SolutionInc Announces Improved Annual Financial Results For Fiscal 2009

HALIFAX, Jul 30, 2009 (Canada NewsWire via COMTEX) -- STL | Quote | Chart | News | PowerRating -- SolutionInc Technologies Limited (TSX-VEN:STL), a leader in High Speed Internet Access gateway solutions, announced today its most successful annual results in company history for the year ended March 31, 2009 ("Fiscal 2009") with its highest annual EBITDA* and lowest net loss. These results represent a further improvement over Fiscal 2008's record financial performance. Mr. Glen Lavigne, President and CEO, commented, "I am thrilled to announce that our strategic focus, ability to provide innovative solutions to our customers, cost reduction strategy and focused sales approach continue to advance SolutionInc's financial position and have enabled us to achieve our highest positive EBITDA and lowest annual loss to date."

SolutionInc continued to provide its key reseller customers and partners with high quality, High Speed Internet Access gateway solutions in Fiscal 2009 and also gained more new customers than in any other single year in company history, including video on demand providers, systems integrators, as well as telecommunication, cable and manufacturing companies.

    <<
    Financial highlights for Fiscal 2009 in comparison to Fiscal 2008
    include:

    - SolutionInc reported its highest EBITDA*, an increase of 96%, from
      $154,000 to $302,000.

    - The company reported its lowest loss, which decreased by 77%, to
      $56,000 from $253,000.

    - Recurring revenues represented approximately 41% of total revenues for
      the year versus 30% of total revenues in the prior year.

    - SolutionInc repaid $160,000 of long term debt.

    - A new $500,000 loan has been secured to help fund specific research and
      development related to next generation products and services.

    * EBITDA is defined as reported loss adjusted for interest, taxes,
    amortization, and stock-based compensation.
    >>

Revenues for Fiscal 2009 decreased slightly compared to Fiscal 2008. During Fiscal 2009, SolutionInc began a combination of cost reduction initiatives as well as new business development initiatives to improve profitability metrics, grow shareholder value and position the Company to meet the challenges presented by difficult global market conditions. "Going forward, we will continue to strive for stronger economic performance and excellence in delivering world-class, innovative products, services and solutions. SolutionInc is committed to the success of our current partners and customers and to gaining new customers in the hospitality, Internet service provider and OEM markets in the next fiscal year," Mr. Lavigne added.

About SolutionInc

With operations in more than 35 countries worldwide, SolutionInc is an established global leader in Internet, centralized hotspot connectivity, billing and management solutions. SolutionInc provides software and services to the hospitality and telecommunications industries through its award-winning, patented technology software products: SolutionIP(TM) and SolutionIP(TM) Enterprise. Through 700,000+ touch points, SolutionIP(TM) allows people to easily and securely connect to the Internet from locations such as hotel rooms, convention centres, universities, restaurants and airports. SolutionInc is a trademark and a wholly-owned subsidiary of SolutionInc Technologies Limited (TSX-VEN: STL). For more please visit www.solutioninc.com

SolutionInc Disclaimer:

Statements about the Company's future plans and intentions, results, levels of activity, performance, goals or achievements or other future events constitute forward-looking statements. Wherever possible, words such as "may," "will," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," or "potential" or the negative or other variations of these words, or other similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to Management. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what Management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, competitor activity, product capability and acceptance, international risk, currency exchange rates, and technology changes. More detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the Risk Assessment section of the March 31, 2009 Management Discussion and Analysis.

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SOURCE: SOLUTIONINC TECHNOLOGIES LIMITED

Natalie Doyle Oldfield, Chief Marketing Officer, (902) 422-1647,
ndoldfield@solutioninc.com

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