Press Release

04_06_2008   TOREX REPORTS THIRD QUARTER FISCAL YEAR 2008 RESULTS

Turnaround Continues to Position the Company for Growth

DUNSTABLE, U.K. – June 4th, 2008 - Torex Retail Holdings Limited (Torex™), the leading European-based global provider of software and solutions to the extended retail marketplace, today announced financial results for the third quarter ended March 31, 2008.   

Revenue for the quarter was £54 million. Product sales for the quarter were £19.4 million compared to £18.2 million in Q2, an increase of 7%. Maintenance revenues were up 2% to £19.2 million, and Services revenue declined as expected from the seasonal peak in Q2.  Pro-forma EBITDA, excluding certain non-recurring transformation costs, was £ 2.4 million, up slightly from the prior quarter on lower revenues. Cash and cash equivalents as of March 31, 2008 were ahead of plan at £40 million.

“Since our acquisition of the company in June 2007, Torex has delivered a consistent financial performance and has secured many new contracts with existing and new customers.  As we enter our final quarter for the year, Torex is on track to deliver solid earnings and operating cash flow,” said Mike Greenough, Chairman and CEO of Torex.

The Torex customer community expanded in the third quarter with new and existing clients, including Boots, Maxeda, Poiesz, Praxis, Sandpiper CI and Servex committing to the Torex solutions portfolio:  “It is encouraging to see both existing and new customers in our key markets of retail, hospitality, convenience and petroleum turning to Torex to help them to enhance and define their customer’s experience,” said Mr. Greenough.

“As we enter our fourth quarter and to prepare ourselves for the new fiscal year, we have reorganised our sales, services and support teams to a regional focus that ensures close alignment with customers needs,” added Graeme Cooksley, President and COO of Torex.  “In conjunction with this change we have appointed seasoned executives to the roles of Chief Marketing Officer, President of Large and Strategic Accounts and Vice President of Channels to bolster growth in our upcoming financial year.”