TIDMVVS 
 
Versatile Reports Second Quarter Results 
FOR:  VERSATILE SYSTEMS INC. 
 
TSX VENTURE SYMBOL:  VV 
AIM SYMBOL:  VVS 
 
February 6, 2009 
 
Versatile Reports Second Quarter Results 
 
VANCOUVER, CANADA--(Marketwire - Feb. 6, 2009) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), today 
announces its results for the second quarter of the 2009 fiscal year. 
 
Revenue for the six months ended December 31, 2008 was $26,630,915 generating a gross profit of $6,792,495 or 
25.5% of revenue compared to $31,138,673 generating a gross profit of $7,886,617 or 25.3% of revenue for the 
same period last year. The Net Loss for the six months ended December 31, 2008 amounted to $476,556 ($0.00 per 
share) compared to Net Earnings of $629,795 ($0.01 per share) for the same period last year. 
 
The EBITDA loss for the six months ended December 31, 2008 was $21,198 excluding a one time charge for non- 
recurring expenses of $372,177 compared to an EBITDA of $1,129,779 for the same period last year. EBITDA is 
defined as net earnings before interest expense, income taxes, depreciation and amortization. The Company has 
included information concerning EBITDA because it believes that it may be used by certain investors as one 
measure of the Company's financial performance. 
 
"Market conditions continue to be extremely challenging, and have adversely affected all aspects of our 
business," said John Hardy, Chairman and CEO of Versatile. "Nevertheless, the Company operations were close to 
break even for the first six months. We recently removed approximately $1,670,000 from our cost structure, and 
the full impact of these reductions will be realized in the latter part of our third quarter." 
 
Highlights for the quarter included: 
 
- Cash and cash equivalents at December 31, 2008 was $2,371,513 an increase of $1,235,081 from September 30, 
2008 of $1,136,432; 
 
- Deferred revenue at December 31, 2008 was $7,986,465 (of which $6,848,954 is expected to be recognized in the 
next four quarters) compared to $7,773,787 at September 30, 2008, an increase of $212,678; 
 
- Working capital as of December 31, 2008 of $3,042,844, a decrease of $895,506 over the working capital of 
$3,938,350 at September 30, 2008; 
 
- Revenue for the three months ended December 31, 2008 was $12,327,064 compared to $18,523,167 for the same 
period last year; 
 
- The Company recorded a one time charge for non-recurring expenses of $372,177 relating to an additional 
provision, the majority of which is legal costs, for transactions occurring in prior periods; 
 
- Research and development expense for the quarter amounted to $391,088 compared to $491,459 for the same 
quarter last year; and 
 
- Several substantial orders for core products and services, from existing customers, including $1,066,567 from 
the University of Pittsburgh, $836,392 from Comcast and $717,048 from Tyco Electronics. 
 
"The Company has a strong financial position at the end of the quarter with $2,371,513 of cash, unused credit 
facilities for up to $5.8 million and no interest bearing debt," said Fraser Atkinson, CFO of Versatile. 
 
About Versatile 
 
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of 
their products. Versatile also provides information technology services for the implementation, maintenance and 
security of mission-critical computer environments. Versatile has the ability to architect solutions involving 
both proprietary and third party components. For more information: www.versatile.com. 
 
Forward-Looking Statements 
 
This document may contain forward-looking statements relating to Versatile's operations or to the environment 
in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These 
statements are not guarantees of future performance and involve risks and uncertainties that are difficult to 
predict or are beyond Versatile's control. A number of important factors including those set forth in other 
public filings could cause actual outcomes and results to differ materially from those expressed in these 
forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking 
statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile 
disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of 
new information, future events or otherwise. 
 
All amounts are expressed in U.S. dollars unless otherwise stated. (C) 2009 Versatile Systems Inc. All rights 
reserved. 
 
/T/ 
 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Balance Sheets 
=------------------------------------------------------------------------- 
 
Expressed in U.S. dollars                       December 31,       June 30, 
                                                       2008           2008 
                                              -------------  ------------- 
                                                 (unaudited) 
 
ASSETS 
Current Assets 
 Cash and cash equivalents                    $   2,371,513  $   1,500,005 
 Accounts receivable                              8,183,556     11,842,754 
 Current portion of deferred contract costs       5,122,943      4,918,704 
 Work-in-progress                                    61,895         80,668 
 Prepaid expenses                                   687,223        309,061 
 Inventory                                        1,579,110      1,944,100 
 Future income tax benefits                         727,797        706,249 
                                              ---------------------------- 
                                                 18,734,037     21,301,541 
 
Long-term accounts receivable                        53,928         26,522 
Deferred contract costs                             924,429      1,050,694 
Capital Assets                                      916,102        867,771 
Intangible assets                                   514,117        695,726 
Future income tax benefits                        4,628,098      4,672,907 
Goodwill                                          9,977,659      9,977,659 
                                              ---------------------------- 
                                              $  35,748,370  $  38,592,820 
                                              ---------------------------- 
                                              ---------------------------- 
 
LIABILITIES 
Current Liabilities 
 Line of credit                               $           -  $      74,942 
 Bank overdraft                                           -        127,214 
 Accounts payable and accrued liabilities         8,842,239     10,704,330 
 Current portion of deferred revenue              6,848,954      6,582,593 
 Promissory Notes                                         -         40,000 
                                              ---------------------------- 
                                                 15,691,193     17,529,079 
 
Deferred Revenue                                  1,137,511      1,272,536 
                                              ---------------------------- 
                                                 16,828,704     18,801,615 
                                              ---------------------------- 
 
SHAREHOLDERS' EQUITY 
 Share Capital                                   50,688,658     51,353,054 
 Warrants                                           369,965        369,965 
 Contributed surplus                              3,833,801      3,188,496 
 Deficit                                        (35,539,652)   (35,063,096) 
 Accumulated other comprehensive income (loss)     (433,106)       (57,214) 
                                              ---------------------------- 
                                                 18,919,666     19,791,205 
 
                                              ---------------------------- 
                                              $  35,748,370  $  38,592,820 
                                              ---------------------------- 
                                              ---------------------------- 
 
 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Statements of Earnings and Deficit 
(unaudited - prepared by management) 
=------------------------------------------------------------------------- 
 
