MikeDDKing
11 years ago
In-Touch Survey Systems Ltd. announces its intention to commence a normal course issuer bid
OTTAWA , Dec. 10, 2013 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch" or the "Company") (INX.V) reports that the Company intends to commence a normal course issuer bid (the "Bid"), subject to the approval of the TSX Venture Exchange ("TSXV"),
Currently, In-Touch has 14,907,978 common shares issued and outstanding. Up to 745,398 common shares may be repurchased over a twelve-month period, no more than 2% being 298,159 common shares in any 30-day period, which represents approximately 5% of the Company's issued and outstanding common shares. The Company has appointed Jones Gable & Company, a Member of the TSXV, as the broker that will conduct the Bid on behalf of In-Touch. The Bid is expected to commence on December 17, 2013 , and will terminate on December 16, 2014 , or on such earlier date as the Bid is complete or at the option of In-Touch.
The Bid will be made through the facilities of the TSXV and the purchase and payment for the securities will be made in accordance with TSXV requirements at the market price of the common shares at the time of acquisition. All common shares purchased by In-Touch under the Bid will be cancelled.
Management of In-Touch believes that the current market price of the Company's common shares may not reflect their underlying value and that the purchase of common shares for cancellation will increase the proportionate interest of, and will be advantageous to, all remaining shareholders.
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved or disapproved the contents of this press release.
SOURCE In-Touch Survey Systems Ltd.
Contact:
George Pretli
Controller
gpretli@intouchinsight.com
613-270-7916
www.intouchinsight.com
Stocks4John
11 years ago
In-Touch Survey Systems Ltd. Announces Record Q3 2013 Financial Results and Executive Changes
Canada NewsWire
OTTAWA, Nov. 21, 2013
OTTAWA, Nov. 21, 2013 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch") (TSXV: INX) today announced its operating and financial results for the quarter ended September 30, 2013.
Revenue for the third quarter was $3,323,330, which was 20% higher than revenue of $2,763,145 in the same quarter in 2012. Net income before taxes for the third quarter were $505,307 compared to $353,915 reported in the same quarter in 2013 - a 43% increase. Additional revenue from the new GCS product line and an increase in the gross margin were the main contributors to the higher income. The higher income was attained even with the Company keeping Product Development and Marketing spending at its higher than previous year's levels. G&A expenses were also higher with additional expenses related to the acquisition of GCS Field Research ("FR") in Q2 2013.
Gross Margin increased to 55% in the third quarter compared to 53% for the same quarter in 2012. Company-defined adjusted EBITDA increased to $679,000 for the third quarter, compared to an EBITDA of $468,000 for the same quarter in 2012. The improvement in Gross Margin resulted from a concerted effort over the past two years to return our margins to historical levels.
"We are pleased to report the highest quarterly revenues, quarterly net income and quarterly EBITDA in the Company's history. Q3 is historically our best quarter. Over the past several quarters the Company has focused on developing and enhancing its product lines and operational processes with significant investments in software. The Company will continue to invest in product development and marketing because we expect significant changes in our current markets with historical customers dropping off older programs and moving to newer solutions. We expect at least 25% churn in our revenues and anticipate that our investment in new technologies will replace the lost revenue in fiscal year 2014. As previously reported, the acquisition of FR on April 1, 2013 opened important new compliance markets for the Company. We expect the compliance market to expand with increasing government regulation in food, education, pharmaceutical and financial services. The acquisition, integration and transition of FR into In-Touch was relatively seamless," said Michael Gaffney, CEO & Executive Chairman.
"In July 2013 the Company announced that I would become the Executive Chairman of In-Touch and a succession planning strategy where I would step down as CEO in November 2013. As previously announced, effective November 21, 2013 Cameron Watt, currently Vice President & General Manager, has been promoted to President & CEO. Cameron joined the company just over two years ago and was fully immersed in several acquisition and new revenue growth projects. We are very fortunate to have someone of Cameron's caliber and knowledge of In-Touch stepping in to become the new CEO. We have come a long way in the last nine years by taking the Company from near bankruptcy to a significant player in the mobile and services data capture markets. It is with great personal satisfaction that I am handing the reins to Mr. Watt, said Gaffney.
Mr. Gaffney, in the new Executive Chairman role, will focus on acquisitions, corporate strategy, new product initiatives, investor relations and technology carve-outs. The Company believes that it has significant unleveraged technology assets and Mr. Gaffney will search for ways to increase shareholder value by creatively utilizing these assets - either inside the Company or other monetizing structure or event. The Company anticipates announcing a new external initiative that will leverage some of these assets in the near future.
