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Posera-HDX Announces Financial Results For The First Quarter Of 2013

The Company has experienced a Normalized EBITDA loss for the three-months ended March 31, 2013 of $276,402, a decrease of $45,711 from a Normalized EBITDA loss of $322,113 for the three-months ended March 31, 2012. The Company incurred amortization of acquired intangible assets of $326,065 (2012- $320,407) and amortization of property plant and equipment was $36,921 (2012 - $47,036) for the three-months ended March 31, 2013 and 2012 respectively. HDX Payment Processing Ltd. (formerly Cash N Go Ltd. a payments processing company) experienced an EBITDA loss for the three-months ended March 31, 2013 of $134,272, an increase of $13,529 from an EBITDA loss of $120,743 for the three-months ended March 31, 2012. Additionally, Posera-HDX Scheduler Inc. (the acquired assets of 2020 ITS Inc.) experienced EBITDA income for the three-months-ended March 31, 2013 of $6,521, an increase of $20,448 from an EBITDA loss of $13,927 for the three-months ended March 31, 2012. The Company expects to continue to make significant investments in these divisions into the foreseeable future and will strive to increase revenue for these divisions and products as quickly as possible.

Quarterly Highlights and Summary

  • Total revenue was $4,093,586 for the three-months ended March 31, 2013, up $463,542 (12.8%) from $3,630,044 for the three-months ended March 31, 2012 and down $443,942 (9.8%) from $4,537,528 for the three-months ended December 31, 2012;
  • Net loss for the three-months ended March 31, 2013 was a loss of $600,724, a decrease of $174,593 from a loss of $775,317 for the three-months ended March 31, 2012, and a decrease of $2,296,165 from a loss of $2,896,899 for the three-months ended December 31, 2012;
  • EBITDA loss for the three-months ended March 31, 2013, was $296,920, a decrease of $29,695 from an EBITDA loss of $326,615 for the three-months ended March 31, 2012, and a decrease of $137,178 from an EBITDA loss of $434,098 for the three-months ended December 31, 2012;
  • Normalized EBITDA loss for the three-months ended March 31, 2013 was $276,402, a decrease of $45,711 from a Normalized EBITDA loss of $322,113 for the three-months ended March 31, 2012, and an increase of $104,029 from a Normalized EBITDA loss of $172,373 for the three-months ended December 31, 2012;
  • Gross profit was $1,515,956 for the three-months ended March 31, 2013, up $205,237 (15.7%) from $1,310,719 for the three-months ended March 31, 2012, and down $122,743 (7.5%) from $1,638,699 for the three-months ended December 31, 2012;
  • Operating expenses were $2,041,056 for the three-months ended March 31, 2013, up $10,393 (0.5%) from $2,030,663 for the three-months ended March 31, 2012, and down  $2,781,715 (57.7%) from $4,822,771 for the three-months ended December 31, 2012; and
  • Included in cost of sales and operating expenses for the three-months ended March 31, 2013, March 31, 2012 and December 31, 2012 were certain one-time non-recurring expenditures, non-cash amortization of intangible assets and property plant and equipment, non-cash stock-based compensation expense and non-cash impairment to assets totaling $383,505, $371,945 and $3,048,082 respectively.

Non-IFRS Reporting Measures:  Management reports on certain Non-IFRS ("International Financial Reporting Standards") measures to evaluate performance of the Company. Non-IFRS measures are also used to determine compliance with debt covenants and manage the capital structure. Because non-IFRS measures do not generally have a standardized meaning, securities regulations require that non-IFRS measures be clearly defined and qualified, and reconciled with their nearest IFRS measure. The Canadian Institute of Chartered Accountants (CICA) Canadian Performance Reporting Board has issued guidelines that define standardized earnings before interest, taxes, depreciation and amortization (EBITDA). For definitions of Non-IFRS measures, refer to the Company's quarterly management discussion and analysis for the three-months ended March 31, 2013.

Additional information on Posera- HDX's first quarter 2013 financial results will be available in the financial reports filed by the Company with Sedar at www.sedar.com and posted to the Investor Relations section of the Company's website at www.hdxsolutions.com.

About the Company

Posera-HDX is in the business of managing merchant transactions with consumers and facilitating payment. The Company develops and deploys touch screen POS system software and associated enterprise management tools and has developed and deployed numerous POS applications. Posera-HDX also provides system hardware integration services, merchant staff training, system installation services, and post sale software and hardware support services.

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