OneSoft Solutions Inc. (Formerly Serenic Corporation) Reports Financial Results for the Three Months Ended May 31, 2014 - Seite 2

SALE OF SERENIC SUBSIDIARIES JULY 28, 2014

On July 28, 2014, Serenic closed on a sale transaction whereby Sylogist Ltd. acquired its three operating subsidiaries which were a substantial portion of Serenic's assets, for net cash of approximately $7,911,471, subject to certain closing adjustments. Please refer to the Serenic Press Release dated July 28, 2014 and the Management's Discussion and Analysis for the Three months ended May 31, 2014, both of which are posted on SEDAR.

CHANGE OF NAME OF CORPORATION and CHANGE OF CEO

On July 28, 2014, Serenic Corporation changed its name to OneSoft Solutions Inc., as this name change was required as a condition of the sale of the subsidiaries to Sylogist. Dwayne Kushniruk will replace Randy Keith as CEO and President of the Company, effective August 1, 2014. The Board wishes to thank Mr. Keith for his dedicated leadership of the Company since 2007, and looks forward to Mr. Keith's continued contribution as a director of the Company for the ensuing year.

QUARTER HIGHLIGHTS

During the quarter ended May 31, 2014 ("Fiscal 2015 Q1") revenue increased 29.4% to $3,360,094 from $2,603,370 for the comparative quarter last year. Software license sales were 43.3% higher year over year due to increases in Serenic Navigator license sales that were sold directly by Serenic and by reselling partners in the USA, Canada and in Africa. Services revenue increased 70% due to some large Human Resource Information System ("HRIS") projects being implemented by subcontractors, which were supplementary to Serenic's usual level of engagements with implementations and software version upgrades for direct customers. Serenic introduced its Total Care Plan in September 2013, which also added to Services revenue and which has resulted in an increased demand by customers for software version upgrades. Software maintenance contract revenue also increased year over year. The increase in the Canadian to U.S. dollar exchange rate also favourably affected revenues.

Gross profit increased 9.8% year over year, to $1,900,108 from $1,730,542, due to the increase in license and maintenance contracts revenue. Expenses were similar to last year at $2,080,442 versus $2,053,909 in the comparable period last year. While savings were realized from staff reductions that were made in February, 2014, the increase in the foreign exchange rate offset these and other cost savings measures. The net loss reduced year over year, from $317,052 in Q1 of Fiscal 2014 to $210,037 in Q1 of Fiscal 2015. Adjusted EBITDA also decreased year over year, from a loss of $238,254 in Q1 of Fiscal 2014 to a loss of $132,440 in Q1 of Fiscal 2015.