Consolidated Statements of Operations Q3 2013 Q3 2012
Revenue $ 3,323,330 $ 2,763,145
Cost of services 1,504,163 1,285,024
Gross profit 1,819,167 1,478,121
Total operating expenses 1,326,813 1,118,000
Earnings from operating activities 492,354 360,121
Finance costs (18,453) (18,282)
Change in fair value of contingent
consideration 31,406 (945)
Net earnings before income taxes $ 505,307 $ 340,894
Income taxes
Income tax recovery (expense) (152,599) 19,813
Current income tax 0 (6,792)
Net earnings and comprehensive income $ 352,708 $ 353,915
Basic earnings per share $ 0.02 $ 0.02
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved or disapproved the contents of this press release.
SOURCE In-Touch Survey Systems Ltd.
/CONTACT: George Pretli
gpretli@intouchsurvey.com
Controller
613-270-7916
Copyright CNW Group 2013
(END) Dow Jones Newswires
November 21, 2013 16:01 ET (21:01 GMT)- - 04 01 PM EST 11-21-13
Hegotgame
11 years ago
In-Touch Survey Systems Ltd. announces Q2 2013 financial results
OTTAWA, Aug. 29, 2013, 2013 (Canada NewsWire via COMTEX) -- In-Touch Survey
Systems Ltd. ("In-Touch") (TSXV: INX) today announced its operating and
financial results for the quarter ended June 30, 2013.
Revenue for the second quarter was $2,815,598, which was 5% lower than revenue
of $2,947,069 in the same quarter in 2012. The Company previously announced that
it had lost several major customers in 2012 that would negatively impact
revenues in 2013. The Company is pleased to report that the Company has
successfully replaced and exceeded the customers lost in 2012 and that Q3 2013
revenues are expected to exceed Q3 2012 revenues.
Net loss before taxes for the second quarter was $139,964 compared to net income
of $351,933 reported in the same quarter in 2012. Product Development and
Marketing spending was the main contributor to the loss but was an important
strategic investment decision for revenue and product line growth in 2013 and
2014. G&A expenses were also higher with additional expenses related to the
acquisition. While the management team is not happy with the net loss in Q2 the
Company is pleased to report that it expects to return to profitability in Q3
2013.
Gross Margin increased to 53.6% in the second quarter compared to 49.6% for the
same quarter in 2012. Company-defined adjusted EBITDA decreased to ($52,000) for
the second quarter, compared to an EBITDA of $279,000 for the same quarter in
2012. The improvement in Gross Margin resulted from a concerted effort over the
past two years to return our margins to historical levels. Additionally, the
Company is currently implementing an expense review program and again is pleased
to report that it expects to have significant positive EBITDA in Q3 2013
"Replacing the lost customers and their associated revenue from 2012 and
improving the gross margins were two of our successful strategic initiatives.
Currently, the Company's sales forecast puts 2013 revenues slightly ahead of
2012 revenues, which would be a major achievement for the Company. The Company
continues to invest heavily in new product development and marketing and we have
a cost optimization plan being implemented in Q3 and Q4," said Michael Gaffney,
Chief Executive Officer.
"The acquisition of GCS Field Research ("FR") on April 1, 2013 opened important
new compliance markets for the Company. We expect the compliance market to
expand with increasing government regulation in food, education, pharmaceutical
and financial services. We were very pleased with the smooth acquisition and
integration of FR into In-Touch.," said Gaffney.
Consolidated Statements of Operations Q2 2013 Q2 2012
Revenue $ 2,815,598 $ 2,947,069
Cost of services 1,305,721 1,485,070
Gross profit 1,509,877 1,461,999
Total operating expenses 1,641,953 1,082,570
Earnings (loss) from operating activities (132,076) 379,429
Finance costs (2,610) (28,226)
Change in fair value of contingent
consideration (5,278) 730
Net earnings (loss) before income taxes $ (139,964) $ 351,933
Certain statements included in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such statements reflect the Company's current views with respect to
future events, and are based on information currently available to the Company
and on hypotheses which it considers to be reasonable; however, management warns
the reader that hypotheses relative to future events which are beyond the
control of management could prove to be false, given that they are subject to
certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved
or disapproved the contents of this press release.
SOURCE: In-Touch Survey Systems Ltd.
To view this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2013/29/c9172.html
SOURCE: In-Touch Survey Systems Ltd.
