ZIM Corporation reports first quarter 2008 Financial Results

Wed, 2007-08-15 00:00 -- zim-admin

Ottawa, Canada - August 15 , 2007 - ZIM Corporation (OTCBB: ZIMCF), a mobile content and Internet TV service provider; today announced its financial results for its first quarter ended June 30, 2007. All figures presented are calculated in accordance with generally accepted accounting principles (GAAP) in the United States and presented in US dollars.

Revenue for the quarter ended June 30, 2007 was $538,027, a decrease from $705,797 for the quarter ended June 30, 2006. As previously announced, ZIM's decrease in revenue is primarily attributable to the decline in revenue from our SMS aggregation services caused by the continued saturation of the aggregation market.

Net loss for the quarter ended June 30, 2007 was $97,397, or a basic and diluted loss per share of $0.001. The net loss for the quarter ended June 30, 2006 was $567,725, or a basic and diluted loss per share of $0.008.

"Consistent with previous announcements, ZIM continued to experience a decrease in SMS aggregation revenues however, we continue to pursue opportunities related to our Internet TV and Mobile Content platforms" said Dr. Michael Cowpland, President and CEO of ZIM. ZIM had cash of $319,561 as at June 30, 2007 as compared to $772,015 for the period ending June 30, 2006 and $ 441,637 at March 31, 2007. As at June 30, 2007, ZIM also had an amount due to the chief executive officer, who is also a shareholder of $46,930 with no amounts due to financial institutions.

About ZIM

ZIM is a mobile entertainment and Internet TV service provider. Through its global infrastructure, ZIM provides publishing and licensing services for market-leading mobile content and for peer to peer (P2P) Internet TV broadcasting. For more information on ZIM and its customers, partners and products, visit: www.zim.biz.

For more information:

E-mail: investorrelations@zim.biz
ZIM Corporation