicgov.com.


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