                          Three months ended              Six months ended 
Expressed in U.S.                December 31                   December 31 
dollars                  2008           2007           2008           2007 
                ---------------------------------------------------------- 
 
SALES           $  12,327,064  $  18,523,167  $  26,630,915  $  31,138,673 
 
COST OF SALES       9,287,669     13,716,667     19,838,420     23,252,056 
                ---------------------------------------------------------- 
 
                    3,039,395      4,806,500      6,792,495      7,886,617 
                ---------------------------------------------------------- 
 
EXPENSES 
 General and 
  administrative    1,278,420      1,289,871      2,601,480      2,384,790 
 Selling and 
  marketing         1,717,311      1,756,538      3,487,136      3,287,868 
 Research and 
  development         391,088        491,459        815,840        899,718 
 Non recurrring 
  expenses            372,177              -        372,177              - 
 Foreign Exchange 
  (gain) Loss         (76,407)       122,192        (96,759)       131,159 
 Stock-based 
  compensation          2,753         27,452          5,996         53,303 
                ---------------------------------------------------------- 
                    3,685,342      3,687,512      7,185,870      6,756,838 
                ---------------------------------------------------------- 
 
Earnings before 
 interest, taxes 
 and amortization    (645,947)     1,118,988       (393,375)     1,129,779 
 
 Amortization of 
  capital assets       87,406         60,173        157,306        117,347 
 Amortization of 
  intangible assets    90,675        188,862        181,349        377,724 
 Interest expense         354         26,521         29,442         61,996 
                ---------------------------------------------------------- 
 
EARNINGS (LOSS) 
 BEFORE INCOME TAXES (824,382)       843,432       (761,472)       572,712 
 
Current income tax 
 expense              (16,044)        (6,962)       (20,544)       (16,548) 
Future income tax 
 (expense) benefit    307,255       (150,171)       305,460         73,631 
                ---------------------------------------------------------- 
 
NET EARNINGS (LOSS) 
 FOR THE PERIOD      (533,171)       686,299       (476,556)       629,795 
                ---------------------------------------------------------- 
 
DEFICIT, BEGINNING 
 OF PERIOD        (35,006,481)   (35,319,730)   (35,063,096)   (35,263,226) 
 
                ---------------------------------------------------------- 
DEFICIT, END OF 
 PERIOD           (35,539,652)   (34,633,431)   (35,539,652)   (34,633,431) 
                ---------------------------------------------------------- 
                ---------------------------------------------------------- 
 
EARNINGS (LOSS) 
 PER SHARE (basic 
 and fully diluted)    ($0.00) $        0.01         ($0.00) $        0.01 
                ---------------------------------------------------------- 
                ---------------------------------------------------------- 
 
 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Statements of Comprehensive Income (Loss) 
(unaudited - prepared by management) 
=------------------------------------------------------------------------- 
 
                          Three months ended              Six months ended 
Expressed in U.S.                December 31                   December 31 
dollars                  2008           2007           2008           2007 
                      ---------------------------------------------------- 
 
Net earnings 
 (loss) for the 
 period              (533,171)       686,299       (476,556)       629,795 
 
Other comprehensive 
 income (loss) 
 Foreign currency 
  translation 
  adjustments        (342,643)       238,781       (375,892)       281,859 
 
                      ---------------------------------------------------- 
Comprehensive income 
 (loss) for the 
 period              (875,814)       925,080       (852,448)       911,654 
                      ---------------------------------------------------- 
                      ---------------------------------------------------- 
 
 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Statements of Cash Flows 
(unaudited - prepared by management) 
=------------------------------------------------------------------------- 
 
                          Three months ended              Six months ended 
Expressed in U.S.                December 31                   December 31 
dollars                  2008           2007           2008           2007 
                ---------------------------------------------------------- 
 
CASH FLOWS FROM 
 (USED IN) 
 OPERATING 
 ACTIVITIES 
Net earnings 
 (loss) for 
 the period        $ (533,171) $     686,299  $    (476,556) $     629,795 
Items not 
 affecting cash 
 Amortization of 
  capital and 
  intangible 
  assets              178,081        249,035        344,983        495,071 
 Loss on disposal 
  of capital assets         -              -              -            212 
 Stock-based 
  compensation          2,753         27,452          5,996         53,303 
 Foreign exchange 
  loss                 27,913         24,465         36,032         33,431 
 Future income tax 
  expense (benefit)  (307,255)       150,171       (305,460)       (73,631) 
                ---------------------------------------------------------- 
Cash flow from 
 operations before 
 other items         (631,679)     1,137,422       (395,005)     1,138,181 
 Net change in 
  non-cash working 
  capital items     2,213,837     (2,886,528)     1,828,665     (1,062,611) 
                ---------------------------------------------------------- 
                    1,582,158     (1,749,106)     1,433,660         75,570 
 
CASH FLOWS FROM 
 (USED IN) 
 INVESTING 
 ACTIVITIES 
 Purchase of net 
  assets                    -          2,541              -          2,541 
 Proceeds from 
  disposition of 
  capital assets            -              -              -          1,867 
 Additions to 
  capital assets     (106,511)      (121,325)      (209,989)      (307,872) 
                ---------------------------------------------------------- 
                     (106,511)      (118,784)      (209,989)      (303,464) 
                ---------------------------------------------------------- 
 
CASH FLOWS FROM 
 (USED IN) 
 FINANCING 
 ACTIVITIES 
 Proceeds from 
  issuance of 
  shares, net of 
  costs                     -              -              -        416,202 
 Purchase of 
  company shares      (25,088)       (87,478)       (25,088)       (87,478) 
 Repayment of 
  line of credit            -              -        (74,942)        (3,383) 
 Proceeds from 
 (Repayment of) 
  bank overdraft            -      1,104,918       (127,214)     1,468,370 
 Repayment of 
  the Term Loan             -              -              -       (175,000) 
 Repayment of 
  Promissory Notes    (20,000)             -        (40,000)             - 
 Repayment of 
  capital lease 
  obligations               -         (1,166)             -         (3,904) 
                ---------------------------------------------------------- 
                      (45,088)     1,016,274       (267,244)     1,614,807 
                ---------------------------------------------------------- 
 
Effect of foreign 
 exchange rate 
 on cash             (195,478)       193,777        (84,919)       150,700 
 
Increase (decrease) 
 in cash and cash 
 equivalents        1,235,081       (657,839)       871,508      1,537,613 
 
