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22:01:13 EDT Sat 20 Sep 2014
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01 Communique Laboratory Inc
Symbol C : ONE
Shares Issued 65,203,807
Close 2013-09-04 C$ 0.225
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01 Communique loses $584,941 in fiscal Q3

2013-09-05 08:13 ET - News Release

Mr. Andrew Cheung reports

01 COMMUNIQUE REPORTS RESULTS FOR THIRD QUARTER FISCAL 2013

01 Communique Laboratory Inc. has released results for its third quarter 2013 which ended July 31, 2013. The loss for the third quarter 2013 was $584,941 compared with $697,693 in 2012, a decrease of $112,852. Excluding non-cash expenses for stock-based compensation and depreciation the adjusted loss for the third quarter 2013 was $235,187 compared with $271,456 in 2012. The company completed the quarter with $3,566,150 of cash and cash equivalents.

"The cash operating expenses to run our business, excluding the costs associated with intellectual property revenue, were reduced for the third quarter to approximately $400,000," said Andrew Cheung, president and chief executive officer for 01 Communique. "Reducing expenses to this level still allowed us to continue with development of a competitive product offering and continue to vigorously defend our intellectual property rights against LogMeIn Inc. and Citrix Systems Inc. Going forward, we will continue with these two main objectives."

Citrix litigation update

On May 8, 2013, a hearing took place in front of the United States Patent and Trademark Office's (USPTO) patent trial and appeal board (PTAB) in respect of the Citrix Systems Inc. appeal of the results of the inter partes re-examination of the company's United States patent No. 6,928,479 which Citrix had requested. The company is now waiting for the PTAB to render its written report. The company is confident in the merits of its case and believes the PTAB will uphold the validity of the 479 patent. Previously the jury in the LogMeIn lawsuit upheld the validity of the 479 patent as did the USPTO patent examiner in the right of appeal notice (RAN) and the examiner's report filed last year as part of the appeal process.

LogMeIn appeal update

The company disagrees with the jury's finding of non-infringement in the LogMeIn Inc. case and, as previously announced, on June 26, 2013, the company filed a notice of appeal with the United States Court of Appeal for the Federal Circuit (appeal No. 2013-1479). LogMeIn has filed a cross appeal (case No. 2013-1525) in respect of the court order concluding that the company's patent was valid and enforceable. Its cross appeal has been consolidated with the company's appeal. As part of the appeal process the company filed its appeal brief with the Federal Circuit on Aug. 26, 2013. The company is confident in the merits of its appeal.

Financial highlights

Revenue for the third quarter 2013 was $729,860 compared with $582,440 for the same period in 2012, an increase of $147,420, primarily a result of increased revenue from licensing intellectual property. Revenue from intellectual property for the third quarter 2013 was $669,500 (2012 -- $500,000).

Cash operating expenses which exclude stock-based compensation and depreciation were $965,254 for the third quarter 2013 compared with $857,185 in 2012 an increase of $108,069 primarily a result of an increase in expenses relating to intellectual property revenue.

Excluding expenses related to intellectual property revenue of $568,442 (2012 -- $425,000), cash operating expenses for the third quarter 2013 were $396,812 compared with 2012 of $432,185, a reduction of $35,373.

                                    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

                                 For the three months ending July 31,              For the nine months ending July 31,
                                            2013                 2012                      2013                   2012

Revenue                                 $729,860             $582,440                $1,096,299               $753,812
Cost of revenue                                -                   38                       -                      261
                                         729,860              582,402                 1,096,299                753,551
Expenses (income)
Selling, general
and administrative                       530,394              614,430                 1,306,409              1,622,145
Patent enforcement and
re-examination expenses                  568,442              425,000                 1,965,542                425,000
Research and development                 216,172              244,092                   657,864                737,567
Interest (loss)                            (207)              (3,327)                  (19,067)               (12,221)
                                       1,314,801            1,280,195                 3,910,748              2,772,491
(Loss) for the period
and comprehensive (loss)               (584,941)            (697,793)               (2,814,449)            (2,018,940)
(Loss) per common share
Basic (loss)                             (0.009)              (0.012)                   (0.043)                (0.033)
Diluted (loss)                           (0.009)              (0.012)                   (0.043)                (0.033)

We seek Safe Harbor.

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