MPVC Inc. Releases March 31, 2008 Quarterly Un-Audited Financial Statements
May 30 2008 - 3:38PM
Marketwired
TORONTO, ONTARIO (the "Company") released its management
prepared consolidated first quarter financial statements today. The
Company reported that its wholly-owned subsidiaries, One Contact
Inc. (US) and One Contact (Canada) Inc. ("OCI"), which are
reflected in its consolidated statements, reported much stronger
interim Canadian GAAP financial results for the three month period
ended March 31, 2008 as compared to results for the previous two
quarters.
For the three month period ended March 31, 2008 the Company
posted revenues of $1,999,837 as compared to $1,590,936 for the
three month period ended March 31, 2007. The increase was primarily
due to growth in existing contracts and the launch of additional
pilot projects. For the quarter and year to date, the Company
reported Net Income of ($4,091).
The Company also reported cash and short-term investments of
$(32,185), for the three months ended March 31, 2008. Accounts
receivable, net of an allowance for doubtful accounts, at the end
of Q1-2008 totaled $720,042 and other current assets, composed
primarily of prepaid items, totaled $80,669.
"Our existing account base continues to grow resulting in higher
revenues. Coupled with significant adjustments to our cost base,
the Company is seeing a gradual return to positive income with good
momentum building. We are in discussions with many well known
brands for incremental new business across varying industries and
while the gestation periods for significant transactions are long,
management anticipates benefits in this fiscal year. " commented
Michael Hilmer, CEO.
About MPVC Inc.
The Company, through its wholly owned subsidiary OCI, is
committed to providing and managing specialized inbound and
outbound customer care, sales and marketing, technical support and
many other centralized contact center services to its clients. The
Company's focus is on providing single source solutions for all
clients' contact center needs from its growing base of delivery
centers. The Company is dedicated to providing a quality and
breadth of service that exceeds client expectations.
This press release contains forward-looking statements. The
Company is subject to significant risks and uncertainties which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied in such
forward-looking statements. Such risk factors include, but are not
limited to, risks associated with public markets, competition, lack
of available acquisition opportunities, market price of the
Company's shares, failure to obtain additional financing, dilution,
customer credit risk, reliance on key personnel, changes in
legislation, environmental matters, potential conflicts of interest
and risk of loss of key contracts. The Company cannot assure
investors that actual results will be consistent with any
forward-looking statement and the Company assumes no obligation to
update or revise such forward-looking statements to reflect actual
events or new circumstances.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release.
Contacts: MPVC Inc. Graham Kemp Chairman (480) 575-9481 MPVC
Inc. Michael Hilmer CEO (416) 420-5529 Email:
mhilmer@onecontactinc.ca
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