CASH and cash 
 equivalents, 
 beginning of 
 period             1,136,432      5,564,539      1,500,005      3,369,087 
 
                ---------------------------------------------------------- 
CASH and cash 
 equivalents, 
 end of period     $2,371,513  $   4,906,700  $   2,371,513  $   4,906,700 
                ---------------------------------------------------------- 
                ---------------------------------------------------------- 
 
 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Financial Statements 
(unaudited - prepared by management) 
December 31, 2008 
=------------------------------------------------------------------------- 
 
Consolidated Balance Sheets Statement 1 
 
Consolidated Statements of Operations and Deficit Statement 2 
 
Consolidated Statements of Comprehensive Income (Loss) Statement 3 
 
Consolidated Statements of Cash Flows Statement 4 
 
Notes to Consolidated Financial Statements 
 
 
                                                               Statement 1 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Balance Sheets 
=------------------------------------------------------------------------- 
 
Expressed in U.S. dollars                       December 31,       June 30, 
                                                       2008           2008 
                                              -------------  ------------- 
                                                 (unaudited) 
 
ASSETS 
Current Assets 
 Cash and cash equivalents                    $   2,371,513  $   1,500,005 
 Accounts receivable                              8,183,556     11,842,754 
 Current portion of deferred contract costs       5,122,943      4,918,704 
 Work-in-progress                                    61,895         80,668 
 Prepaid expenses                                   687,223        309,061 
 Inventory                                        1,579,110      1,944,100 
 Future income tax benefits (note 8)                727,797        706,249 
                                              ---------------------------- 
                                                 18,734,037     21,301,541 
 
Long-term accounts receivable                        53,928         26,522 
Deferred contract costs                             924,429      1,050,694 
Capital Assets                                      916,102        867,771 
Intangible assets                                   514,117        695,726 
Future income tax benefits (note 8)               4,628,098      4,672,907 
Goodwill                                          9,977,659      9,977,659 
                                              ---------------------------- 
                                              $  35,748,370  $  38,592,820 
                                              ---------------------------- 
                                              ---------------------------- 
 
LIABILITIES 
Current Liabilities 
 Line of credit (note 3)                      $           -  $      74,942 
 Bank overdraft                                           -        127,214 
 Accounts payable and accrued liabilities         8,842,239     10,704,330 
 Current portion of deferred revenue              6,848,954      6,582,593 
 Promissory Notes                                         -         40,000 
                                              ---------------------------- 
                                                 15,691,193     17,529,079 
 
Deferred Revenue                                  1,137,511      1,272,536 
                                              ---------------------------- 
                                                 16,828,704     18,801,615 
                                              ---------------------------- 
 
SHAREHOLDERS' EQUITY 
 Share Capital (note 4)                          50,688,658     51,353,054 
 Warrants (note 5)                                  369,965        369,965 
 Contributed surplus                              3,833,801      3,188,496 
 Deficit                                        (35,539,652)   (35,063,096) 
 Accumulated other comprehensive income (loss)     (433,106)       (57,214) 
                                              ---------------------------- 
                                                 18,919,666     19,791,205 
 
                                              ---------------------------- 
                                              $  35,748,370  $  38,592,820 
                                              ---------------------------- 
                                              ---------------------------- 
 
APPROVED BY THE DIRECTORS: 
 
DIRECTOR: John Hardy         DIRECTOR: Fraser Atkinson 
 
See Notes to Consolidated Financial Statements 
 
 
                                                               Statement 2 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Statements of Earnings and Deficit 
(unaudited - prepared by management) 
=------------------------------------------------------------------------- 
 
                          Three months ended              Six months ended 
Expressed in U.S.                December 31                   December 31 
dollars                  2008           2007           2008           2007 
                ---------------------------------------------------------- 
 
SALES           $  12,327,064  $  18,523,167  $  26,630,915  $  31,138,673 
 
COST OF SALES       9,287,669     13,716,667     19,838,420     23,252,056 
                ---------------------------------------------------------- 
 
                    3,039,395      4,806,500      6,792,495      7,886,617 
                ---------------------------------------------------------- 
 
EXPENSES 
 General and 
  administrative    1,278,420      1,289,871      2,601,480      2,384,790 
 Selling and 
  marketing         1,717,311      1,756,538      3,487,136      3,287,868 
 Research and 
  development         391,088        491,459        815,840        899,718 
 Non recurrring 
  expenses            372,177              -        372,177              - 
 Foreign Exchange 
  (gain) Loss         (76,407)       122,192        (96,759)       131,159 
 Stock-based 
  compensation          2,753         27,452          5,996         53,303 
                ---------------------------------------------------------- 
                    3,685,342      3,687,512      7,185,870      6,756,838 
                ---------------------------------------------------------- 
 
Earnings before 
 interest, taxes 
 and amortization    (645,947)     1,118,988       (393,375)     1,129,779 
 
 Amortization of 
  capital assets       87,406         60,173        157,306        117,347 
 Amortization of 
  intangible assets    90,675        188,862        181,349        377,724 
 Interest expense         354         26,521         29,442         61,996 
                ---------------------------------------------------------- 
 
EARNINGS (LOSS) 
 BEFORE INCOME TAXES (824,382)       843,432       (761,472)       572,712 
 
Current income tax 
 expense              (16,044)        (6,962)       (20,544)       (16,548) 
Future income tax 
 (expense) benefit    307,255       (150,171)       305,460         73,631 
                ---------------------------------------------------------- 
 
NET EARNINGS (LOSS) 
 FOR THE PERIOD      (533,171)       686,299       (476,556)       629,795 
                ---------------------------------------------------------- 
 
DEFICIT, BEGINNING 
 OF PERIOD        (35,006,481)   (35,319,730)   (35,063,096)   (35,263,226) 
 
                ---------------------------------------------------------- 
DEFICIT, END OF 
 PERIOD           (35,539,652)   (34,633,431)   (35,539,652)   (34,633,431) 
                ---------------------------------------------------------- 
                ---------------------------------------------------------- 
 
EARNINGS (LOSS) 
 PER SHARE (basic 
 and fully diluted)    ($0.00) $        0.01         ($0.00) $        0.01 
                ---------------------------------------------------------- 
                ---------------------------------------------------------- 
 
