The Canadian Press, On Thursday August 25, 2011, 2:37 pm EDT
By The Canadian Press
TORONTO - Security and identity management company Route1 Inc. (TSXV:ROI) narrowed its net loss in the second quarter, although revenue remained virtually unchanged.
Route1 said its loss was $264,000 or less than a penny per share in the three months ended June 30, compared with a loss of $618,000, also less than a penny per share, in the 2010 quarter.
Revenue was $1.2 million in both periods.
"While we continue to wait on a number of customers to advance their large scale rollouts, I am pleased with our company's ability to continue to build our sales pipeline to complement what we are about to achieve in the near term," CEO Tony Busseri said in a statement accompanying the results.
"We continue to make progress with our customers and remain confident in Route1's ability to demonstrate significant revenue and cash flow growth in the very near future."
Meanwhile, the company said it has adopted a shareholder rights plan to "ensure the fair treatment of shareholders in connection with any takeover offer for Route1 and to provide the board of directors and shareholders with additional time to fully consider any unsolicited takeover bid."
Route1 said the plan, which has received conditional approval from the TSX Venture Exchange and is awaiting approval by shareholders, was not adopted in response to any specific takeover proposal.
The company's stock was unchanged at 16 cents per share Thursday on the TSX Venture market.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~`
Second last paragrah.... regarding conditional approval and not being adopted in response to any specific takeover proposal ... so basically it is just in case... preventative measure..
just my honest opinion,
glta,
Wolf