Vancouver, British Columbia--(Newsfile Corp. - July 21, 2016) - Renoworks Software (TSXV: RW) (OTC Pink: RWOKF), a leading visualizer for the home remodelling and construction industry, has received a grant from Alberta Innovates Technology Futures.
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Under the Commercialization Associates Program, Renoworks will receive $222,000 over a two-year period to fund 80% of the salaries for two sales and marketing employees.
Cory Fries, Acting CEO of AITF (www.albertatechfutures.ca) stated: "AITF is pleased to support Renoworks in its efforts to revolutionize the home renovation industry through the integration of cutting edge technology. The support of Renoworks, and other Alberta based innovators, demonstrates AITF's efforts to further diversify Alberta's economy."
Renoworks develops and sells unique digital visualization software "Renoworks PRO™", which is delivered online, as a custom developed app or desktop software, for the remodelling and new home construction industry, primarily in the United States and Canada. Users upload a photo of a home and then apply products from over 250 manufacturer libraries, covering both exterior and interior building product categories, to produce a realistic image of the remodelled home. Prior to starting a remodelling project, contractors can show homeowners a view of the finished product in a realistic, virtual environment.
Doug Vickerson, CEO of Renoworks stated: "This funding will help us grow our Renoworks PRO™ platform into a suite of tools every contractor in North America uses to improve their sales process. It will also strengthen our business as well as Alberta's technology sector. The fact AITF has provided funding for Renoworks PRO™ more than once shows it strongly believes in what we are doing for contractors and the provincial economy."
For the latest quarter ending March 31, 2016, the company reported revenues of $650,000, a 21.5% increase over the comparable quarter in 2015, with 58% of the first quarter's revenue attributable to annual recurring customer contracts.
The shares are trading at $0.26, and with 28.8 million shares outstanding, the company is capitalized at $7.5 million.
For more information, please visit the company's website www.renoworks.com, contact Doug Vickerson, CEO, at 403-296-3880 or by email at doug.vickerson@renoworks.com.
Investor relations is handled by Rob Gamley at Contact Financial, who can be contacted at 604-689-7422 or by email at rob@contactfinancial.com.
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