See Notes to Consolidated Financial Statements 
 
 
                                                               Statement 3 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Statements of Comprehensive Income (Loss) 
(unaudited - prepared by management) 
=------------------------------------------------------------------------- 
 
                          Three months ended              Six months ended 
Expressed in U.S.                December 31                   December 31 
dollars                  2008           2007           2008           2007 
                      ---------------------------------------------------- 
 
Net earnings 
 (loss) for the 
 period              (533,171)       686,299       (476,556)       629,795 
 
Other comprehensive 
 income (loss) 
 Foreign currency 
  translation 
  adjustments        (342,643)       238,781       (375,892)       281,859 
 
                      ---------------------------------------------------- 
Comprehensive income 
 (loss) for the 
 period              (875,814)       925,080       (852,448)       911,654 
                      ---------------------------------------------------- 
                      ---------------------------------------------------- 
 
See Notes to Consolidated Financial Statements 
 
 
                                                               Statement 4 
=------------------------------------------------------------------------- 
Versatile Systems Inc. 
Consolidated Statements of Cash Flows 
(unaudited - prepared by management) 
=------------------------------------------------------------------------- 
 
                          Three months ended              Six months ended 
Expressed in U.S.                December 31                   December 31 
dollars                  2008           2007           2008           2007 
                ---------------------------------------------------------- 
 
CASH FLOWS FROM 
 (USED IN) 
 OPERATING 
 ACTIVITIES 
Net earnings 
 (loss) for 
 the period        $ (533,171) $     686,299  $    (476,556) $     629,795 
Items not 
 affecting cash 
 Amortization of 
  capital and 
  intangible 
  assets              178,081        249,035        344,983        495,071 
 Loss on disposal 
  of capital assets         -              -              -            212 
 Stock-based 
  compensation          2,753         27,452          5,996         53,303 
 Foreign exchange 
  loss                 27,913         24,465         36,032         33,431 
 Future income tax 
  expense (benefit)  (307,255)       150,171       (305,460)       (73,631) 
                ---------------------------------------------------------- 
Cash flow from 
 operations before 
 other items         (631,679)     1,137,422       (395,005)     1,138,181 
 Net change in 
  non-cash working 
  capital items     2,213,837     (2,886,528)     1,828,665     (1,062,611) 
                ---------------------------------------------------------- 
                    1,582,158     (1,749,106)     1,433,660         75,570 
 
CASH FLOWS FROM 
 (USED IN) 
 INVESTING 
 ACTIVITIES 
 Purchase of net 
  assets                    -          2,541              -          2,541 
 Proceeds from 
  disposition of 
  capital assets            -              -              -          1,867 
 Additions to 
  capital assets     (106,511)      (121,325)      (209,989)      (307,872) 
                ---------------------------------------------------------- 
                     (106,511)      (118,784)      (209,989)      (303,464) 
                ---------------------------------------------------------- 
 
CASH FLOWS FROM 
 (USED IN) 
 FINANCING 
 ACTIVITIES 
 Proceeds from 
  issuance of 
  shares, net of 
  costs                     -              -              -        416,202 
 Purchase of 
  company shares      (25,088)       (87,478)       (25,088)       (87,478) 
 Repayment of 
  line of credit            -              -        (74,942)        (3,383) 
 Proceeds from 
 (Repayment of) 
  bank overdraft            -      1,104,918       (127,214)     1,468,370 
 Repayment of 
  the Term Loan             -              -              -       (175,000) 
 Repayment of 
  Promissory Notes    (20,000)             -        (40,000)             - 
 Repayment of 
  capital lease 
  obligations               -         (1,166)             -         (3,904) 
                ---------------------------------------------------------- 
                      (45,088)     1,016,274       (267,244)     1,614,807 
                ---------------------------------------------------------- 
 
Effect of foreign 
 exchange rate 
 on cash             (195,478)       193,777        (84,919)       150,700 
 
Increase (decrease) 
 in cash and cash 
 equivalents        1,235,081       (657,839)       871,508      1,537,613 
 
CASH and cash 
 equivalents, 
 beginning of 
 period             1,136,432      5,564,539      1,500,005      3,369,087 
 
                ---------------------------------------------------------- 
CASH and cash 
 equivalents, 
 end of period     $2,371,513  $   4,906,700  $   2,371,513  $   4,906,700 
                ---------------------------------------------------------- 
                ---------------------------------------------------------- 
 
Supplementary 
 information 
 Cash paid for 
  interest expense $      683  $      60,367  $      25,801  $     131,471 
 Cash paid for 
  income taxes          2,620         20,099         30,605         29,685 
 
Non-cash investing 
 and financing 
 activities 
 Promissory Notes 
  issued for the 
  acquisition of 
  Sagent                    -         80,000              -         80,000 
 Other consideration 
  issued for the 
  acquisition of 
  Sagent                    -         42,000              -         42,000 
 
See Notes to Consolidated Financial Statements 
 
/T/ 
 
Versatile Systems Inc. 
 
Notes to Consolidated Financial Statements 
 
For the period ended December 31, 2008 
 
(Unaudited - Prepared by Management) 
 
1. Consolidated financial statement presentation: 
 
These unaudited interim consolidated financial statements at December 31, 2008 and the consolidated statements 
of operations and deficit, comprehensive income (loss) and cash flows for the periods ended December 31, 2008 
and 2007, have been prepared in accordance with Canadian generally accepted accounting principles. These 
unaudited interim financial statements do not include all the disclosures required for annual audited financial 
statements and should be read in conjunction with the Company's annual audited consolidated financial 
statements and notes therein for the year ended June 30, 2008. 
 
The results of operations for the period ended December 31, 2008 are not necessarily indicative of the results 
for the full year ending June 30, 2009. All amounts herein, including the comparative figures, have been 
expressed in United States dollars unless otherwise noted. 
 
The financial statements as at and for the periods ended December 31, 2008 have not been reviewed or audited by 
the Company's auditor. 
 
2. Accounting Policies 
 
The accounting policies applied in these interim financial statements are consistent with those applied in the 
Annual financial statements. 
 
3. Bank Line of Credit 
 
The Company has a credit line facility for up to $5,800,000, which is limited to 70% of eligible accounts 
receivable of certain U.S. subsidiaries from a U.S. based financial institution. The line of credit bears 
interest at the State of New York prime rate of lending and is secured with a first charge on the assets of 
these U.S. subsidiaries. 
 
