RMS Files Financial Statements and Operations Update
RMS Files Financial Statements and Operations Update
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Calgary, Alberta CANADA, April 30, 2012 /FSC/ - RMS Systems Inc. (RMS - TSX Venture), ("RMS" or the "Company") announced that it has filed its annual audited financial statements and MD & A on SEDAR for the year end December 31st, 2011.
RMS's wholly owned subsidiaries had an active first quarter, with equipment installed and operating on a peak of 40 drilling and coring rigs during the quarter. While activity has reduced with the onset of spring breakup, the Company currently has 16 active rigs, ahead of its budget of 12 rigs operating on average during this spring breakup. RigManager Inc. (the wholly owned US subsidiary of the Company) is currently installed on 4 rigs. Additionally, RigManager has been awarded the work to install its equipment on up to 5 drilling rigs in Albania, and has begun the installation on the first rig. These rigs operate year round which is expected to reduce the impact of spring break-up on the Company in the future. The addition of installations in Europe along with the continued development of opportunities in the United States are the initial steps as RMS begins to market its products internationally.
In addition RMS continues to develop additional products, having recently completed the development of its own Auto Digger (a mechanism used on rigs to ensure adequate drill bit pressure is maintained) and is in the process of developing its own gas detector.
RMS Systems Inc. has developed industry leading technologies (the "RigManager System") which allows drillers of oil and gas wells to view the data that the drill bit sees from the comfort of their own home, office or mobile device. The RigManager Electronic Drilling Recorder ("EDR") allows the rig operators, engineers, and geologists to monitor drilling progress in near real time without actually being at the well location. RMS has developed hardware and software solutions, with secure internet access that provide the foundation for drilling information management. The RMS electronic data solutions are used to create meaningful data analysis, increased productivity, and improved customer satisfaction. The RMS system includes high speed access to drilling data, customizable report generation, and the RMS communications system which provides customers improved bandwidth, lower latency and improved voice quality over systems that have historically been used in the EDR business. The RMS products have been developed by RMS technicians meaning they are customizable to meet customer needs. RMS is the developer of its software and utilizes licensed industry proven data collection sensors in the RigManager System. The Company licenses the RigManager System in Canada to its wholly owned subsidiaries, RigManager Services Ltd. (an Alberta Company) and in the United States to RigManager Inc. (a Texas company). The RMS vision is to provide the most complete and interpretive electronic data using up-to-the-minute network communications.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Dave Hall
RMS SYSTEMS INC.
Bay 10, 3419 12th Street NE
Calgary, Alberta T2E 6S6
Tel: (403) 717 9694
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. These risks include, but are not limited to a reduction in drilling activity in the United States and/or Canada. Certain information, including rig count data, is based upon third party information. RMS has not independently verified this data. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although RMS Systems Inc. believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. The nature of the agreements that RMS maintains with its industry partners provides that these agreements are, for the most part, terminable without notice and without penalty. In addition, these agreements provide that revenue is earned only while the drilling rig is in operation. As a result, RMS's revenues are impacted significantly by a reduction in drilling activity by its customers and the RMS expectations may be impacted significantly in the event a customer changes its drilling plans or otherwise terminates its relationship with RMS. RMS revenues are also significantly impacted by weather which on occasion limits drilling activities. RMS Systems Inc. disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise, except as required pursuant to applicable securities laws.
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Source: RMS Systems Inc. (RMS - TSX-V)
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