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FOR: SOLIUM CAPITAL INC. CDNX SYMBOL: SUM MAY 24, 2002 Solium Decreases Quarterly Loss CALGARY, ALBERTA--Solium Capital Inc. ("Solium") announced today its financial results for the quarter ended March 31, 2002. The net loss from continuing operations for the quarter ended March 31, 2002 was $362,000, a decrease of 49% from the loss in the same quarter of 2001. This change is attributable to both an increase in revenue and a decrease in expenses. Revenue from corporate services for the quarter ended March 31, 2002 totaled $112,000 compared to only $1,200 for the corresponding period in 2001. This revenue was derived from 14 corporate clients implemented onto e-SOAP during the course of 2001 and two clients, Shell Canada Limited and Pason Systems Inc., implemented during the first quarter of 2002. These clients will continue to generate recurring revenue on an ongoing basis. Expenses in continuing operations totaled $473,000 for the first quarter of 2002 compared to $712,000 in the comparable period in 2001, a decrease of 32%. The decrease in costs was mainly attributable to a decrease in salaries and wages resulting from the downsizing of the Company in the fourth quarter of 2001, and a decrease in development costs. Slightly offsetting the decrease in these expenses was an increase in general and administrative costs. The operating loss from discontinued operations decreased by $42,000 in the corresponding quarters of 2002 and 2001 as a result of trading revenue earned in 2002 from the corporate clients brought onto e-SOAP since the first quarter of 2001. Discontinued operations consisted of the brokerage operations in the Company's wholly-owned subsidiary, Solium Capital Online Inc. ("Solium Online"). Effective March 28, 2002, Solium Online was sold to Tristone Capital Advisors Inc. Total net loss per share for the quarter was $0.04 per share compared to $0.12 per share in the same quarter of 2001, a decrease of 66.7%. 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 ownership 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.
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Solium Capital Inc. The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
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