Update on WellPoint Systems Inc.


 

TIDMQOGT 
 
RNS Number : 8936I 
Quorum Oil and Gas Tech. Fund Ld 
22 March 2010 
 

  Not for release, publication or distribution in, or into, the United States, 
                          Canada, Australia or Japan. 
 
+------------------------------+------------------------------+ 
| Press Release                |                22 March 2010 | 
+------------------------------+------------------------------+ 
 
 
 
 
                   Quorum Oil and Gas Technology Fund Limited 
 
                     ("Q-OGT", "the Fund" or "the Company") 
 
                        Update on WellPoint Systems Inc. 
 
Quorum Oil and Gas Technology Fund Limited (LSE:QOGT), a registered closed-ended 
Guernsey investment company traded on the London Stock Exchange, is pleased to 
give the following update on one of its portfolio investments. 
 
WellPoint Systems Inc., ("WellPoint") (TSX-V:WPS), a provider of software and 
related solutions to the energy industry, announced its financial results for 
the quarter and year ended December 31, 2009 on March 8 2010.  Year end 
financial highlights include: 
 
·      Increased net income for the year ended December 31, 2009 by CDN$30.8 
million to CDN$3.2 million, compared with a net loss of (CDN$27.7) million for 
the same period in 2008; 
·      Improved net income per share to CDN$0.07 compared to a loss of 
(CDN$0.60); 
·      Increased Adjusted EBITDA for 2009 by CDN$13.5 million to CDN$9.3 
million, compared with an Adjusted EBITDA loss of (CDN$4.1) million in 2008; 
·      WellPoint's Energy Broker commodity trading and risk management solution 
was selected by a marquee customer; 
·      Received a US$3.3 million (CDN$3.6 million) indemnity payment from Export 
Development Canada ("EDC"); 
·      Redeemed CDN$1.3 million (net) of convertible debentures that came due; 
·      Delivered US$2.0 million of license sale for WellPoint's Microsoft 
Dynamics AX solutions to a new Middle Eastern channel partner, QMENA. 
 
To view the full results, please visit Quorum's website at www.q-ogtfund.com 
where a pdf version can be downloaded. 
 
                                    - Ends - 
 
For further information: 
+----------------------------------+--------------------------------+ 
| Investment Manager               |                                | 
+----------------------------------+--------------------------------+ 
| Quorum Group                     |                                | 
+----------------------------------+--------------------------------+ 
| Wanda Dorosz, Managing Partner & |           Tel: +1 416 971 6998 | 
| CEO                              |                                | 
+----------------------------------+--------------------------------+ 
|                                  |              wdorosz@quorum.ca | 
+----------------------------------+--------------------------------+ 
| David Sefton, Quorum European    |          Tel: +44 (0) 7989 333 | 
| Partners LLP                     |                            371 | 
+----------------------------------+--------------------------------+ 
|                                  | david.sefton@quorum-london.com | 
+----------------------------------+--------------------------------+ 
 
+--------------------------------+----------------------------+ 
| Numis Securities               |                            | 
+--------------------------------+----------------------------+ 
| Nathan Brown, Corporate        |  Tel: +44 (0) 20 7260 1426 | 
| Broking                        |                            | 
+--------------------------------+----------------------------+ 
 
Media enquiries: 
+--------------------------------+----------------------------+ 
| Abchurch                       |                            | 
+--------------------------------+----------------------------+ 
| Henry Harrison-Topham / Mark   |  Tel: +44 (0) 20 7398 7702 | 
| Dixon                          |                            | 
+--------------------------------+----------------------------+ 
| henry.ht@abchurch-group.com    |     www.abchurch-group.com | 
+--------------------------------+----------------------------+ 
 
Notes to editors: 
 
Quorum Oil and Gas Technology Fund Limited ("Q-OGT") is a registered 
closed-ended investment company incorporated in Guernsey to provide expansion 
capital to companies which own and/or are developing proven proprietary 
technology which may have a potentially significant effect on the oil and gas 
industry.  The Fund is managed by the Quorum Group, a 23 year old strategic 
sector private equity firm, headquartered in North America, which also has a 
subsidiary and office in London, Quorum European Partners LLP.  Q-OGT was 
admitted to the Official List of the UK Listing Authority and to trading on the 
London Stock Exchange on 7 January 2008. Its stock market EPIC is QOGT.L. 
Further information can be found at www.q-ogtfund.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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