Calgary, Alberta – May 30th, 2005 – Ivrnet Inc. is please to announce profitable results for the quarter ended March 31st, 2006.
Revenues for the first quarter of 2005 were up 78% to $350,248 compared to $197,283 for the same quarter in 2005. The Company had net income of $7,190 versus a net loss of $42,429 in 2005. Growth was led by the increase in Telephony and ecommerce revenue to $249,248, up 99% from the $125,351 recorded in the first quarter of 2005. A major component of this revenue was greater than $83,000 in revenues from Ivrnet’s automotive partner PBS Systems Inc.
A full analysis of the Quarter can be found by visiting www.sedar.ca.
In the first Quarter of 2006 Ivrnet ended its support agreement with Chirosuite Inc, which followed the disposal of its ownership in Chirosuite in Q4 2005. Subsequent to the quarter, Ivrnet raised $425,000 through the issuance of 4,250,000 share and purchase warrant units. Expiry of the hold period on this issuance is August 18th, 2006. Details of this issuance can be found in the releases dated March 28th and April 17th.
Also in the Quarter Robert Blackshaw assumed the role of Chairman of the Board of Directors, and David Snell assumed the responsibility of company CEO. Ivrnet further announces the departure of Rich Thompson and Art Monk from the Board of Directors, and the addition of Mr. David Grixti to the Board. The company thanks Mr. Thompson and Mr. Monk for the tremendous support and effort expended during their time with the Board, and wishes them all the best as they pursue further ventures.
Mr. Grixti is the Vice President Sales – Western Canada and Alliance Partners for Allstream Inc., Ivrnet’s primary supplier of telephony connectivity. “David brings a wealth of experience, contacts, and knowledge not just in telephony but in technology in general” boasts David Snell, Ivrnet’s President. “David will be a tremendous asset as we continue our move to providing advanced telephone services throughout Canada.”
About Ivrnet Inc. – Ivrnet Inc. is a leading provider of WEB-Telephony Integrated (WTI) products and services. In addition to marketing a standard set of telephone related services such as conference calling, unified messaging, and other services, Ivrnet develops and operates custom Interactive Voice Response solutions using both touch tone and voice recognition. All Ivrnet telephony services are setup, configured and monitored through state of the art web interfaces.