CONTACT: George Pretli gpretli@intouchsurvey.com Controller 613-270-7916
Copyright (C) 2013 CNW Group. All rights reserved.
-0-
MikeDDKing
11 years ago
New app to provide additional quality assurance and data for clients
CHARLOTTE, NC, June 25, 2013 /CNW/ - Today Service Intelligence, (a division of In-Touch Insight Systems Inc.) announced the internal release of an alpha-phase mobile application for mystery shoppers and auditors, aiming to test a beta version with selected programs this fall.
"This application will cement our leading position in quality
and on-time completion while providing our customers with
an unprecedented audit trail," indicated Cameron Watt, Service
Intelligence Vice President and General Manager.
The new mobile app is designed to be both a quality assurance mechanism for clients and a user-friendly tool for mystery shoppers and auditors. Once launched, mystery shoppers will use their smart phone's GPS technology to confirm their shop has begun at the correct location and within the client-specified time frame.
"We have long been focused on delivering the highest quality programs for our clients", says Pavla Selepova, Vice President of Client Services and project manager of the application. "With this new level of tracking, we intend to start measuring real-time statistics about all work in progress and offer additional quality assurance mechanisms to ensure mystery shops are meeting program specifications."
Aside from quality assurance measurement, the application is also slated to boast other value-added features. Mystery shoppers will use the application to easily check for, claim and complete mystery shop assignments in their surrounding areas in real-time. Eventually, auditors and field teams will also get use of the application on tablets and other mobile devices with the ability to log complex audit results as they move through the store. The app will also allow auditors to take and log photos of locations audited and later upload images tagged with correct times and locations to final reports.
Targeting a beta testing phase this fall, the new application is currently in development with In-Touch Insight's research and development team. Once available, mystery shoppers and field research staff will be able to download the app for free to any smart phone operating system. Users will also receive access to online training modules to use the app, along side of their existing training programs.
Selepova shares, "An app that truly adds value for both clients and users is a long-time coming in the industry. We're really looking forward to providing our clients with this valuable new tool."
About Service Intelligence
Service Intelligence is leading provider of mystery shopping, data collection, auditing and business verification programs in North America. Core services are divided into mystery shopping programs, customer intelligence programs, operational audits and compliance audits. Service Intelligence is a division of In-Touch Insight Systems. Together the two brands have over 50 years of experience providing brands with the insights needed to achieve service and operational excellence. For more information visit intouchinsight.com or serviceintelligence.com
MikeDDKing
11 years ago
IPSG assists PWGSC with the launch of buyandsell.gc.ca
In-Touch Public Sector Group, a division of In-Touch Insight Systems Inc helps PWGSC modernize the delivery of procurement information services
OTTAWA , June 4, 2013 /CNW/ - In-Touch Survey Systems Ltd. (INX.V) through its IMS division, In-Touch Public Sector Group (IPSG) today announced that Public Works and Government Services Canada (PWGSC), the common service agency for the Government of Canada's various departments, agencies and boards, has launched the buyandsell.gc.ca/tenders service to provide citizens and businesses with free access to federal government procurement opportunities. Effective June 1, 2013 . Buyandsell.gc.ca is the Government of Canada's official procurement web site for government buyers publishing opportunities and industry suppliers seeking opportunities. IPSG helped PWGSC realize the vision of buyandsell.gc.ca by providing the full range of business, information management, project management, and information technology services required to support the entire project lifecycle.
Buyandsell.gc.ca provides suppliers, citizens, and Government of Canada employees with electronic delivery of procurement information services; including, tenders, prequalified suppliers, contract history, standing offers and supply arrangements. "IPSG is pleased to play an important role supporting Canada's action plan for open government," stated IPSG CEO Michael Gaffney . "PWGSC's buyandsell.gc.ca serves as a model for modernization, service transformation and citizen engagement for all public sector electronic service delivery initiatives."
IPSG worked with PWGSC to create a solution to resolve content delivery and functionality challenges with PWGSC Acquisitions Branch's legacy websites. The traditionally discrete outputs of the legacy websites were woven together using open source faceted browse and search tools. This integration has enabled Acquisitions Branch to respond to client demand for integrated access to procurement information through a single integrated web presence.
IPSG thought leaders helped to establish the vision for buyandsell.gc.ca, then assisted in establishing a pragmatic action plan that leveraged lessons learned and best practices of others in providing client-centric access to Acquisitions' Branch information and transactional services. Buyandsell.gc.ca complies with Government of Canada standards for web content management, cyber authentication and interoperability with the business number hub.
