Absolute Software Reports Fiscal 2014 Second Quarter Results

Mobility and data security trends continue to drive Computrace growth

VANCOUVER, Feb. 11, 2014 /CNW/ - Absolute® Software Corporation ("Absolute" or the "Company") (TSX: ABT), the industry standard for persistent endpoint security and management solutions for computers, laptops and ultra-portable devices  and the data they contain, today announced its financial results for the three- and six-month periods ended December 31, 2013. All financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") and are reported in U.S. dollars.

Key Financial Metrics	Q2 F2014	Q2 F2013	%  change	YTD F2014	YTD F2013	%  change
Sales Contracts^(1)	$22.2M	$22.5M	(1%)	$46.0M	$43.1M	+7%
Cash from operating activities	$4.4M	$4.2M	+4%	$9.8M	$9.6M	+2%
Operating cash per share^(2)   (basic)   (diluted)	$0.10 $0.10	$0.10 $0.10	nm nm	$0.23 $0.22	$0.22 $0.22	+5% nm
Revenue	$21.9M	$20.6M	+6%	$43.5M	$40.3M	+8%
Adjusted EBITDA^(3)	$3.5M	$3.9M	(8%)	$6.8M	$5.6M	+22%
Net income	$0.2M	$1.3M	(82%)	$1.4M	$1.7M	(22%)
Net income per share   (basic and diluted)	$0.01	$0.03	(67%)	$0.03	$0.04	(25%)
Dividends paid	$2.5M	$ nil	nm	$4.5M	$ nil	nm
Cash, cash equivalents  and investments	$71.7M	$57.1M	+25%	$71.7M	$57.1M	+25%
Deferred revenue	$133.1M	$128.3M	+4%	$133.1M	$128.3M	+4%

(1)(2)(3) - Please refer to "Non-IFRS Measures and Definitions"

Q2-F2014 Highlights:

• Achieved Sales Contracts of $22.2 million, a year-over-year decrease of 1% compared to $22.5 million in Q2-F2013. The prior year quarter included a $3.5 million dollar deal with a Fortune 100 healthcare customer. Excluding this significant sale in the prior year, Sales Contracts grew 17% reflecting organic growth in all commercial verticals.
• Sales Contracts grew in each of the education, corporate and government verticals. Excluding the significant deal last year, the healthcare vertical also recorded strong growth.
• Commercial Sales Contracts increased by 1% to $21.2 million compared to $20.9M in Q2-F2013. Excluding the multi-million dollar sale recorded in the prior year, commercial sales contracts increased by 22%.
• Sales of Theft Management products were up 9% compared to Q2-F2013, while sales of Device Management and Data Security products decreased 9% over the same period. Excluding multi-million dollar sale recorded in Q2-F2013, Device Management and Data Security products increased 49%.
• International Sales Contracts increased by 53% over Q2-F2013.
• Cash from Operating Activities was $4.4 million, up marginally from $4.2 million in Q2-F2013.
• Paid a quarterly dividend of $2.5 million, or CAD$0.06 per common share.
• Announced the launch of Absolute Safe Schools, a first to market integrated student and device protection solution for mobile student computing.
• Announced the extension of our consumer LoJack for Mobile Devices theft recovery solution to the Samsung GALAXY Note 3 and the Samsung GALAXY Note 10.1 (2014 Edition).

"Our solid Q2 financial results are a reflection of continuing sales momentum in our targeted expansion verticals of corporate and healthcare and strong performance internationally. After removing the impact of a single $3.5 million deal last year, we achieved an impressive underlying year over year growth rate for the quarter of 17%," said Errol Olsen, interim CEO of Absolute. "We are seeing the results of our focus on sales execution and expect to continue to realize sales productivity improvements as we continue our push into the value added reseller channel."

"With three of the main themes in IT today being mobility, data security and application consolidation, Absolute is well positioned for continued growth," added Mr. Olsen.  "As we progress through 2014, we will continue to work to deliver an integrated web console for our Computrace and Absolute Manage products in order to maximize cross-selling opportunities and define ourselves as a leader in the emerging market category of Unified IT."

