Revenues for the quarter were up 338% to $241,000 from $55,000 in the same period last year. The increased revenue was directly associated with the use of the company’s SportXction system by Sportingbet and Ladbrokes as well as with the development of additional features to satisfy the requirements of the Ontario Lottery and Gaming Corporation.
Net loss was $300,000 compared to $1 million in the prior year. As the company’s operations currently do not generate positive cash flow, the management’s immediate priority is to address the long-term liquidity issues. ISWI anticipates that without any proceeds from an equity financing or strategic transaction, its existing resources will be adequate to fund its operating requirements only through March 2008.
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