About PWGSC
Public Works and Government Services Canada's (PWGSC) mandate is to be a common service agency for the Government of Canada's various departments, agencies and boards. With a strong focus on quality services and sound financial stewardship, PWGSC ensures optimum value by enabling other government departments and agencies to provide their programs and services to Canadians. For more information visit www.tpsgc-pwgsc.gc.ca.
About IPSG
In-Touch Public Sector Group (IPSG), the leader in providing service transformation accelerators for open data and e-Government, empowers clients to modernize public service delivery, improve citizen engagement, and accelerate the achievement of strategic outcomes. IPSG is the public sector division of In-Touch Insight Systems Inc. For more information, visit www.intouchpsg.com.
SOURCE: In-Touch Survey Systems Ltd.
Contact:
Contact
Sandra MacDonald, Director Service Delivery
In-Touch Public Sector Group (IPSG)
Email: smacdonald@intouchpsg.com
Phone: 613-270-7941
Fax: 613-271-2845
Address: 400 March Road,
Ottawa, Ontario, K2K 3H4
URL: www.intouchpsg.com
MikeDDKing
11 years ago
In-Touch Survey Systems Ltd. announces Q1 2013 financial results
OTTAWA , May 23, 2013 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch") (INX.V) today announced its operating and financial results for the quarter ended March 31, 2013 .
Revenue for the first quarter was $2,282,441 , which was 18% lower than revenue of $2,790,339 in the same quarter in 2012. The Company previously announced the loss of two major customers in the fall of 2012 and this loss was the primary reason for the reduction in first quarter revenues. A decrease in revenue from the IMS division was a second driver of lower revenue for the first quarter. The company expects to return to normal revenue targets by third quarter 2013 with increased revenue from new customers from organic growth and customers obtained through acquisition.
Net loss before taxes for the first quarter was $145,339 compared to net income of $129,584 reported in the same quarter in 2012. The company anticipated the bottom line challenges in the quarter but did not initiate any major restructuring initiatives to reduce expenses as revenues are expected to rebound in the second and third quarters. Human and physical resources will be required to support third and fourth quarter revenue such that cutting costs in the first quarter would have been counterproductive.
Gross Margin increased significantly to 52.4% in the first quarter compared to 43.7% for the same quarter in 2012. The team has been working on integration, technological optimization and service improvement initiatives since the acquisition of Service Intelligence in the summer of 2011. The dramatic improvement in gross margin bodes well for the future.
Company-defined adjusted EBITDA decreased to ( $52,000 ) for the first quarter, compared to an EBITDA of $279,000 for the same quarter in 2012. Again, the Company decided not to make any significant cost cutting activities during the first quarter as these resources are expected to be needed as revenues rebound later in the year. EBITDA is expected to be positive and improving for the remainder of the fiscal year.
"The last few quarters have been challenging from the perspective of having to replace the revenue lost from major customers and also putting the final touches on a multi-year plan to improve operating margins. We are confident that revenue will rebound in future quarters and that we will show significant improvements in revenue and profitability compared to the first quarter of 2013," said Michael Gaffney , Chief Executive Officer.
"The acquisition of GCS Field Research on May 2, 2013 will also help open new markets and increase revenues for the second quarter and the rest of the year", said Gaffney.
Consolidated Statements of Operations Q1 2013 Q1 2012
Revenue $ 2,282,441 $ 2,790,339
Cost of services 1,086,823 1,570,711
Gross profit 1,195,618 1,219,628
Total operating expenses 1,326,070 1,055,920
Earnings from operating activities (130,452) 163,708
Finance costs (16,016) (33,775)
Change in fair value of contingent consideration 1,129 (349)
Net earnings before income taxes $ (145,339) $ 129,58
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved or disapproved the contents of this press release.
SOURCE: In-Touch Survey Systems Ltd.
Contact:
George Pretli
gpretli@intouchsurvey.com
Controller
613-270-7916
Hegotgame
11 years ago
In-Touch Survey Systems Ltd. announces FY 2012 results: a 20% increase in
revenues
OTTAWA, Apr 4, 2013, 2013 (Canada NewsWire via COMTEX) -- In-Touch Survey
Systems Ltd. ("In-Touch") (TSXV: INX) announces that revenues increased 20% to
$10,719,792 in FY 2012 compared to $8,930,735 in FY 2011. Net earnings for 2012
decreased 7% to $1,032,218 compared to $1,114,904 in 2011, and net earnings per
share for 2012 were $0.07 compared to $0.08 for 2011. Earnings from operating
activities were $761,362 in 2012 compared to $1,059,741 in 2011. The
Company-defined adjusted EBITDA, as described in the Company's Management
Discussion and Analysis was $1,204,000 in FY 2012, compared to $1,387,000 in FY
2011.
