Mr. Dwayne Kushniruk reports

ONESOFT SOLUTIONS INC. (FORMERLY SERENIC CORPORATION) REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MAY 31, 2014

OneSoft Solutions Inc., formerly Serenic Corp., has released its financial results for the three months ended May 31, 2014.

                                     Three months ended May 31,
                                           2014           2013

Revenue                             $ 3,369,094    $ 2,603,370
Net (loss)                             (210,037)      (317,052)
Basic and diluted (loss) per
share                                     (0.02)         (0.02)
Adjusted EBITDA(1)                     (132,440)      (238,254)
Adjusted EBITDA as % of sales              (3.9)          (9.2)

(1) Adjusted EBITDA represents earnings before interest, taxes, 
    depreciation, amortization and stock option expense.

Sale of Serenic subsidiaries -- July 28, 2014

On July 28, 2014, Serenic closed 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 Serenic's press release dated July 28, 2014, and its management's discussion and analysis for the three months ended May 31, 2014, both of which are posted on SEDAR.

Change of name of company and change of chief executive officer

On July 28, 2014, Serenic 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 Aug. 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 (the first quarter of fiscal 2015), revenue increased 29.4 per cent to $3,360,094 from $2,603,370 for the comparative quarter last year. Software licence sales were 43.3 per cent higher year over year due to increases in Serenic Navigator licence sales that were sold directly by Serenic and by reselling partners in the United States, Canada and Africa. Services revenue increased 70 per cent due to some large human resource information system (HRIS) projects being implemented by subcontractors; these 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-U.S.-dollar exchange rate also favourably affected revenues.

Gross profit increased 9.8 per cent year over year, to $1,900,108 from $1,730,542, due to the increase in licence and maintenance contracts revenue. Expenses were similar to last year at $2,080,442, compared with $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 fell year over year, from $317,052 in the first quarter of fiscal 2014 to $210,037 in the first quarter of fiscal 2015. Adjusted EBITDA also decreased year over year, from a loss of $238,254 in the first quarter of fiscal 2014 to a loss of $132,440 in the first quarter of fiscal 2015.

Outlook

The sale of the Serenic operating companies to Sylogist is very beneficial. This has allowed the company to unlock approximately $6.9-million (approximately 45 cents per share on a fully diluted basis) of value for shareholders, and also provide financing to advance the continuing cloud business. With significant investment already having been made in cloud technology and products, the company anticipate that new OneSoft divisions will now be operated with only minimal staff, and essentially in start-up mode until cloud-only revenues start to occur and build.

The OneSoft IP (intellectual property) includes: the underlying cloud technology that enables Serenic's legacy Dynamics NAV ERP products to be reconfigured for Microsoft's cloud and volume strategies; and three products: Express, Essentials and Donor Vision 2013, which are derivative products of the Serenic legacy products. OneSoft's first order of business is to execute upon its plans to sell the OneSoft products into new NFP (network foundation protection) markets that are ideally suited for these products and have not historically been addressable with Serenic's legacy solutions. This will be conducted pursuant to the OEM (original equipment manufacturing) arrangement that OneSoft entered into with the Serenic operating companies immediately prior to Sylogist acquiring the Serenic companies. The company also intends to investigate potential opportunities to enter into similar arrangements with other Dynamics NAV vendors who have developed ERP (enterprise resource planning) solutions for other vertical markets, whereby OneSoft's underlying technology can be applied to those products, and new volume markets within those verticals can be addressed. The company believes that developing this bridge to Microsoft cloud is not easily repeatable by or feasible for most small software companies to pursue, particularly by those that had not yet committed to this development strategy and are now lagging from a technology perspective.

Management's immediate priority is to now accelerate and leverage the OneSoft strategies. Investigation will be conducted to determine alternatives in this regard, which may include organic growth strategies as well as joint venture or merger and acquisition scenarios. The company has sufficient cash to operate as envisioned (which will likely be on a negative EBITDA basis) for approximately four quarters. It expects that further announcements to outline future strategies will be forthcoming in the next couple of quarters.

We seek Safe Harbor.