Vancouver, B.C. November 3, 2017 – RSI International Systems Inc. (TSX-V: RSY) (“RSI” or the “Company”) today reported that it is negotiating a billing dispute with one of its customers and expects that while the dispute is outstanding, the timing of the Company’s progress towards Operating Free Cash Flow positive, as originally discussed in an August 16, 2017 news release, will be affected. Revenues from the affected client total approximately $35,000 per month.
RSI President & CEO, Tim Major, commented “Given that we have continued to restructure and make ongoing expense reductions, we are still making progress towards our goal of becoming Operating Free Cash Flow positive. However, given the timing of some of the expense reductions, we expect that we will have a period of off-trend cash flow performance until some of the restructuring benefits take effect early next year”.
Mr. Major added “As an example of the progress in expense reductions we are making, at the beginning of February 2018, we will be maximizing the efficiency and motivation of our team by evolving our workplace to co-working and virtual office spaces. An added benefit of this change will be to significantly reduce our office costs, thereby creating monthly working capital for reinvestment purposes by approximately $25,000 to $30,000. When combined with other expense reductions, these types of ongoing savings have made our business much more efficient and better able to deal with adverse events while still allowing us to pursue our strategic plan”.
Neither the 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.
RSI International Systems Inc. is the developer of RoomKeyPMS, a web-based Property Management System (PMS) that incorporates a fully integrated Online Reservation Booking engine and seamless real-time connectivity to the major Global Distribution and Internet Distribution Systems. RSI markets its RoomKeyPMS and a number of other proprietary “hosted” software solutions to a wide variety of Hospitality Industry clients around the world. For more information, please see our website at www.roomkeypms.com
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements. Any statements that are not strictly historical fact are considered “forward-looking statements.” Forward-looking statements cannot be guaranteed and involve assumptions and are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and not place undue reliance upon forward-looking statements. Any forward-looking statements made herein are made as of the date hereof, and the Company assumes no obligation and disclaims any intention to revise or update any forward-looking information and statements except as required by applicable laws.
For more information, please contact:
RSI Systems International Inc.
Adam Ho, Director