Q2-F2014 and F2014 YTD Financial Review
Q2-F2014 Sales Contracts were $22.2 million, down 1% from $22.5 million in Q2-F2013. F2014 year-to-date ("YTD") Sales Contracts were $46.0 million, up 7% from $43.1 million for the same period in F2013. Excluding the $3.5 million sale recorded in the second quarter of F2013, the underlying year over year growth rate for Sales Contracts was 17% for the quarter and 16% for the YTD period. Invoiced sales in Q2-F2014 were positively impacted by strength across all commercial market verticals and international expansion.

Invoiced sales to commercial customers increased 1% in Q2-F2014 compared to Q2-F2013, and increased 8% for the year to date period.  Excluding the multi-million dollar deal recorded in Q2-F2013, sales to commercial customers increased 22% in Q2-F2014 and increased 19% for the YTD period.

Commercial Sales Contracts for Absolute's Theft Management products⁽⁵⁾  were $12.8 million for Q2-F2014. This was up 9% from $11.7 million in Q2-F2013. YTD Commercial Sales Contracts for theft management products were $27.8 million, up 13% from $24.6 million in YTD F2013.

Q2-F2014 Commercial Sales Contracts from Absolute's Device Management and Data Security products⁽⁶⁾ were $8.4 million, down 9% from $9.2 million in Q2-F2013. For the YTD period, Commercial Sales Contracts from device management and data security products were $15.1 million, flat from $15.0 million for the same period in F2013. Excluding the $3.5 million sale recorded in the second quarter of F2013, the underlying year over year growth rate for Device Management and Data Security products was 49% for the quarter and 32% for the YTD period.  Underlying growth in this category was driven by strong sales of our Computrace Data Protection product.

International Sales Contracts were $3.8 million in Q2-F2014 (17% of total Sales Contracts), up 52% from $2.5 million in Q2-F2013 (11% of total Sales Contracts). YTD International Sales Contracts were $7.3M million (16% of total Sales Contracts), up 42% from $5.2 million (12% of total Sales Contracts) for the same period in F2013. The Q2 results reflect strong sales growth in our Latin American operation.

For Q2-F2014, Sales Contracts for consumer solutions were $1.0 million (5% of total Sales Contracts), down 35% from $1.6 million (7% of total Sales Contracts), in Q2-F2013. YTD consumer Sales Contracts were $3.1 million (7% of total Sales Contracts), down 11% from $3.5 million (8% of total Sales Contracts), for the same period in F2013, reflecting continued headwinds in the consumer space, including sluggish consumer PC purchases.

Revenue for Q2-F2014 was $21.9 million, a 6% increase from $20.6 million in Q2-F2013. Indicative of the Company's Software-as-a-Service (SaaS) business model, revenue primarily represents the amortization of deferred revenue balances from recurring term license sales. YTD revenue was $43.5 million, an 8% increase from $40.3 million for the same period in F2013. As a result of the SaaS business model, a majority of revenue (88% for the YTD period) was from the drawdown of deferred revenue balances accumulated to the end of the prior fiscal year. 

Adjusted Operating Expenses⁽³⁾ for Q2-F2014 were $18.3 million. This was up 10% from $16.7 million in Q2-F2013. The increase was primarily attributable to additional sales and marketing headcount in F2014 (including the full year impact of employees hired part-way through F2013) and higher general and administrative expenses owing to a large bad debt reversal, which was originally provided for in Q1- F2013. YTD Adjusted Operating Expenses were $36.7 million, up 6% from $34.7 million for the same period in F2013.

Absolute generated Adjusted EBITDA⁽⁴⁾ of $3.5 million in Q2-F2014, down 8% from $3.9 million in Q2-F2013. YTD Adjusted EBITDA was $6.8 million, up 22% from $5.6 million for the same period in F2013.

Absolute recorded net income of $0.2 million, or $0.01 per share, in Q2-F2014, compared to $1.3 million, or $0.03 per share, in Q2-F2013. YTD net income was $1.4 million, or $0.03 per share, compared to net income of $1.7M or $0.04 per share for the same period in F2013. The current year net income reflects the impact of our operating income, a reduction in the foreign exchange gain, and income taxes.

