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WNS EMERGENT INC. (TSX-V: WNS)
NEWS RELEASE
For Immediate Release: Wednesday, August 13, 2003
Calgary, Alberta WNS ANNOUNCES RESULTS FOR QUARTER
ENDED JUNE 30, 2003 WNS Emergent Inc. (“WNS” or the “Company”) has filed its financial statements for the quarter ended June 30, 2003. Revenue for the three month period ended June 30, 2003 was $1,957,848 ($1,468,547 for the three months ended June 30, 2002) resulting in a Net Loss of $261,773 ($798,364 for the three months ended June 30, 2002). The Net Loss for the quarter includes amortization charges of $270,629 ($313,116 for the three months ended June 30, 2002). On a year to date basis, revenue for the six month period ended June 30, 2003 was $4,191,706 ($2,958,282 for the six months ended June 30, 2002) resulting in a Net Loss of $410,832 ($1,688,095 for the six months ended June 30, 2002). The Net Loss for the six months ended June 30, 2002 includes amortization charges of $556,895 ($583,605 for the six months ended June 30, 2002). "In June 2002 WNS implemented an aggressive one year restructuring plan based on fundamentals - increasing recurring revenue, cost control and managing cash flow while simultaneously maintaining management infrastructure sufficient to support a growing business. The financial results for the six months ended June 30, 2003 as compared with the six months ended June 30, 2002 clearly demonstrate the success of the plan and the execution thereof. Notwithstanding the aggressive cost cuts over the past year, management believes that it has developed and maintained a strong core of expertise in management, accounting and operations to successfully develop and maintain a significantly larger and profitable business. In June 2003, WNS commenced the next phase of its long term strategy with an aggressive one year plan to rapidly grow while leveraging the Company's core competencies. Preliminary execution of this plan is demonstrated with the proposed acquisition of TCENet Inc. (TSX Venture: TCE) announced on June 19, 2003. The objective of WNS' planned acquisitions is to rationalize overhead using the principles forged by management over the last year and start to realize on operational efficiencies by the end of 2003. As such, management expects the measure of WNS' success to be evident in the financials of the Company for the six months ending June 30, 2004," said George Watson, President and CEO. WNS Emergent provides technology to clients to assist in the management of their vital information and documents. Our solutions allow our clients to Connect, Communicate and Collaborate. Our Connect solutions team consists of infrastructure specialists who handle everything from the complete outsourced management of networks to the most complex integration of wireless services. Our Communicate solutions include the design, development, implementation and support of specialized information and document management solutions using a team of experts deployed across Canada. Our Collaborate Solutions include proprietary document management technologies delivered through our ASP model enabling electronic plans rooms, management of large scale construction projects and bidding processes involving over $1Billion of procurement. For more information, please visit www.wnsemergent.com. For further information, please contact:
Mr. George Watson
President & CEO
Tel: (403) 705-7500
Fax: (403) 705-7555
E-mail: george.watson@wnsemergent.com
or Mr. Alykhan Mamdani
CFO
Tel: (403) 705-7500
Fax: (403) 705-7555
E-mail: alykhan@wnsemergent.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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