Infocorp's E-Government Revenue Jumps 94%

Winnipeg, MB - Infocorp Computer Solutions Ltd. (Toronto: INP.TO ) (Infocorp) announced financial results for the first quarter ending March 31, 2000.

E-government Product (POS+) Revenues Increase

Revenue from license fees and related services attributable to Infocorp's e-government product (POS+) increased 94% to $0.55 million in the first quarter of 2000 (1999: $0.29). A significant factor in this increase is the revenue related to the contract signed during the period with IBM Corporation in New York for a large U.S. city. This project is currently well underway and is on schedule to roll-out during 2000. Overall, revenues increased to $1.03 million, from $0.92 million in the first quarter of 1999, representing an increase of 11%.

"This revenue growth is a direct result of our considerable investment in our e-government business and partnering strategy. The recent IBM contract represents a significant addition to our e-government install base and is an excellent start to the new fiscal year," said Mal Anderson, President and CEO.

Profitability Maintained

Infocorp also achieved its third consecutive profitable quarter. Net income for the period was $0.02 million, compared to a loss of $0.41 million in the first quarter of 1999, an increase of $0.43 million. The profit is a result of increased revenues in the e-government sector and continued realization of efficiencies throughout the business. Operating expenses for the period were $0.94 million (1999: $1.21) a decline of 22% over the same period in 1999.

Positive Cash Flow

Total cash at March 31, 2000 was $1.14 million, an increase of $1.02 million during the period and an increase of $1.28 million over the first quarter of 1999. Cash flow from operations was $0.10 million for the first quarter of 2000 as compared to a decrease of $0.30 million in the same quarter a year ago.

"We remain committed to building a strong balance sheet and maintaining positive cash earnings while still continuing to invest in the future for both our e-government product (POS+) and our flagship retail product, Softwear/P.O.S.," said Anderson.

Recent Highlights

Announced formation of strategic alliance with Lockheed Martin to further expand Infocorp's reach in the revenue management area of the e-government sector.
Created partnership with DBI Technologies, a software developer, to explore additional avenues of growth for Infocorp's retail solution.
Signed an agreement with Polaroid Identification Systems that will see the two companies partner on opportunities within Departments of Motor Vehicles on a worldwide basis. Both parties have a right of first refusal on new business in this agreement.
Strengthened the management of the Company by adding Michael Antonio, VP Retail.
Added a new board member, Senator Jack Austin, P.C., Q.C., a former Principal Secretary (Chief of Staff) to the Right Honourable Pierre Trudeau, Prime Minister of Canada and currently the President of the Canada China Business Council.

"Bringing these talented people on to the Infocorp team gives us additional bandwidth with which to grow the company strategically and aggressively in both the domestic and global marketplaces," said Anderson.

About Infocorp

A member of the SLMsoft.com Group of Companies, Infocorp is a leader in delivering state-of-the-art software solutions to governments and specialty retailers in the rapidly expanding e-commerce arena. Its core e-government product, Point of Service Plus, and its core retail product, Softwear/P.O.S., are installed on over 10,000 workstations around the world. Infocorp is a recognized leader in providing e-government, enterprise-wide solutions to the newly emerging G2C, G2B and G2G market segments. Infocorp's offices are located in Canada and USA with shares traded on the Toronto Stock Exchange under the symbol INP.
http://www.infocorpnow.com

About SLMsoft.com Inc.

Founded in 1986, SLMsoft.com (TSE Symbols: ESP.A and ESP.B) is a single-source global provider of fully integrated, end-to-end electronic commerce solutions for financial institutions, health care and retail organizations using open system technologies. SLMsoft.com was the first to offer the financial market the compatibility, flexibility and upward scalability necessary for global electronic service delivery. Its ESP-Link* suite of totally secure e-commerce solutions include Internet and personal computer banking; ATM networks and services; point-of-sale; debit, credit and smart cards; and check imaging and core processing. SLMsoft.com, with over 700 employees in 30 offices worldwide, serves 1,500 customers in 52 countries on five continents.
http://www.slmsoft.com

For information contact:

Dev Misir
Tel: +1-416-787-9884 x2534
Email: dev@slmsoft.com

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