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FOR: SOLIUM CAPITAL INC. CDNX SYMBOL: SUM MAY 30, 2001 Solium Capital Inc.-First Quarter Report 2001 CALGARY, ALBERTA--Solium Capital Inc. (CDNX trading symbol "SUM"), a web-based solutions provider for the management, administration and execution of employee share ownership plans and the sale of the shares thereunder, presents consolidated financial results for the three months ended March 31, 2001. Financial Highlights During the first quarter of 2001, Solium continued to develop its first corporate services product, e-SOAP, and establish sales leads that management anticipates will result in contracts throughout 2001. In addition, Solium continued to lay the foundation for the development of its second corporate services product, e-SPP. For the quarter ended March 31, 2001, corporate services revenue totaled $1,215, representing two e-SOAP clients which were fully implemented in the first quarter. Solium also signed letters of intent with an additional three companies. After the implementation phase, these companies are expected to generate revenue in mid 2001. Salaries and wages for the quarter were $347,806 compared to $114,207 a year ago. Staffing levels increased by 14 people in the intervening period, reflecting the addition of a full management team, a sales and marketing team, a customer service and implementation team, and a technical development team. General and administrative costs totaled $241,579 for 2001, an increase of $160,141 from the comparable period in 2000. This increase is a result of increased operating system costs, increased datafeed costs, new office space, and increased office expenditures associated with the additional staffing levels as compared to 2000. Development costs for the quarter ended 2001 were $228,063 compared to $153,651 for the comparable period in 2000. Development costs in 2001 were comprised of $129,523 for the development of e-SOAP and $98,540 for the development of e-SPP. The costs in 2000 were comprised of $106,751 for the development of Solium's website and $46,900 for the development of e-SOAP. As at March 31, 2001, working capital was $641,542 compared to $1,483,555 at December 31, 2000. During the first quarter, Solium began the process of raising additional funds through an initial public offering. The closing of this IPO in May of 2001, resulted in net proceeds of approximately $2 million to be used to fund ongoing operations and product development for the next 12 months.
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Solium Capital Inc. The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
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