Labrador Technologies Inc. Reports 3rd Quarter, 2005 Financial Results and Expiration of Petro-LAB™ Non-Compete
LTI poised to re-enter Calgary oil and gas software market
September 29th, 2005 - Calgary, Canada – Labrador Technologies ("LTI") (LTX:TSX.V), formerly known as Sterne Stackhouse Inc., today announced its unaudited financial results for the 3rd Quarter, ended July 31st, 2005. Complete financial results can be found in LTI's online Investor Relations section, available at www.labradortechnologies.com.
CEO'S REPORT TO SHAREHOLDERS
Effective July 1st, 2005, LTI established a new streamlined organizational structure that included, amongst other things, acquiring two senior software architects/programmers, with over 35 years of combined software development experience, and over 20 years of focused oil and gas software development.
As well, LTI successfully completed, on August 17th, an over-subscribed private placement, which raised $275,000 of equity financing. LTI has used a small portion of the proceeds to completely overhaul and update its network and development environment to economical, yet ‘state-of-the-art’, development standards. LTI plans to use the bulk of the remaining proceeds to continue to fund its corporate strategy as outlined below.
LTI continues to drive its business forward on a platform of software excellence, reliability, integrity, and particularly… persistence. As a result, the company remains committed to its business strategy to exploit 25 years of intellectual property, by transforming these assets and experience into revenue generating distribution agreements. As a follow-up to LTI’s Second Quarter Report (referencing an exploratory “pilot” project with a multi-national oil and gas service company), LTI has successfully completed this assignment, which has allowed the company to progress to higher levels of negotiations with this potential distribution partner. LTI hopes to be able to report on the results, positive or not, of any potential agreement before the fiscal year end.
Also of major significance is the impact of the expiration, on September 30th, 2005, of LTI’s non-competition agreement, with the purchaser, in 2000, of the Canadian Petro-LAB™ software. As a result, LTI plans to aggressively re-enter the Calgary oil and gas software market, by endeavouring to re-establish its historically highly successful relationships with Calgary’s prominent oil and gas Data Centres – using Labrador® to “move” data, at will, for Data Centre clients. LTI will also be working closely with industry and market experts to identify and develop critical Data-Flow Management™ software components, where revenue opportunities exist. Design and development of these products/components will begin on October 1st, 2005.
Since 1981, LTI has been a recognized leader in developing 'stand-alone' software products and 'embeddable' software components for direct sale to oil and gas companies, and for distribution by oil and gas software service and supply companies. In short, LTI helps distribution partners/clients manage and integrate the "flow" of the data its partners and clients invest in. Currently, LTI is laying the groundwork to again expand its markets beyond oil and gas.
Complete financial results can be found in the LTI Investor Relations section of www.labradortechnologies.com.
On Behalf of the Board of Directors,
H. Ronald Sterne
C.E.O., Labrador Technologies Inc.
LTI (www.labradortechnologies.com) trades on the TSX Venture Exchange (TSX.V) under the ticker symbol LTX.
For more information contact:
Bill Rafih
Director, Corporate Communications
Labrador Technologies Inc.
403.263.6325
This release may contain forward-looking statements with risks and uncertainties that may cause the actual results to differ materially from those intended or anticipated by the Company. The Toronto Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
(Not
for dissemination in the United States of America)