Glenbriar Reports 2013 Annual Results

Calgary, Alberta--(Newsfile Corp. - January 24, 2014) - Glenbriar Technologies Inc. (CSE: GTI) today released its audited financial results for the year ended September 30, 2013:

Glenbriar Technologies Inc.   Year ended September 30  
    2013     2012  
Revenue $ 6,006,154   $ 6,664,487  
Gross profit   1,346,362     1,565,943  
Income (loss) from operations   (102,008 )   88,888  
Net income (loss) and comprehensive income (loss)   (145,050 )   48,610  
Net income per share (basic and diluted) $ 0.00   $ 0.00  
Average Common Shares outstanding   48,091,740     47,512,290  
             

Results from Operations
Revenue decreased 10% for the year ended September 30, 2013 from the prior year period, made up of a 3% rise in services and a 29% decline in equipment and software sales. Net income decreased to a loss of $145,050 for fiscal 2013 from a gain of $48,610 in fiscal 2012. The 2012 net income included $45,933 gain on sale of related entities and unrealized gain on securities, which do not reflect ongoing operations. Changes in the marketplace are also reflected, with hardware costs continuing to fall, and clients shifting away from on-premises to hosted solutions. At the same time, the nature of the services being provided are moving away from the desktop and into data analytics, unified communications, mobility and big data.

Change of Officer
Brian Tijman stepped down as CFO in December 2013. Sherri Saunders has been appointed as Acting CFO. Ms. Saunders has over 20 years of experience in various aspects of accounting management, financial reporting, auditing procedures and accounting technology support.

Changes in Assets
Glenbriar sold its Peartree Dealership product subsequent to September 30, 2013 for total proceeds of $107,000.

About Glenbriar
Glenbriar Technologies Inc. (CSE: GTI) is a leading provider of business technology solutions for successful enterprises in manufacturing, distribution, retail, energy, health, education, dealership, professional services and real estate. Glenbriar's solutions include IT Services, Cloud Services, Portals & Collaboration, Unified Communications and Software Services. See www.glenbriar.com for more details.

For further information call: Robert Matheson, CEO
  Glenbriar Technologies Inc.
  +1 (403) 450-7410
   

The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond Glenbriar’s control. Some of these risks and uncertainties may be described in Glenbriar’s corporate filings (posted at www.sedar.com). Glenbriar has no intention or obligation to update or revise any forward looking statements due to new information or events.

 
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