Cash from operating activities was $4.4 million for Q2-F2014, up 4% from $4.2 million in Q2-F2013.  YTD cash from operating activities was $9.8 million, up 2% from $9.6 million for the same period in F2013.

At December 31, 2013, Absolute had cash, cash equivalents and investments of $71.7 million compared to $62.9 million at June 30, 2013.

Corporate Outlook
Absolute remains confident in the market opportunity for our solutions. In order to capitalize on this opportunity, we intend to make continued investments, particularly in the key areas of sales and marketing and research and development. For F2014, we expect Sales Contracts to increase over F2013 levels and for cash generated from operating activities, excluding payments related to post-retirement benefits, to grow modestly from F2013 levels.

The Company's board of directors has initiated a process to recruit a permanent chief executive officer for the company and has engaged an executive search firm to assist in its search.

Quarterly Filings
Management's discussion and analysis ("MD&A"), consolidated financial statements and notes thereto for Q2-F2014 can be obtained today from Absolute's corporate website at www.absolute.com. The documents will also be available at www.sedar.com.

Notice of Conference Call
Absolute Software will hold a conference call to discuss the Company's Q2 F2014 results on Tuesday, February 11, 2014 at 2:00 p.m. PT (5:00 p.m. ET). All interested parties can join the call by dialing 647-427-7450, or 1-888-231-8191. Please dial-in 15 minutes prior to the call to secure a line.  The conference call will be archived for replay until Tuesday, February 18, 2014 at midnight.

A live audio webcast of the conference call will be available at www.absolute.com and www.newswire.ca.  Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.  An archived replay of the webcast will be available for 365 days at www.newswire.ca. To access the archived conference call, please dial 416-849-0833, or 1-855-859-2056 and enter the reservation code 93075560.

Non-IFRS Measures and Definitions
Throughout this press release, we refer to a number of measures which we believe are meaningful in the assessment of the Company's performance. All these metrics are non-standard measures under International Financial Reporting Standards ("IFRS"), and are unlikely to be comparable to similarly titled measures reported by other companies. Readers are cautioned that the disclosure of these items is meant to add to, and not replace, the discussion of financial results or cash flows from operations as determined in accordance with IFRS.  For a discussion of the purpose of these non-IFRS measures, please refer to the Company's Fiscal 2013 Q4 MD&A on SEDAR at www.SEDAR.com.

These measures, as well as their method of calculation or reconciliation to IFRS measures, are as follows:

1) Sales Contracts
See the "Subscription Business Model" section of the MD&A for a detailed discussion of why we believe Sales Contracts (also known as "bookings") provide a meaningful performance metric.  Sales Contracts are included in deferred revenue (see Note 11 of the Notes to the Consolidated Financial Statements), and result from invoiced sales of our products and services.

2) Basic and diluted Cash from Operating Activities per share
As a result of the nature of our revenues (please refer to "Subscription Business Model" in the MD&A), we use Cash from Operating Activities as a measure of profitability. Accordingly, we believe that Cash from Operating Activities per share is a meaningful indicator of profitability per share. Cash from Operating Activities per share is calculated by dividing Cash from Operating Activities by the average number of shares outstanding for the period (basic), or using the treasury stock method (diluted).

3) Adjusted Operating Expenses
A number of significant non-cash expenses are reported in our Cost of Revenue and Operating Expenses.  Management believes that analyzing these expenses exclusive of these non-cash items provides a useful measure of the cash invested in the operations of its business. The non-cash items excluded in the determination of Adjusted Operating Expenses are share-based compensation, amortization of acquired intangible assets, and amortization of property and equipment. For a description of the reasons these items are adjusted, please refer to the Fiscal 2013 MD&A.

4) Adjusted EBITDA
Management believes that analyzing operating results exclusive of significant non-cash items provides a useful measure of the Company's performance. The term Adjusted EBITDA refers to earnings before deducting interest and investment gains (losses), income taxes, amortization of acquired intangible assets and property and equipment, foreign exchange gain or loss, share-based compensation, and restructuring charges and post-retirement benefits.  The non-cash items excluded in the determination of Adjusted EBITDA include share-based compensation, amortization of acquired intangibles, and amortization of property and equipment.