4. Common Shares 
 
/T/ 
 
Authorized 
 Unlimited common shares without par value 
 
Issued and outstanding 
 
                                                   Number 
                                                of shares          Amount 
                                              --------------------------- 
                                              --------------------------- 
Issued and outstanding - June 30, 2008        121,148,643    $ 51,808,079 
Cancelled shares that were held in Treasury    (2,559,000)     (1,094,333) 
Less shares held in Treasury                                      (25,088) 
                                              --------------------------- 
 
Balance - December 31, 2008                   118,589,643    $ 50,688,658 
                                              --------------------------- 
 
/T/ 
 
During the first quarter the Company cancelled 2,559,000 common shares that had been purchased pursuant to a 
Normal Course Issuer Bid. As a result the share capital was reduced by the average cost of shares, which 
results in contributed surplus of $639,308. 
 
5. Warrants 
 
/T/ 
 
Issued and outstanding: 
 
                                   Exercise      Number of 
Expiry date                      Price CDN$       Warrants             Cost 
=-------------------------------------------------------------------------- 
 
March 31, 2009                   $     0.38      1,411,808          107,627 
March 31, 2009                   $    0.414      1,411,808           75,971 
March 31, 2011                   $    0.569      1,411,808           63,309 
April 16, 2011                   $   0.6636        583,770           81,058 
January 22, 2012                 $     0.30        600,000           42,000 
                                                 -------------------------- 
 
Balance - December 31, 2008                      5,419,194    $     369,965 
                                                 -------------------------- 
                                                 -------------------------- 
 
/T/ 
 
6.  Stock Options 
 
/T/ 
 
                                                                   Weighted 
                                                                    average 
                                                 Number of         exercise 
                                             Stock Options       price CDN$ 
                                             ------------------------------ 
                                             ------------------------------ 
 
Balance - June 30, 2008                          8,768,200   $         0.53 
Granted during the period                                - 
Forfeited during the period                        (32,600)  $         0.25 
Exercised during the period                              - 
                                             ------------------------------ 
 
Balance - December 31, 2008                      8,735,600   $         0.53 
                                             ------------------------------ 
                                             ------------------------------ 
 
/T/ 
 
7. Non Recurring Expenses 
 
During the quarter the Company recorded an additional provision, including legal costs, for transactions 
occurring in prior periods. 
 
8. Income taxes 
 
Canadian GAAP requires a valuation allowance to be recorded against any future tax asset to the extent that it 
is more likely than not that the future income tax asset will not be realized. This is also the Company's 
stated accounting policy. 
 
Prior to the 2006 fiscal year the Company determined that it had not met this test so the Company recorded a 
full valuation allowance against the potential value of all of its tax losses and deductions available to be 
taken against future years' income tax returns. As a result there has been no future income tax asset. 
 
During the 2006 fiscal year, the Company determined that the U.S. subsidiaries were generating sufficient 
profits that they were more likely than not to utilize the the losses and deductions attributable to these U.S. 
subsidiaries. Consequently, the Company concluded that the valuation allowance be reduced accordingly. The 
difference between the total value of these tax benefits less the valuation allowance is the amount of the 
future income tax asset that is recorded by the Company. 
 
The tax effects of temporary differences that give rise to significant portions of future income tax assets and 
future income tax liabilities at the statutory enacted rates are as follows: 
 
/T/ 
 
                                               December 31,        June 30, 
                                                      2008            2008 
                                              ---------------------------- 
                                                (unaudited) 
Future income tax assets 
 Tax losses and deductions                    $  7,760,074   $   8,201,781 
 Capital assets                                    400,070         441,178 
 Share issuance costs                              242,184         354,780 
 Other                                             171,861         183,861 
                                              ---------------------------- 
 
Future income tax assets                         8,574,189       9,181,600 
Valuation allowance                             (2,601,235)     (3,060,592) 
                                              ---------------------------- 
 
Net Future income tax asset                      5,972,954       6,121,008 
Future income tax liabilities - Goodwill          (617,059)       (741,852) 
                                              ---------------------------- 
 
Net Future income tax asset                      5,355,895       5,379,156 
 
Less current portion                              (727,797)       (706,249) 
                                              ---------------------------- 
Non-current portiion of net future income tax 
 asset                                        $  4,628,098   $   4,672,907 
                                              ---------------------------- 
 
/T/ 
 
During the three months ended December 31, 2008 the Company recorded a $307,255 non-cash future income tax 
benefit (December 31, 2007 - $150,171 future income tax expense) related to the recognition of future income 
tax assets. 
 
9. Segmented Information 
 
The company's only reportable segment is the development and sales of computer software, hardware and system 
integration services. 
 
The company's assets and sales by geographic area are as follows: 
 
/T/ 
 
                                                          Six months ended 
                  December 31         June 30               December 31 
                         2008            2008           2008           2007 
               ------------------------------------------------------------ 
 
               Capital assets, Capital assets, 
                   intangible      intangible 
                   assets and      assets and 
                     goodwill        goodwill        Revenue        Revenue 
 
U.S. companies 
 United States   $ 11,397,752    $ 11,529,258  $  25,999,380  $  30,606,748 
 Canada                                              106,901        184,818 
 Netherlands                                                         14,900 
 France                                              173,180        108,474 
 United Kingdom                                       30,850         36,377 
UK and Canadian 
 companies 
 United Kingdom         6,500          11,574        320,604        187,356 
 Canada                 3,626             324              -              - 
               ------------------------------------------------------------ 
 
                   11,407,878      11,541,156     26,630,915     31,138,673 
               ------------------------------------------------------------ 
               ------------------------------------------------------------ 
 
/T/ 
 
During the six months ended December 31, 2008 the company did not have a customer with more than 10% of the 
total revenue. For the six months ended December 31, 2007 the Company generated revenue of $5,192,236 from 
Comcast Cable representing 17.0% of the revenue for the period. 
 
During the six months ended December 31, 2008 the company purchased products and services from one vendor for 
$10,655,115 (December 31, 2007 - $15,761,900) representing 53.7% (2007 - 67.7%) of the cost of sales. 
 
 
Versatile Systems Inc. 
 
