Fireswirl Provides General Update
October 7, 2008 - Vancouver, British Columbia - Fireswirl Technologies Inc. (TSXV:FSW). The company wishes to comment on the following:
As at September 30, 2008, the company had current assets of approximately $2.9 million (consisting of $2.5 million in cash, the balance in receivables and inventory) and approximately $0.1 million in current liabilities (with no other debt). The company's cash is securely diversified and deposited with three Canadian banks with unused capital being rotated in 30 day GIC's. At the completion of Q3 2008, the company had approximately $0.10 per share in cash.
During Q3 2008, the company completed a license agreement with Intelimax Media Inc. and was able to reduce future salary expense at its Vancouver office by more than $100,000 per quarter.
Fireswirl remains committed to enhancing shareholder value and its strategy of creating value add solutions for deployment within the telecommunications industry in China.
Additional details will be provided in the regular Management Discussion and Analysis expected in November, 2008.
Fireswirl Technologies Inc. (TSXV: FSW) has been a developer of gaming and entertainment software since 1999. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multi-currency and multi-language capabilities for either internet or wireless applications. With offices in Canada and China, the company is active in sales of mobile handsets and providing value added services for the telecommunications industry.
Further information can be found on the company at: www.fireswirl.com or contact:
Dale Peterson, President & CEO
T: 604.540-8805 Ext. 230
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.