5) Theft Management products
Management defines the Company's theft management product line as Computrace products that include an investigations and recovery services component.

6) Device Management and Data Security products
Management defines the Company's device management and data security product line as are defined as our Absolute Manage and Absolute Secure Drive products, as well as Computrace products that do not include an investigations and recovery services component (for example, Absolute Track and Computrace Data Protection).

About Absolute Software
Absolute Software Corporation (TSX: ABT) is the industry standard in persistent endpoint security and management for computers, laptops, tablets and smartphones. The Company, a leader in device security and management tracking for 20 years, has over 30,000 commercial customers worldwide. Absolute's solutions - Computrace®, Absolute Manage®, Absolute Service, Absolute Secure Drive, and Absolute LoJack® - provide organizations with actionable intelligence to prove compliance, securely manage BYOD, and deliver comprehensive visibility and control over all of their devices and data. Absolute is positioned on two Gartner, Inc. Magic Quadrants - the Magic Quadrant for Client Management Tools and the Magic Quadrant for Mobile Device Management Software. Absolute is one of only four vendors to be recognized on both Magic Quadrants based on providing customers with the ability to secure and manage many different types of devices using a single solution. Absolute persistence technology is embedded in the firmware of computers, netbooks, tablets and smartphones by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Motion, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software, visit www.absolute.com.

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected performance, functionality and availability of our services and products, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company 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 may be required by applicable securities laws.

©2014 Absolute Software Corporation. All rights reserved. Computrace and Absolute are registered trademarks of Absolute Software Corporation. LoJack is a registered trademark of LoJack Corporation, used under license by Absolute Software Corporation. LoJack Corporation is not responsible for any content herein. U.S. patents No. 5,715,174, No. 5,764,892, No. 5,802,280, No. 5,896,497, No. 6,087,937, No. 6,244,758, No. 6,269,392, No. 6,300,863, No. 6,507,914, No. 7,818,557, No. 7,818,803, No. 7,945,709, No. 8,062,380, No. 8,234,359, No. 8,241,369, No. 8,307,055, No. 8,332,953, No. 8,346,234, No. 8,362,901, No. 8,418,226, No. 8,419,806, No. 8,441,348, No. 8,510,825, No. 8,556,991, No. 8,566,961, No. 8,606,971 and No. 8,625,799. Canadian patents No. 2,211,735, No. 2,284,806, No. 2,205,370, No. 2,771,208 and No. 2,733,222. U.K. patents No. EP0793823, No. GB2298302, and No. GB2338101. German patent No. 69512534. Australian patent No. 699045. Japanese patents No. 4067035, No. 5220924 and No. 5363305. Mexican patents No. 297,406 and No. 306,287. Russian patent No. 2,460,220. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.

ABSOLUTE SOFTWARE CORPORATION Consolidated Statements of Financial Position (Expressed in United States dollars) (Unaudited)
					December 31, 2013						June 30, 2013
ASSETS
CURRENT
	Cash and cash equivalents				$	41,632,525				$	31,114,998
	Short-term investments					14,373,032					13,165,606
	Trade and other receivables					17,229,469					18,196,955
	Prepaid expenses and other					1,687,398					1,712,988
						74,922,424					64,190,547
INVESTMENTS						15,671,626					18,639,550
PROPERTY AND EQUIPMENT						2,121,425					1,294,249
DEFERRED INCOME TAX ASSETS						20,562,647					20,340,047
INTANGIBLE ASSETS AND GOODWILL						20,433,158					21,933,959
					$	133,711,280				$	126,398,352
LIABILITIES
CURRENT
	Trade and other payables				$	10,817,280				$	8,943,682
	Accrued warranty					350,000					420,000
	Deferred revenue - current					69,644,037					68,093,937
						80,811,317					77,457,619
DEFERRED REVENUE						63,430,184					62,542,619
						144,241,501					140,000,238
CONTINGENCIES
SHAREHOLDERS' DEFICIENCY
	Share capital					49,129,665					41,690,749
	Equity reserve					35,312,784					36,542,921
	Deficit					(94,972,670)					(91,835,556)
						(10,530,221)					(13,601,886)
					$	133,711,280				$	126,398,352

