TrueContext Mobile Solutions Corporation Announces Q1 2012 Results

TrueContext Mobile Solutions Corporation (TSX VENTURE:TMN) ("TrueContext" or
"the Company"), a mobile data solutions company today announced results for its
three months ended March 31, 2012. All amounts are stated in Canadian dollars
unless otherwise noted.


Operating Results for the Three Months Ended March 31, 2012 

Total revenue for the three months ended March 31, 2012 of $558,437 represented
an increase of 93% over total revenue for the first quarter of 2011 of $288,788.





--  First quarter 2012 subscription license revenue grew by 133% to $359,090
    from $153,869 in the first quarter of 2011. 

--  First quarter 2012 operator channel subscription revenue grew to
    $218,630 from $52,429 in the first quarter of 2011. 

--  First quarter 2012 services revenue grew by 48% to $199,347 from
    $134,919 in the first quarter of 2011. Professional services revenue
    increased by 64% to $182,965, while maintenance revenue from legacy
    perpetual licenses decreased by 31% to $16,382. 

--  First quarter 2012 net loss was $585,975 compared to first quarter 2011
    net loss of $582,158 and fourth quarter 2011 net loss of $748,856. 

--  As at March 31, 2012, the Company had cash and cash equivalents of
    $642,057 and net working capital of $104,404. 

--  The Company completed a private placement on May 24, 2012 providing
    additional gross proceeds of $1,000,000. 



"Our first quarter 2012 results show continued growth in customers, subscribers
and revenues. In our 2012 first quarter, we made significant strides in reducing
our cost structure by transitioning from our legacy 4.8 services and
infrastructure. While this caused some small turbulence in our subscriber
growth, we were able to achieve significant savings in cost of sales and
research and development and provide long term value for scaling our offering in
a cost effective manner. We also recently modified our sales process to
increasingly funnel customer activity through our web portal providing better
access to customer information and we introduced product improvements such as
standardized data destinations and dispatch functionality intended to improve
and simplify ProntoForms and shorten the sales cycle," said Alvaro Pombo, Chief
Executive Officer, TrueContext. 


Mr. Pombo added: "We continue to focus on maximizing subscriber growth primarily
through our mobile operator channel partners. We have witnessed solid traction
in the US and we recently announced a resell arrangement with Rogers
Communications in Canada. In addition, we have made significant progress in
other geographies and intend to continue building a diversified base of
subscribers. In the last two quarters we have also secured co-marketing
partnerships with the global top four mobile device brands, which help expand
awareness and representation of our products through the mobile operator
channel."


Option Grant

Options to purchase up to 1,410,000 common shares of the Company were approved
for grant by the Board of Directors, including 1,200,000 to certain directors
and officers. The options were approved for grant to be effective as of May 31,
2012 pursuant to the terms of the Company's stock option plan and are
exercisable for a period of five years from the effective date at an exercise
price to be equal to the greater of $0.18 and the closing price of the common
shares on May 30, 2012. Stock option grants are subject to necessary regulatory
approvals.


ABOUT PRONTOFORMS(TM) AND TRUECONTEXT 

ProntoForms, by TrueContext, revolutionizes how mobile workers and managers
communicate and report, improving business productivity and efficiency. With the
advent of mobile devices, digital mobile form submission is now a business
reality - eliminating costly, slow and error-prone paper form processes.
ProntoForms is your business forms gone mobile, no changes to your process.
Featuring portal reports and real-time business information from the field,
ProntoForms works on your favorite mobile devices - iPhone and iPad, Blackberry,
Android, Windows Mobile and HP webOS. 


TrueContext is traded on the TSX Venture Exchange ("TSXV") under the symbol TMN.
TrueContext has a powerful and proprietary patent portfolio, from which
ProntoForms mobile App and Web reporting portal are developed. ProntoForms is
the registered trademark of TrueContext Corporation, a wholly-owned subsidiary
of TrueContext.


Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
reflected in the forward looking-statements unless and until required by
securities laws applicable to the Company.


There are a number of risk factors that could cause future results to differ
materially from those described herein, including but not limited to the
following: (i) there can be no assurance that the Company will earn any profits
in the future or that profitability, if achieved, will be sustained; (ii) if the
Company is not able to achieve profitability, it will require additional equity
or debt financing, and there can be no assurances that the Company will be able
to obtain additional financial resources on favourable commercial terms or at
all; (iii) the Company's quarterly revenues and operating results may fluctuate,
which may harm its results of operations; (iv) the loss of business from a major
customer, operator or other reseller could reduce the Company's sales and harm
its business and prospects; (v) a portion of the Company's sales are through
operators and other resellers, and an adverse change in the Company's
relationship with any of such operators or other resellers may result in
decreased sales; (vi) the market for software as a service is at a relatively
early stage of development, and if it does not develop or develops more slowly
than expected, the Company's business will be harmed; (vii) the Company faces
competition from other software solution providers, which may reduce its market
share or limit the prices it can charge for its software solutions; (viii) a
global economic downturn or market volatility may adversely affect our business
and/or our ability to complete new financings; (ix) the business of the Company
may be harmed if it does not continue to penetrate markets; (x) the success of
the business depends on the Company's ability to develop new products and
enhance its existing products; 


(xi) the Company's growth depends in part on the success of its strategic
relationships with third parties; (xii) the financial condition of third parties
may adversely affect the Company; (xiii) the US dollar may fluctuate
significantly compared to the Canadian dollar, causing reduced revenue and cash
flow as most of our revenues are received in US dollars while most of our
expenses are payable in Canadian dollars; (xiv) subscription services which
produce the majority of the Company's revenue are hosted by a third party
service for the Company and any interruption in service could harm its results
of operations; (xv) intellectual property claims against the Company may be time
consuming, costly to defend, and disruptive to the business; (xvi) the Company
uses open source software in connection with its products which exposes it to
uncertainty and potential liability; (xvii) economic uncertainty and downturns
in the software market may lead to decreases in the Company's revenue and
margins; (xviii) any significant changes in the technological paradigm utilized
for building or delivering applications in Smartphone devices could harm the
Company's business and prospects; and (xix) if the Company loses any of its key
personnel, its operations and business may suffer. Please see "Risk Factors
Affecting Future Results" in the Company's annual management's discussion and
analysis for the year ended December 31, 2011, for a more complete discussion of
these and other risks. Readers are cautioned not to place undue reliance on
forward-looking statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable law. 


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any securities. The securities have not been and will not be
registered under the United States Securities Act of 1933, as amended (the "US
Securities Act") or any state securities laws and may not be offered or sold
within the United States or to US persons unless registered under the US
Securities Act and applicable state securities laws or an exemption from such
registration is available.
Prontoforms Corporation (TSXV:TMN)
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