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Eloda Corporation announces results for the second quarter of 2009

^{Published on 2009-08-17 11:34:34, Last Modified on 2009-08-17 11:34:42 - Market Wire}
 

 MONTREAL, Aug. 17 /CNW Telbec/ - Eloda Corporation, ("Eloda" or the "Company") (TSX-V: ELA), today announces its results for the fiscal period ended June 30, 2009. Revenues for the six-month period ended June 30, 2009 were $200,263, an increase of 27% compared with revenues of $157,729 for the same period in 2008. Revenue growth was driven by increased sales of Eloda Protocol. The Company realized revenues of $66,931 for the three-month period ended June 30, 2009, a decrease of 21% compared with revenues of $84,534 for the same period in the previous fiscal year. Net losses totalled $1,118,946 or $0.01 per share in the second quarter of 2009, against $1,199,224 or $0.02 per share in the same period of 2008. This lower loss is primarily associated with lower selling, general and administrative expenses, partly offset by accretion in carrying value of long term debt and convertible debentures. ------------------------------------------------------------------------- Three-month period Six-month period ended June 30, ended June 30, ------------------------------------------------------- 2009 2008 2009 2008 (restated) (restated) ------------------------------------------------------- $ $ $ $ ------------------------------------------------------------------------- Revenues 66,931 84,534 200,263 157,729 ------------------------------------------------------------------------- Loss (1,118,946) (1,199,224) (2,235,236) (2,310,469) ------------------------------------------------------------------------- Basic and diluted loss per share (0.01) (0.02) (0.02) (0.03) ------------------------------------------------------------------------- Total assets 469,860 1,359,239 469,860 1,359,239 ------------------------------------------------------------------------- Long term liabilities 5,658,769 3,938,598 5,658,769 3,938,598 ------------------------------------------------------------------------- Highlights "In the second quarter, we have continued our expansion in the US market. We have delivered a significant project with a worldwide auditing partner. However, our continued efforts to finance Eloda's operations have been challenged by weak capital markets.", said François Rainville, President and CEO of Eloda. Eloda announces that, subject to the approval of the TSX Venture Exchange, it intends to settle an existing debt of $85,000 with a company through the issuance of a total of 5,666,667 common shares of the Company at a deemed price of $0.015 per common share and a debt of $70,304.57 with one insider of the Company through the issuance of 1,406,091 common shares at a deemed price of $0.05 per common share. Eloda also announces the resignation of Dr. Sadouk Besrour from the Company's Board of Directors. The Directors of Eloda wish to thank Dr. Besrour for his significant contribution to the development of the Company during his tenure. About Eloda Corporation Eloda Corporation (TSX-V:ELA) is a third party providing a suite of innovative, effective and user-friendly measurement and validation tools for the advertising industry. The company is headquartered in Montreal, with an office in New York City. For more information, visit [ www.eloda.com ]. Neither 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: L. Derek Lindsay, Vice-President & CFO, Eloda Corporation, (514) 842-1513, Fax: (514) 842-4588, [ dlindsay@eloda.com ]; C. Allaire, Communications & Marketing, Eloda Corporation, (514) 842-1513, Fax: (514) 842-4588, [ invest@eloda.com ]