VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: CKM) today announces
its audited consolidated financial results for the year ended
December 31, 2007.
2007 Significant Events:
- Completed convertible debenture financing for gross proceeds
of US$4,200,000 before launching Mobile chalkboard(TM).
- Implemented restructuring by reducing content
production-related personnel by 27 and reduced content production
fixed costs by $162,000 per month.
- Entered Research in Motion Inc.'s BlackBerry� Independent
Software Vendor Alliance Program to align the Company's development
of Mobile chalkboard(TM) with Research in Motion's ("RIM")
Blackberry� as Mobile chalkboard(TM) evolves.
- Released the first version of Mobile chalkboard(TM), a Mobile
Content Deployment System ("MCDS"), designed to work on RIM's
Blackberry� handheld devices.
- Completed equity financings totaling $15,904,513 in gross
proceeds after launch of Mobile chalkboard(TM).
- Incurred loss of $10,266,959 or $0.11 per share for the year
ended December 31, 2007 compared to loss of $7,159,825 or $0.12 per
share for the year ended December 31, 2006.
- Earned revenues of $2,559,214 for the year ended December 31,
2007 compared to $3,544,096 for the same period in 2006, a
reduction of 28%.
- Convertible debenture holders converted US$3,455,000 of
convertible debentures to 23,033,331 common shares of the Company,
reducing our long-term debt. The remaining balance of convertible
debentures outstanding at December 31, 2007 was US$745,000.
Chalk earned revenues of $2,559,214 for the year ended December
31, 2007, compared to $3,544,096 for the same period in 2006. Chalk
earned revenues of $2,095,617 for interactive media and $437,244
for television and airline segment production for the year ended
December 31, 2007 and $2,504,674 and $968,383, respectively for the
same period in 2006.
The net loss for the year ended December 31, 2007 was
$10,266,959, or $0.11 per share, compared to a net loss of
$7,159,825, or $0.12 per share, for the same period in 2006. The
increase in the net loss was due to the decreased revenues, higher
cost of sales from increased production personnel prior to the
restructuring and the placement fee for the MSN/Sympatico online
video technology program, increased research and development
expenses associated with ongoing development of our chalkboard(TM)"
software including Mobile chalkboard(TM), increased legal and other
professional fees and travel expenses associated with our issuance
of convertible debentures and common shares, preparing additional
securities filings and tax work, higher stock-based compensation
expense, and the accretion expense associated with the convertible
debentures.
"We made a significant transition in our business model in 2007
to focus on our mobile software opportunity," said Stewart Walchli,
President and CEO. "The software business model has far superior
margins compared to the custom content business. Furthermore, we
are delighted by the response to Mobile chalkboard(TM) by Fortune
500 companies and believe that we can be the leader in deploying
media-rich content to mobile devices."
Selected Financial Data (in $'000's, except per share numbers):
Year ended December 31,
----------------------
2007 2006
---- ----
Revenue $ 2,559 $ 3,544
Gross margin ($ 236) $ 1,291
Operating income / (loss) ($ 9,935) ($ 6,874)
Net income / (loss) ($10,267) ($ 7,160)
Earnings / (loss) per share ($ 0.11) ($ 0.12)
This press release should be read in conjunction with Chalk's
audited consolidated financial statements for the year ended
December 31, 2007, as well as its management's discussion and
analysis ("MD&A") dated April 25, 2008 available at
www.sedar.com.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of applicable Canadian securities legislation.
Generally, forward-looking statements can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Chalk to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to the
speculative nature of the software industry, which is affected by
numerous factors beyond Chalk's control; the existence of present
and possible future government regulation; the significant and
increasing competition that exists in the software industry; and
risks associated with early stage companies such as Chalk,
including uncertainty of revenues, markets and profitability and
the need to raise additional funding as well as those factors
discussed under the heading "Risk Factors" in Chalk's annual
MD&A dated April 25, 2008.
Although Chalk has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Chalk does not undertake to update any forward-looking
statements that are contained herein, except in accordance with
applicable securities laws. Further information on Chalk Media
Corp. is available at www.sedar.com.
About Chalk Media Corp.
Chalk is a leading provider of enterprise solutions that help
organizations communicate more effectively with their employees,
business partners and consumers. Chalk's new Mobile Content
Deployment System, Mobile chalkboard(TM), allows rich media content
to be pushed securely to BlackBerry� smartphones and tracked. For
more information, please visit www.chalk.com.
The BlackBerry� and RIM families of related marks, images and
symbols are the exclusive properties and trademarks of RIM. RIM
assumes no liability and makes no representation, warranty or
guarantee in relation to third party products or services.
To view additional Chalk press releases, please visit:
www.chalk.com/About/NewsRelease.asp
The TSX Venture Exchange has not reviewed the contents of this
release and is not responsible for its accuracy.
Contacts: Chalk Media Corp. Kris Sutherland Executive Vice
President (604) 453-4424 Email: kris@chalk.com Website:
www.chalk.com
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