Sylogist signs $5+ million in customer contracts
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CALGARY, Feb. 5, 2013 /CNW/ - Sylogist Ltd. ("Sylogist" or the "Company") - (TSX-V: SYZ), is pleased to announce the recent signing of multi-year commitments in excess of $5 million by several independent school divisions in the Provinces of Manitoba and Alberta. Commitment periods generally range from 3 to 5 years, with the majority of contracts having annual fee escalators. This brings the value of multi-year commitments from existing school division customers to $9 million when combined with those announced in December, 2012, representing ¼ of Sylogist's education business today. The annual fees to be generated from these long term contracts exceed the revenues generated from Sylogist's entire educational customer base in fiscal 2012. In fiscal 2012, its school division business represented approximately 30% of Sylogist's total revenues.
"Our educational customers continue to embrace our cloud based solutions for the long term. They appreciate our commitment to addressing the critical needs within their school district operations, while maintaining the financial capacity to continually invest in bettering our solutions" stated Jim Wilson, President and CEO.
Sylogist is a technology innovation company which, through strategic acquisitions, investments and operations management, provides intellectual property solutions to a wide range of public and private sector customers. The Company's stock is traded on the TSX Venture Exchange under the symbol "SYZ".
This news release contains forward-looking statements relating to the future operations and profitability of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Sylogist. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Sylogist 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 expressly required by Canadian securities law.
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SOURCE Sylogist Ltd.