RESTON, Va., Dec. 19, 2012 /PRNewswire/ -- Santeon Group, Inc. (OTC: SANT, "Santeon" or "the Company") reviews key accomplishments for 2012.
Dr. Ash Rofail, Chief Executive Officer of Santeon Group Inc. commented on the year nearly completed, "2012 is shaping up to be a great year for Santeon shareholders and employees. With our focus on customer acquisition, revenue growth, operational execution and financial profitability, we have already witnessed a number of successes this year. Since the merger with ubroadcast, inc. in 2010, we have met our fair share of challenges with the integration process and our focus on improving our financial and operational profile. However, during this time, we managed to grow revenue 76% from 2010 to 2011 in spite of a very lean organization. As we near the close the year, we are very proud of our efforts and are excited for the opportunities ahead for Santeon."
Year-to-Date Financial and Operational Achievements:
- Achieved revenue growth of 90% year-over-year for the nine months ended September 30, 2012 vs. the nine months ended September 30, 2011;
- Grew revenue each quarter sequentially for the last eight quarters;
- Reached Net Income profitability in each of the last two consecutive quarters;
- Produced significant cash flow from operations in the three months ended September 30, 2012, achieving cash flow independence and providing the Company with operating flexibility;
- Improved the Company's balance sheet and overall financial profile materially since the year ended December 31, 2010;
- Expanded the Agile practice with the acquisition of two major customers in 2012 and significantly higher revenue from three other existing Agile customers;
- Added more than five revenue-producing, top-tier Agile coaches during 2012 that will significantly enhance that practice and firmly establish Santeon in both the commercial and government arenas as a premier industry thought-leader;
- Signed partnership agreements with four major human resource management system software providers positioning the electronic Benefits Network ("eBN") business for substantial future growth;
- Launched today a new, significantly improved platform for ubroadcast with enhanced features and functionality;
- Achieved full compliance with SEC filing requirements in October 2012 and will stay current with future filings; and
- Reduced the number of common shares issued and outstanding from approximately four hundred seventy-six million to approximately one million two hundred thousand by effecting a one for four hundred (1:400) reverse stock split to enhance and stabilize the share price as well as attract the attention of larger potential shareholders.