Management Discussion and Analysis 
 
Six months ended December 31, 2008 
 
The following management discussion and analysis of the consolidated results of operations and financial 
condition of Versatile Systems Inc. (the "Company" or "Versatile") is made as of February 5, 2009 on the 
unaudited interim consolidated financial statements and notes for the six months ended December 31, 2008. 
 
The consolidated financial statements of the Company have been prepared in accordance with Canadian generally 
accepted accounting principles ("Canadian GAAP") and are stated in United States dollars unless otherwise 
specified. The consolidated financial statements and management discussion and analysis have been reviewed by 
the Company's Audit Committee and approved by the Company's Board of Directors. 
 
The preparation of financial statements in conformity with Canadian GAAP requires management to make estimates 
and assumptions, which affect the reported amounts of assets and liabilities and the disclosure of contingent 
assets and liabilities at the date of the financial statements and the reported amounts of revenues and 
expenses during the reported periods. Actual results could differ from those estimates. 
 
Forward-Looking Statements 
 
This document may contain forward-looking statements relating to Versatile's operations or to the environment 
in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These 
statements are not guarantees of future performance and involve risks and uncertainties that are difficult to 
predict or are beyond Versatile's control. A number of important factors including those set forth in other 
public filings could cause actual outcomes and results to differ materially from those expressed in these 
forward looking statements. Consequently readers should not place any undue reliance on such forward-looking 
statements. In addition, these forward looking statements relate to the date on which they are made. Versatile 
disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of 
new information, future events or otherwise. 
 
Non-GAAP Disclosure 
 
EBITDA is defined by the Company as net earnings before interest, income taxes, depreciation and amortization. 
The Company has included information concerning EBITDA because it believes that it may be used by certain 
investors as one measure of the Company's financial performance. EBITDA is not a measure of financial 
performance under Canadian GAAP and is not necessarily comparable to similarly titled measures used by other 
companies. EBITDA should not be construed as an alternative to operating income or to cash flows from operating 
activities (as determined in accordance with Canadian GAAP) as a measure of liquidity. 
 
In addition, the Company has included information concerning its cash flow from (used in) operations before the 
net change in non-cash working capital items as it may be used be certain investors as further measures of the 
Company's financial performance. 
 
Overview 
 
The Company's core business is developing solutions that solve customers' problems in the storage, security, 
transmission and collection of mission critical data. The Company's proprietary software applications, the 
Mobiquity(TM) Solution Suite, are a key component of this solution. This enables companies to improve the 
sales, marketing and distribution of their products. The Company delivers wireless/wired solutions to the 
consumer packaged goods, retail, financial, pharmaceutical, healthcare, and logistics verticals through an 
integrated combination of licensed software, professional services, and the re-sale of mobile-computing devices 
and related hardware. The Company also offers maintenance and support via a 24 hour call centre. 
 
Highlights of the Second quarter 
 
Highlights of the Company's operations for the second quarter included: 
 
- Cash and cash equivalents at December 31, 2008 was $2,371,513 an increase of $1,235,081 from September 30, 
2008 of $1,136,432; 
 
- Deferred revenue at December 31, 2008 was $7,986,465 (of which $6,848,954 is expected to be recognized in the 
next four quarters) compared to $7,773,787 at September 30, 2008, an increase of $212,678; 
 
- Working capital as of December 31, 2008 of $3,042,844, a decrease of $895,506 over the working capital of 
$3,938,350 at September 30, 2008; 
 
- Revenue for the three months ended December 31, 2008 was $12,327,064 compared to $18,523,167 for the same 
period last year; 
 
- Cash flow used in operations, before the non-cash working capital items, was $631,679 for the quarter ended 
December 31, 2008 compared to cash flow from operations of $1,137,422 for the same period last year; 
 
- The Company recorded a one time charge for non-recurring expenses of $372,177 relating to an additional 
provision, the majority of which is legal costs, for transactions occurring in prior periods; 
 
- Research and development expense for the quarter amounted to $391,088 compared to $491,459 for the same 
quarter last year; and 
 
- Several substantial orders for its core products and services, from its existing customer base, including 
U.S. $1,066,567 from the University of Pittsburgh, U.S. $836,392 from Comcast and U.S. $717,048 from Tyco 
Electronics. 
 
Review of the second quarter 
 
Revenue for the three months ended December 31, 2008 was $12,327,064 compared to $18,523,167 for the same 
quarter last year, a decrease of $6,196,103. While the Company had repeat business from its existing customer 
base including Comcast, Tyco Electronics, Motorola, Hershey, MSA and various retailers, universities and 
government organizations, the Company is experiencing an overall slowdown in orders from customers for routine 
expenditures on infrastructure. 
 
During the quarter the Company recorded non-recurring expenses of $372,177 for an additional provision, 
including legal costs, for transactions occurring in prior periods. 
 
The EBITDA loss for the quarter was $645,947 or $273,770 excluding the non-recurring expenses of $372,177 
compared to an EBITDA of $1,118,988 for the same quarter last year. 
 
The Net Loss for the quarter amounted to $533,171 ($0.00 per share) compared to Net Earnings of $686,299 ($0.01 
per share) for the same period last year. 
 
Cost of sales 
 
Cost of sales for the quarter amounted to $9,287,669 resulting in a gross profit of $3,039,395 or 24.7% of 
sales as compared to $13,716,667 resulting in a gross profit of $4,806,500 or 25.9% of sales for the same 
quarter last year. 
 
The Company determines its provision for inventory obsolescence based upon historical experience, expected 
inventory turnover, inventory aging and current condition, and current and future expectations with respect to 
product offerings. Assumptions underlying the provision for inventory obsolescence include future sales trends 
and product offerings, and the expected inventory requirements and inventory composition necessary to support 
these future sales and offerings. The estimate of the Company's provision for inventory obsolescence could 
materially change from period to period due to changes in product offerings and consumer acceptance of those 
products. At December 31, 2008 the Company had an inventory provision of $317,728 (June 30, 2008 - $231,586). 
 
General and administrative 
 
General and administrative expenses for the quarter amounted to $1,278,420 compared to $1,289,871 for the same 
quarter last year. As a percentage of sales the general and administrative expenses were 10.4% in the quarter 
compared to 7.0% in the same quarter last year. 
 
