The Company continued to investigate alternatives to potentially increase shareholder value during the quarter, which process is still high priority and ongoing.
As previously stated, the Company has progressed its Cloud/volume strategies with the release to market of its new versions of Serenic DonorVision and Serenic Navigator, and initiated the new Total Care Plan as previously described. In addition to maintaining its historic sales model that requires a highly consultative approach to prospective customers who prefer on-premise and/or customized solutions, efforts are being conducted to address potential market segments that have previously been unattainable with legacy product offerings. This involves incorporating a highly prescriptive, 'low-touch' customer experience, in conjunction with other aspects of Microsoft's GR2R volume sales strategies. Management continues to believe that this dual approach will preserve the historical enterprise-level opportunities of the legacy business model, while also ultimately delivering higher sales volumes from the significantly larger lower-end market segments that the Company had not previously been able to address with its products. We will also continue to work with Microsoft to deploy Serenic solutions on the new Microsoft Azure cloud based platform, as a cost-effective and highly attractive alternative for the growing segment of our existing and prospective customers who prefer hosted software solutions. Additionally, management also plans to continue to evolve and grow its human capital management business segment, including provision of an on-premise and Cloud based HR offering to be integrated with our payroll applications, scheduled for commercial release in Q3 of this fiscal year.
The corporate development objective of optimizing shareholder value remains to be a high priority. Alternatives that are being investigated include a capital structure change, new strategic ventures, and/or merger and acquisition scenarios. Management continues to strongly believe that the market capitalization and share price of the Company does not adequately reflect Serenic's fair value, and intends to take appropriate action in this regard that would best serve the interests of all shareholders.
Grant of Share Appreciation Rights ('SARS')
On July 23, 2013, following the annual general meeting of the shareholders, the Company granted a total of 250,000 SARs pursuant to the Directors and Officers Compensation Plan which provides for an annual allotment upon re-election or appointment as a director or officer of the Company. 50,000 SARs were granted to each of Dwayne Kushniruk, Randy Keith, Ron Odynski and Doug Thomson, and 25,000 SARs were granted to each of David Tam and Paul Johnston. All SARs were granted with an Issue Price of $0.20.
About Serenic Corporation
Serenic Corporation publishes mission-critical software products for not-for-profits (NFP), educational institutions and governments. The Company's products are based on leading application and technology platforms from Microsoft, including Dynamics NAV, SQL Server, and .NET, and are distributed in North America and internationally through value-added resellers and a direct sales organization. Serenic Corporation is the exclusive developer of human resource management and payroll products for Microsoft Dynamics NAV ERP users in North America. Serenic has offices in Edmonton, Alberta and Denver, Colorado and staff located in Canada, England, Africa and throughout the USA.
ON BEHALF OF THE BOARD OF DIRECTORS
By: 'Dwayne Kushniruk'
Forward Looking Statements
This release contains forward-looking information within the meaning of applicable securities laws ('forward-looking statements') that relate to Serenic's products and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, 'Risks and Uncertainties' in Managements' Discussion and Analysis filed with the Alberta and British Columbia Securities Commissions. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Dwayne Kushniruk or
Paul Johnston, CFO
Phone: 1-877-426-5385 x 509
Toll free: (877) 737-3642 x144
[Editorial queries for this story should be sent to firstname.lastname@example.org]
((Comments on this story may be sent to email@example.com))