"The Company had a successful year in terms of sales growth and new product
development. Net income and EBITDA were down because of increased investment in
product development and marketing and the loss of two large customers in Q4 due
to cost cutting measures in these firms. One or two acquisitions were a key part
of the 2012 growth strategy and while no deals were completed to impact 2012 we
have just announced on April 2, 2013 the acquisition of a division of Navex
Global ", said Michael Gaffney, Chief Executive Officer.
Gross margins decreased to 49% in 2012 compared to 51% in 2011 due to the
assumed overheads associated with the Service Intelligence business combination,
as the final integration of SI took longer than expected. The company expects
gross margins to increase and return to historical levels in 2013 as Service
Intelligence customers have been fully transferred onto In-Touch systems.
At the Event Technology Summit in New York in November 2012 we launched
EventMatrix (eventmatrix.com) - an enterprise platform as a service targeted at
Chief Marketing Officers, Chief Information Officers and Agencies of Record to
manage large complex mobile deployments for marketing and operations
departments. The Company has made two major sales of EventMatrix and estimates
total annual combined revenues from these sales may exceed a million dollars.
Consolidated Statements of 2012 2011
Comprehensive Earnings
Revenue $ 10,719,792 $ 8,930,735
Cost of services 5,510,707 4,366,655
Gross profit 5,209,085 4,564,080
Total operating 4,447,723 3,504,339
expenses
Earnings from operating activities 761,362 1,059,741
Finance costs (112,835) (68,555)
Loss on extinguishment of long-term - (147,748)
debt
Change in fair value of derivative - (104,128)
Change in fair value of contingent (16,179) (29,610)
payment
Deferred tax 407,950 419,104
recovery
Current income tax (8,080) (13,900)
Net earnings and other comprehensive $ 1,032,218 $ 1,114,904
earnings
Weighted average number of common 14,226,312 14,028,257
shares - basic
Certain statements included in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such statements reflect the Company's current views with respect to
future events, and are based on information currently available to the Company
and on hypotheses which it considers to be reasonable; however, management warns
the reader that hypotheses relative to future events which are beyond the
control of management could prove to be false, given that they are subject to
certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved
or disapproved the contents of this press release.
SOURCE: In-Touch Survey Systems Ltd.
To view this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2013/04/c2892.html
SOURCE: In-Touch Survey Systems Ltd.
CONTACT: George Pretli gpretli@intouchinsight.com Controller and Corporate Secretary
613-270-7916
Copyright (C) 2013 CNW Group. All rights reserved.
-0-
MikeDDKing
11 years ago
In-Touch Insight Systems Inc. acquires the Field Research division of NAVEX Global Inc.
OTTAWA , April 2, 2013 /CNW/ - In-Touch Insight Systems Inc. ("In-Touch") (INX.V) announces that it has acquired the Field Research ("FR") division of NAVEX Global Inc. ("NAVEX"). FR provides overt and covert on-site evaluations and inspections, primarily in the United States with some audits in Canada , to gauge compliance with legislation, regulations and organizational policies and procedures such as the following:
FR offers a wide variety of options to assist pharmaceutical companies in compliance with the Prescription Drug Marketing Act's (PDMA) guidance for a proactive sample accountability program. The Prescription Drug Marketing Act (PDMA) is a United States federal law that was enacted to ensure that drug products purchased by consumers are safe and effective, and to avoid the unacceptable risk to U.S. consumers from counterfeit, adulterated, misbranded, sub-potent or expired drugs.
FR is approved by the three major credit bureaus (Experian®, Equifax®, TransUnion®) to provide standard and custom physical site inspections that validate business legitimacy and prospective customer intent prior to the sale of personal data. The Fair Credit Reporting Act (FCRA) is a United States federal law that regulates the collection, dissemination, and use of consumer information, including consumer credit information.
"We have researched and followed the legislated/regulated compliance market for several years and have been actively searching for effective ways to enter this market. The acquisition of the FR division from NAVEX provides us with an excellent market entry point, as it has Fortune 1000 customers in place and complete operational capability. Looking forward, the combination of the FR along with our mobile web data capture technology will provide the combined entity with a significant differentiation over the competition", said Michael Gaffney , Chief Executive Officer of the Company.