Technology Investment 
 
Over the past ten years the Company has made a significant investment in the form of expenses to advance the 
abilities of its technology and resulting service offering. This investment does not contribute directly to 
revenues during the period that the research and development expenses are incurred. 
 
Research and development expense for the quarter amounted to $391,088 compared to $491,459 for the same quarter 
last year. The significant expense item in this category is salary and benefit costs. As a percentage of sales 
the research and development expenses are 3.2% in the quarter compared to 2.7% in the same quarter last year. 
The decrease in the overall expenditures on research and development expense can be attributed to the reduction 
in the number of research and development projects. 
 
During the current quarter the Company's technology investment related to enhanced product functionality and 
requirements from various partners: 
 
For the Mobiquity Route(TM) these included the following: 
 
- Commenced development of a survey module; and 
 
- Increased data storage and retrieval speeds. 
 
For the Mobiquity Transaction Engine 3.0(TM) these included the following: 
 
- Improved the scalability and reliability of the messaging backbone; 
 
- Implemented a web-based interface for the Zone Management to manage the location service boundaries; 
 
- Created demonstration environments for healthcare, manufacturing, venue management and education; 
 
- Improvements to the Mobiquity Transaction Engine 3.0(TM) interface; 
 
- Improved the library of events and tasks that can be used for 
location-based events from WiFi and RFID systems; and 
 
- Created an administrative interface for the management of Intelligent 
Event Processing queries and tasks within Mobiquity Transaction Engine 3.0(TM) 
 
For the Mobiquity Kiosk(TM), these included the following: 
 
- Deployment of the Cortland, a smaller form factor version, which features the new smart sizing technology to 
resize the presentation to fit a wide range of screen resolutions; 
 
- Consolidated and improved reporting to aggregate data across franchises and retailers; 
 
- Deployed electronic credit application processes with improved debt protection selling points; 
 
- Automated the internal fulfillment process for Kiosk orders; and 
 
- Simplified the set-up and configuration of Kiosks for end users. 
 
During the current quarter, the Company incurred $133,595 for research and development activities related to 
Mobiquity Route(TM), DEX and related mobile software products. 
 
During the current quarter, the Company incurred $219,824 for research and development activities related to 
Mobiquity Transaction Engine 3.0(TM), Mobiquity Kiosk(TM) (including the Rockland and Madison Kiosks) and 
research on Virtualization. 
 
Selling and marketing expenses 
 
Selling and marketing expense for the quarter amounted to $1,717,311 compared to $1,756,538 for the same 
quarter last year. Selling and marketing expenses includes salaries, commissions, advertising, trade shows and 
promotion costs to support the various sales initiatives. As a percentage of sales the selling and marketing 
expenses are 13.9% in the quarter compared to 9.5% in the same quarter last year. As a percentage of gross 
profit the selling and marketing expenses were 56.9% in the quarter compared to 36.5% in the same quarter last 
year. There were no significant changes in the selling and marketing activities during the quarter. 
 
Future Income Tax Benefits 
 
Canadian GAAP requires a valuation allowance to be recorded against any future tax asset to the extent that it 
is more likely than not that the future income tax asset will not be realized. 
 
Prior to the 2006 fiscal year, the Company determined that it had not met this test so the Company recorded a 
full valuation allowance against the potential value of all of its tax losses and deductions available to be 
taken against future years' taxable income. As a result, future income tax assets were fully provided for. 
 
During the 2006 fiscal year, the Company determined that the U.S. subsidiaries were generating sufficient 
profits such that they were more likely than not to utilize the losses and deductions attributable to these 
U.S. subsidiaries. Consequently, the Company concluded that the valuation allowance be reduced accordingly. The 
difference between the total value of these tax benefits less the valuation allowance is the amount of the 
future income tax asset that is recorded by the Company. 
 
For the three months ended December 31, 2008 the Company recorded a $307,255 non-cash future income tax expense 
related to the recognition of future income tax assets. To the extent that the Company expects to generate 
sufficient profits in the following fiscal period, that portion has been classified as current. 
 
Amortization 
 
The amortization of capital assets and intangible assets for the quarter amounted to $178,081 (December 31, 
2007 - $249,035). The purchased technology arising from the acquisition of Perfect Order was fully amortized in 
the 2008 fiscal year so consequently the amount of amortization of intangible assets is lower. 
 
Foreign Exchange Loss 
 
The foreign exchange gain for the quarter amounted to $76,407 compared to a foreign exchange loss of $122,192 
for the same quarter last year. The gain was due to an increase in the U.S. dollar against the Canadian dollar 
and British Sterling Pounds in the quarter. 
 
Review of the operations for the six months ended December 31, 2008 
 
Revenue for the six months ended December 31, 2008 was $26,630,915 generating a gross profit of $6,792,495 or 
25.5% of revenue compared to $31,138,673 generating a gross profit of $7,886,617 or 25.3% of revenue for the 
same period last year. The EBITDA loss for the period was $393,375 or $21,198 excluding the non-recurring 
expenses of $372,177 compared to an EBITDA of $1,129,779 for the same period last year. The Net Loss for the 
period amounted to $476,556 ($0.00 per share) compared to Net Earnings of $629,795 ($0.01 per share) for the 
same period last year. 
 
Cost of sales 
 
Cost of sales for the six months ended December 31, 2008 amounted to $19,838,420 resulting in a gross profit of 
$6,792,495 or 25.5% of sales as compared to $23,252,056 resulting in a gross profit of $7,886,617 or 25.3% of 
sales for the same period last year. 
 
General and administrative 
 
General and administrative expenses for the six months ended December 31, 2008 amounted to $2,601,480 compared 
to $2,384,790 for the same period last year. 
 
Technology Investment 
 
Research and development expense for the six months ended December 31, 2008 amounted to $815,840 compared to 
$899,718 for the same period last year. The significant expense item in this category is salary and benefit 
costs. As a percentage of sales the research and development expenses are 3.1% compared to 2.9% in the same 
period last year. 
 
Selling and marketing expenses 
 
Selling and marketing expense for the six months ended December 31, 2008 amounted to $3,487,136 compared to 
$3,287,868 for the same period last year. 
 
Amortization 
 
The amortization of capital assets and intangible assets for the six months ended December 31, 2008 amounted to 
$344,983 (December 31, 2007 - $495,071). 
 
