SAND Technology Announces Year End Results for Fiscal 2009
Montreal, November 26, 2009: SAND Technology Inc. (OTCBB:SNDTF), an international provider of data management software and best practices, today reported a loss for the year ended July, 31, 2009 of $1,191,695 on revenues of $7,049,237 compared with a loss of $1,271,950 on revenues of $6,998,472 for the fiscal year 2008. All figures are in Canadian dollars.
“Given the economic times we’ve faced this last year, SAND is satisfied that it did not fare far worse than it did. The downturn in the economy caused tremendous anxiety, far more cautious spending and massive budget cuts among our potential and existing customers. More importantly, during the last year, we have had several significant successes in closing key deals as well as expanding our presence within our existing customer base and in the critical SAP Nearline marketplace,” explained Arthur Ritchie, Chairman of SAND. “Given the changes in management at key customers, combined with the mergers and takeovers and cutbacks among large customers in key industries, we see significant opportunities for SAND. What is of major importance is the strides we’ve made in becoming a strategic partner with several industry leading customers and influencers over the last year. We strongly believe that SAND products are an enabling technology which can help our customers bridge the gap between their existing and target architectures without having to “rip and replace” existing systems and as a result to ensure smooth transitions, increase efficiency and substantial costs savings. As importantly, our solutions will provide meaningful insight to the management decision-making process critical during these changing times. This is becoming more evident based on the new business we are attracting directly from our customers and indirectly through our systems integrators and application vendors.”