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FOR: SOLIUM CAPITAL INC. TSX VENTURE SYMBOL: SUM August 22, 2002 CALGARY, ALBERTA--Solium Capital Inc. ("Solium") today announced its financial results for the quarter ended June 30, 2002. Revenue from corporate services for the quarter ended June 30, 2002 was $97,000 compared to only $2,900 for the corresponding period in 2001. This revenue was derived from 16 corporate clients or approximately 7,600 active participants enrolled on the e-SOAP system. Revenue from consulting services was generated through Stormworks Ltd., purchased May 1, 2002. As planned, e-commerce consulting contracts were largely completed in the second quarter, and Stormworks employees were integrated into Solium's operations. Total expenses for the quarter totaled $788,000 compared to $826,000 in the second quarter of 2001. The decrease is mostly attributable to deferred development investments until financing was secured. The decrease in development costs was slightly offset by increases to salaries and wages, and to general and administrative costs in the second quarter of 2002 compared to the same period in 2001. The net loss from continuing operations for the second quarter of 2002 was $611,000, an improvement of $212,000 or 26% from the loss in the second quarter of 2001. Commenting on the second quarter, Brian Craig, President and CEO, stated; "Solium continues to focus on national sales, and we are on track with our plan to achieve positive cashflow in early 2003. We look forward to announcing major new client partnerships in the third quarter, and are also investigating new revenue opportunities that reflect the increasing value of services we provide to clients. While we remain a young company, we receive daily encouragement that our solutions are unique and in demand in the employee share entitlement market niche." A more detailed set of financial statements can be found on www.soliuminvestor.com. (About Solium Capital Inc. (SUM - TSX Venture Exchange): Solium is an outsourced provider of solutions for employee share entitlement programs. Solium's flagship application, e-SOAP, is a complete end-to-end solution for the administration, execution and reporting of employee stock options for Canadian public companies. -30 - FOR FURTHER INFORMATION PLEASE CONTACT:
Solium Capital Inc. The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
INDUSTRY: SCR -0 - |