ABSOLUTE SOFTWARE CORPORATION Consolidated Statements of Operations and Comprehensive Income Three and six months ended December 31, 2013 and 2012 (Expressed in United States dollars) (Unaudited)
					Three months ended December 31,								Six months ended December 31,
					2013				2012				2013				2012
REVENUE					$	21,861,822			$	20,570,200			$	43,549,918			$	40,337,120
COST OF REVENUE						4,523,142				4,773,136				9,417,158				9,643,826
GROSS MARGIN						17,338,680				15,797,064				34,132,760				30,693,294
OPERATING EXPENSES
	Sales and marketing					10,292,334				9,528,431				20,144,758				19,029,972
	Research and development					2,934,317				3,009,587				6,061,705				5,766,156
	General and administration					3,439,820				1,278,330				5,493,240				3,916,446
	Share-based compensation					539,936				570,637				1,084,152				1,146,922
						17,206,407				14,386,985				32,783,855				29,859,496
OPERATING INCOME						132,273				1,410,079				1,348,905				833,798
OTHER INCOME
	Interest income, net					42,118				41,355				95,708				126,262
	Foreign exchange gain					44,158				45,450				269,123				542,768
	Loss on investments					-				-				-				(29,627)
						86,276				86,805				364,831				639,403
NET INCOME BEFORE INCOME TAXES						218,549				1,496,884				1,713,736				1,473,201
INCOME TAX RECOVERY (EXPENSE)						6,000				(223,964)				(357,200)				270,487
NET INCOME AND   COMPREHENSIVE INCOME					$	224,549			$	1,272,920			$	1,356,536			$	1,743,688
BASIC AND DILUTED INCOME   PER SHARE					$	0.01			$	0.03			$	0.03			$	0.04
WEIGHTED AVERAGE NUMBER OF   COMMON SHARES OUTSTANDING, BASIC						42,895,732				42,525,098				42,524,146				43,084,300

ABSOLUTE SOFTWARE CORPORATION Consolidated Statements of Changes in Shareholders' Deficiency (Expressed in United States dollars) (Unaudited)
				Share Capital
				Number of Common shares				Amount				Equity reserve				Deficit				Total
BALANCE, JUNE 30, 2012				43,757,803			$	38,625,463			$	35,751,185			$	(79,141,256)			$	(4,764,608)
Shares issued on options exercised				36,075				197,724				(65,069)				-				132,655
Shares issued under Employee Share   Purchase Plan				77,610				321,493				-				-				321,493
Shares repurchased and cancelled under   the Normal Course Issuer Bid				(2,794,700)				(3,101,385)				-				(10,314,109)				(13,415,494)
Shares issued on acquisition payable				166,668				827,434				-				-				827,434
Share-based compensation				-				-				1,146,922				-				1,146,922
Net income and total comprehensive income				-				-				-				1,743,688				1,743,688
BALANCE, DECEMBER 31, 2012				41,243,456			$	36,870,729			$	36,833,038			$	(87,711,677)			$	(14,007,910)
Shares issued on options exercised				760,561				4,619,153				(1,438,246)				-				3,180,927
Shares issued under Employee Share   Purchase Plan				66,436				290,628				-				-				290,628
Shares repurchased and cancelled under   the Normal Course Issuer Bid				(18,200)				(89,761)				-				-				(89,761)
Share-based compensation				-				-				1,148,129				-				1,148,129
Dividends paid				-				-				-				(4,118,643)				(4,118,643)
Net loss and total comprehensive loss				-				-				-				(5,236)				(5,236)
BALANCE, JUNE 30, 2013				42,052,253			$	41,690,749			$	36,542,921			$	(91,835,556)			$	(13,601,886)
Shares issued on employee options   exercised				656,287				3,789,331				(1,202,289)				-				2,587,042
Shares issued on non-standard options   exercised				447,750				3,297,658				(1,112,000)				-				2,185,658
Shares issued under Employee Share   Purchase Plan				85,387				351,927				-				-				351,927
Share-based compensation				-				-				1,084,152				-				1,084,152
Dividends paid				-				-				-				(4,493,650)				(4,493,650)
Net income and total comprehensive income				-				-				-				1,356,536				1,356,536
BALANCE, DECEMBER 31, 2013				43,241,677			$	49,129,665			$	35,312,784			$	(94,972,670)			$	(10,530,221)