The purchase of FR from NAVEX of certain assets and the assumption of certain liabilities, was for a cash purchase price of one million dollars ( $1M ) and is anticipated to add more than two million dollars ( $2M ) in annual revenues to In-Touch. The Company expects increased revenues from this division in the future now that FR has been freed from the constraints of being a small non-strategic division of NAVEX.
The Field Research business is highly valued by clients for the care, diligence and professionalism the team provides on various audits. While not core to the NAVEX Global ethics and compliance ecosystem or material to overall company revenues, it is a business that can and will flourish and grow under the management of In-Touch Insights while NAVEX Global continues to focus on delivering world class training, software and advisory solutions to our more than 8,000 customers worldwide", said Mark Reed , CEO of NAVEX Global.
"In-Touch is actively searching for fairly-priced, profitable, companies with revenue in the range of two to five million dollars per year that fit with our mobile web data capture technology and existing lines of business. The market for our targeted acquisition appears to be picking up and we would like to make one or two more acquisitions to the Company in fiscal 2013", said Gaffney.
Certain statements included in this news release contain forward looking statements, including the current acquisition of FR and any future acquisitions, anticipated increased annual revenue of the Company, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved or disapproved the contents of this press release.
SOURCE: In-Touch Survey Systems Ltd.
Contact:
George Pretli
gpretli@intouchinsight.com
Controller and Corporate Secretary
613-270-7916
MikeDDKing
12 years ago
In-Touch Survey Systems Ltd. Announces Loan Transactions with its Chief Executive Officer and a Director
OTTAWA , Dec. 11, 2012 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch" or the "Company") (INX.V) announces that, on or before December 31, 2012 , it will make a loan in the amount of $193,725 to Michael Gaffney , its Chief Executive Officer and a director, and a loan in the amount of $173,800 to Neil Milton , a director and Chairman, to assist them in complying with recently enacted changes to the Income Tax Act ( Canada ) which prohibit individuals who hold greater than a 10% ownership in companies from holding any shares of such companies within registered plans. The Company has 14,276,312 common shares issued and outstanding. Mr. Gaffney holds 2,260,794 common shares of the Company (15.9%), of which 615,000 shares (4.3%) are held in his RRSP, and Mr. Milton owns 2,401,348 common shares of the Company (16.9%), of which 552,000 shares (3.9%) are held in his RRSP. Plan owners such as Messrs. Gaffney and Milton are obliged to divest such prohibited interests within their registered plans not later than December 31, 2012 or be faced with substantial tax penalties. The principal amount of each loan is based on the closing price of the common shares on the TSX Venture Exchange on December 10, 2012 , namely, $0.315 , and the loan proceeds will be used by each of Mr. Gaffney and Mr. Milton to purchase all of the common shares of the Company held by their respective RRSPs.
The loans will be repayable on December 10, 2013 , and will bear interest at the rate of 3% per annum, being the current prime rate of Canadian chartered banks. The loans will be secured by a pledge of the shares purchased by each of Messrs. Gaffney and Milton from their RRSPs.
The loans from the Company to Messrs. Gaffney and Milton constitute related party transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders (MI 61-101). These transactions are exempt from the requirement for minority approval under MI 61-101 pursuant to section 5.5(a), as the subject matter and consideration for the transaction does not exceed 25% of the market capitalization of In-Touch, and the transactions are also exempt from the formal valuation requirement under MI 61-101 based on both such market capitalization threshold and because In-Touch is listed on the TSX Venture Exchange.
The sole independent director of In-Touch, Rainer Paduch, has reviewed the proposed loan transactions pursuant to Section 5.2(1)(e) of MI 61-101, and approved the loans as being in the best interests of In-Touch, having regard to the potential for depressing the trading price of the Company's common shares if Messrs. Gaffney and Milton were required to cause their RRSPs to sell shares in the market in a short time frame in order to obtain the funds required to purchase all of the shares of the Company held in their RRSPs.
The material change report with respect to these transactions is being filed less than 21 days before the making of the loans as the transactions to remove the shares of the Company from the RRSPs of Messrs. Gaffney and Milton must be completed by them on or before December 31, 2012 , and these changes to the Income Tax Act ( Canada ) came to the attention of Messrs. Gaffney and Milton and the Company only recently.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: In-Touch Survey Systems Ltd.
Contact:
George Pretli
gpretli@intouchinsight.com
Controller and Corporate Secretary
(613) 270-7916
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