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September 2014

As foreshadowed in the shareholder update released on 26 August 2014, ComOps Limited (“ComOps”) is pleased to announce to shareholders and the market that it has today signed and completed a business purchase deed under which it acquired the business and assets of e‐Tivity Corporation (APAC) Pty Limited (“e‐Tivity APAC Business”). The e‐Tivity APAC Business sells, implements and maintains software products for workforce management solutions.

The intellectual property for the e‐Tivity APAC Business is owned jointly by Mr Phil Jones and Positive Group Holdings Pty Limited (together, the “IP Owners”), who licence the intellectual property to e‐Tivity Corporation (APAC) Pty Limited (“APAC”) for use in the e‐Tivity APAC Business. ComOps also announces that it has signed a binding intellectual property purchase deed under which it will acquire the software products, the e‐Tivity trademarks and brands and related intellectual property (“e‐Tivity Intellectual Property”) from the IP Owners.

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31 July 2014

ComOps Limited (“ComOps”) is pleased to advise shareholders that the Company has released its' Appendix 4C Quarterly Cash Flow Report for Q2 of the 2014 Financial Year today, as required by LR 4.7B.

The Q2 Cash Flow Report shows a net increase in cash to a closing cash balance of $1.17m, following a successful capital raising of $1.65m (net cash of $1.53m), an improvement in cash receipts to $1.3m and a small improvement in total operating and investing cash flows to ($0.7m); which, whilst still negative does include some significant costs, both from the restructuring undertaken during the quarter (as foreshadowed in the Company’s previous quarterly) and from prior periods.

Expectations for an improved business performance in Q2 were only partly achieved and not yet to a satisfactory level, however, the Microster business produced a positive profit contribution to the group for the first two quarters, before head office costs; with:-

  • Revenue again dominated by professional services revenue, which continues to be above budget, whilst new license sales were again held back by longer decision-making cycles in the government and corporate client base.
  • The positive effects of the Q2 efficiency program that will provide annual savings of $1+m (without sacrificing operational capability) not being reflected in the results, whilst the costs are fully reflected. The benefits will be in Q3 and onwards.
  • Management and the board spending significant time completing the rectification of prior period issues, including the Sale of the Korellus ERP Business (now settled) and completion of projects (E.G. SNP Security now live).

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8 July 2014

ComOps Limited (ASX: COM) (ComOps or the Company) advises that it and its subsidiary, ComOps Solutions Pty Ltd (ComOps Solutions), have entered into a Settlement Deed in relation to the claim filed in the Supreme Court of New South Wales by Markinson Software Solutions Pty Limited (Markinson) (Claim), which was previously disclosed to the market on 24 March 2014 and 16 June 2014.

The Claim related to the sale of the Korellus ERP business in August 2013 (Korellus Sale) and involved a dispute in relation to book debts and the payment of transfer duty. Separately, there was a dispute regarding the net tangible asset value under the Korellus Sale, which was referred for expert determination.

Subject to certain conditions precedent, including the payment of a settlement sum by ComOps and ComOps Solutions to Markinson, the parties to the Settlement Deed have agreed to take all steps necessary to discontinue the Claim by consent. Under the Settlement Deed, the parties have also agreed to a net tangible asset value for the purposes of the Korellus Sale so that there is no need to continue with the expert determination.

While the terms of the Settlement Deed are confidential, the payment of the settlement sum is not expected to have a material effect on the financial position of ComOps and adequate provision has previously been made in the Company’s financial statements.

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