ABSOLUTE SOFTWARE CORPORATION Condensed Consolidated Statements of Cash Flows Three and six months ended December 31, 2013 and 2012 (Expressed in United States dollars) (Unaudited)
						Three months ended December 31,								Six months ended December 31,
						2013				2012				2013				2012
OPERATING ACTIVITIES
	Net income					$	224,549			$	1,272,920			$	1,356,536			$	1,743,688
	Items not involving cash
		Amortization of property and equipment					289,919				340,856				612,919				671,775
		Amortization of acquired intangible assets					1,190,666				1,535,230				2,402,103				2,945,075
		Amortization of intangible assets - contract costs and brand					1,643,830				1,486,016				3,120,094				2,906,191
		Share-based compensation					539,936				570,637				1,084,152				1,146,922
		Deferred income taxes					(289,000)				(76,036)				(222,600)				(970,487)
		Loss (gain) on investments					-				-				-				29,627
		Unrealized foreign exchange loss (gain)					-				-				-				(277,892)
		Non-cash interest and amortization   of investment premium					205,145				(8,814)				288,866				193,287
	Change in non-cash working capital
		Trade and other receivables					(1,193,972)				(1,431,282)				968,778				1,474,672
		Prepaid expenses and other					210,024				288,796				25,590				341,064
		Intangible assets - contract costs and brand additions					(1,934,782)				(1,845,410)				(3,658,014)				(3,235,845)
		Trade and other payables					3,138,017				225,139				1,422,454				(105,592)
		Accrued warranty					10,000				(60,000)				(70,000)				(70,000)
		Deferred revenue					364,941				1,948,375				2,437,665				2,780,639
CASH FROM OPERATING ACTIVITIES							4,399,273				4,246,429				9,768,543				9,573,126
INVESTING ACTIVITIES
	Purchase of property and equipment						(449,341)				(234,215)				(655,501)				(544,820)
	Acquisition of LiveTime						-				(8,000,000)				-				(8,000,000)
	Purchase of intangible assets						(218,506)				-				(363,381)				(25,000)
	Acquisition payable (LANrev)						-				(833,333)				-				(833,333)
	Proceeds from sales and maturities of short-term investments						1,510,000				-				5,203,925				8,039,727
	Purchase of investments						-				-				(3,732,293)				-
CASH FROM (USED IN) INVESTING ACTIVITIES							842,153				(9,067,548)				452,750				(1,363,426)
FINANCING ACTIVITIES
	Repurchase of common shares for cancellation						-				(10,612,354)				-				(13,415,494)
	Issuance of common shares						2,115,219				116,558				4,802,800				454,126
	Dividends paid						(2,456,084)				-				(4,493,650)				-
CASH (USED IN) FROM FINANCING ACTIVITIES							(340,865)				(10,495,796)				309,150				(12,961,368)
FOREIGN EXCHANGE EFFECT ON CASH							(42,920)				(112,905)				(12,916)				(82,199)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS							4,857,641				(15,429,820)				10,517,527				(4,833,867)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD							36,774,884				56,008,100				31,114,998				45,412,147
CASH AND CASH EQUIVALENTS, END OF PERIOD						$	41,632,525			$	40,578,280			$	41,632,525			$	40,578,280

SOURCE: Absolute Software Corporation

Public Relations:
Caitlin Regan, HORN Group
[email protected] or 415.905.4008
or
Marina Guy, Absolute Software
[email protected] or 604.730.9851 x107

Investor Relations:
Dave Mason, CFA, TMX|Equicom
[email protected] or 416.815.0700 x237