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March 29, 2010
FOR IMMEDIATE RELEASE
BLACKLINE GPS CORP. REPORTS 1st Quarter 2010 FINANCIAL RESULTS
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Calgary, Canada - Blackline GPS Corp. ("Blackline" or "the Company") is pleased to report its financial results for the first quarter ended January 31, 2010.
Revenue for the quarter was $0.350 million compared to $0.235 million for the first quarter of 2009, an increase of approximately 49%. This increase was a result of revenues from the fourth quarter 2009 introduction of the Escort® Entourage™ CIS and Escort® Entourage™ PS vehicle security and recovery products, both powered by Blackline GPS, and from increased service revenues as the user base of the Company's products grows.
The Company also continued to grow its product suite and distribution channels during the first quarter, including the introduction of the Harpoon(TM) GPS watercraft security system and the announcement of the Young Driver Report Card. In March 2010, the Company also announced a new product, geared toward law enforcement specific GPS tracking technology, which is in late-stage development and due for release this year. The company has received favorable response from the sales channels for their products, executing new agreements with major distributors.
"We are pleased to have delivered a suite of products that can address targeted markets where demand is currently underserved. The advantage of having a highly skilled and capable team with a flexible LBS platform allows Blackline to address these markets quickly", said company CEO, Clark Swanson. "We have now secured several new channel partnerships with major distribution companies outside our traditional channels, a result which should better reflect growth of our company stimulated by the marketability of our product portfolio".
The net loss for the quarter was ($0.806)
million compared to ($0.609) million for the same quarter in the
previous year. This loss reflects the increase in revenue offset
by increased product development and selling, general and
administration costs incurred as the Company continues to
develop.
The Company's unaudited consolidated financial statements and
Management's Discussion and Analysis for the three months ended
January 31, 2010 are available at the Company's profile on SEDAR
at www.sedar.com.
About Blackline GPS Corp.
Blackline GPS Corp., founded in 2004, integrates satellite GPS
tracking with cellular GSM technology to provide innovative
wireless products and service solutions to address the growing
markets in vehicle and watercraft security and recovery,
location-sharing, workforce management and family efficiency
concepts. Headquartered in Calgary, Canada, Blackline GPS powers
the Escort (R) Entourage(TM) CIS and PS vehicle security
systems, combining the premium components of the Escort family
of products with a level of user website connectivity, access to
global databases and backend location tracking and recovery only
Blackline GPS can offer.
Other products include Harpoon(TM) GPS watercraft security systems, BlipPlus(TM) Friend-finder app for Blackberry(R) Smartphone and the Monitoring & Recovery Service powered by Blackline GPS, providing instant text, email and direct voice contact alerts when vehicles or watercraft are tampered with or move from a GPS Security Perimeter, and a national recovery network to facilitate the recovery process should they be stolen. Technology, dedication and vision combine to create an ever-growing suite of tools designed to Protect. Share. Connect™. For additional information please visit Blackline GPS on the web at www.blacklinegps.com.
A copy of this news release will be available at www.sedar.com. Certain statements included in this presentation may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be taken as guarantees of future performance or results. Forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including: the impact of general economic conditions, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates and stock market volatility. Risks facing the Company are more fully described in the Company's Management Discussion and Analysis dated February 24, 2010. The forward-looking statements contained in this news release are made as at the date of this news release and Blackline does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Clark Swanson, President & CEO
Phone: (403)-870-3059 or (323)-899-2518
Fax: (403)-451-9981
cswanson@blacklinegps.com
Website: www.blacklinegps.com
TSX (V): BLNs
