ZIM Corporation reports second quarter 2008 Financial Results

Thu, 2007-11-15 00:00 -- zim-admin

Ottawa, Canada - November 15 , 2007 - ZIM Corporation (OTCBB: ZIMCF), a mobile content, Enterprise Database Software, and Internet TV service provider; today announced its financial results for its second quarter ended September 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 September 30, 2007 was $446,686, a decrease from $580,913 for the quarter ended September 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 September 30, 2007 was $101,207, or a basic and diluted loss per share of $0.001. The net loss for the quarter ended September 30, 2006 was $369,991, or a basic and diluted loss per share of $0.004.

"Consistent with previous announcements, our decrease in revenues is attributed to the decrease in our SMS aggregation revenues. We have reduced operating expenses and continue to look for additional savings as we pursue opportunities related to our Internet TV, Mobile Content and Database platforms" said Dr. Michael Cowpland, President and CEO of ZIM.

ZIM had cash of $209,741 as at September 30, 2007 as compared to $578,883 for the period as at September 30, 2006 and $ 319,561 at June 30, 2007. As at September 30, 2007, ZIM also had an amount due to the chief executive officer, who is also a shareholder, of $49,740 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