Montreal (Quebec), August 29th, 2008 - Group ODESIA Inc. (“ODESIA”) (TSX-V: ODS) has announced today its financial results for the quarter ended June 30, 2008.
Financial Highlights for the second quarter of 2008 :
10.8% growth in revenues for the second quarter of 2008 and nearly 33% for the first half of 2008.
Loss related to the write-off of 1,0 M$ CA of intangible assets, due to contracts acquisition in 2007
Subsequent event :
Private placement of $1,450,000 by the issuance of a convertible debentures of $750,000 and 1,750,000 units at the cost of $0.40 per unit for a total consideration of $700,000;
Management team reorganization with the appointment of Mr. Simon Lepage, Chief Financial Officer.
"During the second quarter, we started a plan of rationalization of our operations in order to reduce our cost structure and fully benefit from the synergies between our offices in Montreal, Paris and Mexico. Our reorganization plan, which falls under the company strategic plan, is being implemented and we will start to see its benefits towards year end. We have also repositioned our services offer in order to better align our organization with the needs of our targeted customers and we are discontinuing some less profitable activities. The private placement completed in July will allow the company to continue its growth ", indicated Mr. Nicolas Bonnafous, President and CEO of Odesia Group.
"We have created in Montreal a BI Business Solutions department. With this innovative and unique approach to the market we differentiate ourselves from the competitors. Finally, since the beginning of the year we have reinforced our business relations with some of our partners such as SAS and Business Objects, both in Canada and abroad", concluded Mr. Bonnafous.
About ODESIA
ODESIA is an international corporation specialized in BI solutions, decision processes and date warehousing for large corporations. The management team at ODESIA has extensive knowledge and experience in leading the execution of BI processes in large enterprises. The team of some 200 professionals offers a high level of service and specialization. The company's goal is to provide customers a complete solution, no matter the technical challenge. For more information, see www.ODESIA.com .
Forward-looking statement
This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Readers are cautioned against exaggerated confidence in any information of a prospective nature. ODESIA rejects any obligation to revise or update the forward-looking statements contained in this press release.
The TSX Venture Exchange assumes no responsibility for the relevance or accuracy of this press release.
CONTACT INFORMATION:
ODESIA Group Inc.
Nicolas Bonnafous, President and CEO
514-876-1155 ext. 102
nbonnafous@odesia.com
