September & October 2009 Highlights:
- Insurance Services revenues up 46% versus Sept/Oct-2008
- New ACV Insurance service significantly contributing to revenue growth
- ACV market 10 times greater than Armada’s existing 43r insurance service
- ACV targeted roll out to Armada’s 26 existing insurance clients underway
- New ACV Insurance service now being used by 2 Top-10 companies
- Insurance division entering busiest time of the year
Mississauga, Ontario, November 18, 2009, Armada Data Corp. (TSX.V: ARD) is pleased to announce the Company’s Insurance Services division experienced the highest increase in revenues in the division’s history during the months of September and October 2009 versus the same period in 2008 primarily as a result of the Company’s new ACV Insurance service.
The Company’s new ACV (Actual Cash Value) Insurance Service has now completed its beta-testing stage and is currently commencing the implementation stage with two of Canada’s Top-10 Insurance companies. A national implementation plan is scheduled to expand to the majority of the Company’s 26 current insurance company clients over the next 6-12 months.
The size of the market for the ACV service is over 10 times greater than the 43r service, which the Company pioneered in 2002. Therefore the Company expects the impact from the implementation of the ACV Service to be material.
Due to harsh weather conditions, winter months are typically the Insurance division’s best performing periods. As such Armada anticipates reporting positive results from both its existing 43r insurance service as well as its new ACV Insurance service.
About Armada Data Corp.
Armada Data Corp. is a profitable web-enabled Automobile Information Services Company providing accurate and real-time pricing data, to institutional and retail customers on a fee-for-service basis, through developing, owning and operating automotive related websites and providing information services to its clients.
Armada Data Corp shares are listed on the TSX Venture exchange under the trading Symbol ARD. Armada has 13,598,831 shares outstanding.
For further information, please contact:
Armada Data Corporation
Mr. Paul Timoteo, President & CFO
Tel 1-866-453-6995 ext 224
Email: PT@ArmadaData.com
Or
Investor Relations; please contact Mr. Richard Buzbuzian at Integrated Investor Relations Inc. Tel 647-501-3290 or email: RBuzbuzian@IntegratedIR.com
Public Relations; please contact Mr. Nelson Hudes at Hudes Communications International Tel 905-660-9155 or email: Nelson@HudesCommunications.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