Foreign exchange loss 
 
The foreign exchange gain for the six months ended December 31, 2008 was $96,759 compared to a foreign exchange 
loss of $131,159 for the same period last year. 
 
Summary of Quarterly Results 
 
The table below provides a summary of certain selected unaudited financial information from the Consolidated 
Statements of Operations for the most recent eight fiscal quarters comprising the Company's preceding two 
years: 
 
/T/ 
 
                                  Q3 2007    Q4 2007    Q1 2008    Q2 2008 
                                   Mar 07     Jun 07    Sept 07     Dec 07 
                               ------------------------------------------- 
 
Revenue                        12,391,840 18,193,167 12,615,506 18,523,167 
Cost of Sales                   9,029,838 13,770,768  9,535,389 13,716,667 
                               ------------------------------------------- 
 
Gross Profit                    3,362,002  4,422,399  3,080,117  4,806,500 
                               ------------------------------------------- 
 
Expenses: 
 General and administrative 
 (including foreign exchange)   1,179,582  1,252,940  1,103,886  1,412,063 
 Non recurring expenses                 -          -          -          - 
 Research and Development         254,565    339,369    408,259    491,459 
 Selling and Marketing          1,578,391  1,587,817  1,531,330  1,756,538 
 Stock-based compensation         129,571    264,896     25,851     27,452 
                               ------------------------------------------- 
                                3,142,109  3,445,022  3,069,326  3,687,512 
                               ------------------------------------------- 
 
Earnings before interest, 
 taxes and amortization           219,893    977,377     10,791  1,118,988 
 
 Amortization                    (249,562)  (282,705)  (246,036)  (249,035) 
 Interest                         (56,907)   (69,236)   (35,475)   (26,521) 
 Income taxes                     157,047    367,130    214,216   (157,133) 
 
                               ------------------------------------------- 
 
Net Earnings (loss)                70,471    992,566    (56,504)   686,299 
                               ------------------------------------------- 
                               ------------------------------------------- 
 
Per share, basic and diluted         0.00       0.01      (0.00)      0.01 
                               ------------------------------------------- 
 
 
                                  Q3 2008    Q4 2008    Q1 2009    Q2 2009 
                                   Mar 08     Jun 08    Sept 08     Dec 08 
                               ------------------------------------------- 
 
Revenue                        14,519,869 13,721,812 14,303,851 12,327,064 
Cost of Sales                  11,094,832 10,180,648 10,550,751  9,287,669 
                               ------------------------------------------- 
 
Gross Profit                    3,425,037  3,541,164  3,753,100  3,039,395 
                               ------------------------------------------- 
 
Expenses: 
 General and administrative 
 (including foreign exchange)   1,219,904  1,530,733  1,302,708  1,202,013 
 Non recurring expenses                 -          -          -    372,177 
 Research and Development         397,591    448,260    424,752    391,088 
 Selling and Marketing          1,746,710  1,470,184  1,769,825  1,717,311 
 Stock-based compensation          56,587    (63,219)     3,243      2,753 
                               ------------------------------------------- 
                                3,420,792  3,385,958  3,500,528  3,685,342 
                               ------------------------------------------- 
 
Earnings before interest, 
 taxes and amortization             4,245    155,206    252,572   (645,947) 
 
 Amortization                    (261,951)  (193,655)  (160,574)  (178,081) 
 Interest                          90,375       (167)   (29,088)      (354) 
 Income taxes                      99,709   (323,427)    (6,295)   291,211 
                               ------------------------------------------- 
 
 
Net Earnings (loss)               (67,622)  (362,043)    56,615   (533,171) 
                               ------------------------------------------- 
                               ------------------------------------------- 
 
Per share, basic and diluted        (0.00)     (0.00)      0.00      (0.00) 
                               ------------------------------------------- 
 
/T/ 
 
The Company's revenues and earnings fluctuate from quarter to quarter. A number of factors can cause such 
fluctuations, including the timing of substantial orders, the timing of releases of new products, timing of the 
deployment of solutions and delays by customers. Because the Company's operating expenses are determined based 
on anticipated sales, are generally fixed and are incurred throughout each fiscal quarter, any of the factors 
listed above can cause significant variations in the Company's revenues and earnings in any given quarter. 
Thus, the Company's quarterly results are not necessarily indicative of the Company's overall business, results 
of operations and financial condition. 
 
Over the past two years the Company has its financial position while maintaining selling, marketing, general 
and administration expenses in relation to revenue at relatively the same level. 
 
Financial position 
 
The working capital as of December 31, 2008 was $3,042,844, a decrease of $729,618 over the working capital of 
$3,772,462 at June 30, 2008 
 
At December 31, 2008 the Company had cash and cash equivalents of $2,371,513 compared to $1,500,005 at June 30, 
2008. 
 
The cash flow used in operations, before non-cash working capital items amounted to $395,005 for the six months 
ended December 31, 2008 compared to cash flow from operations of $1,138,181 for the same period last year. 
 
The Company has a credit line facility of $5,800,000, which is limited to 70% of eligible accounts receivable 
of certain U.S. subsidiaries from a U.S. based financial institution. The line of credit bears interest at the 
State of New York prime rate of lending and is secured with a first charge on the assets of VAC, VSI and POI. 
As at December 31, 2008 the line of credit was Nil (June 30, 2008 - $74,942) and the Company had a bank 
overdraft of Nil (June 30, 2008 - $127,214). 
 
The amount that may be advanced under the credit line is limited to 70% of eligible accounts receivable of VAC, 
POI and VSI less than 90 days from invoice date. At December 31, 2008 the financial covenants for these 
companies include requirements for debt coverage of 1.2 and minimum Tangible Net worth of $4,800,000. The 
companies met these tests. 
 
Included in accounts payable and accrued liabilities is $3,061,550 owing to a major supplier, which is 
subordinated to the bank line of credit. 
 
Capital Expenditures 
 
During the three months ended December 31, 2008 the majority of the capital expenditures being $87,421 relates 
to the costs of Kiosks that have been deployed under various subscription agreements. 
 
Share Capital 
 
As of January 31, 2009 the Company had 118,589,643 common shares issued and outstanding. The Company is holding 
304,000 common shares in Treasury that were purchased in the second quarter. 
 
In the first quarter the Company cancelled 2,559,000 shares that were held in Treasury that had been purchased 
in the 2008 fiscal year pursuant to a Normal Course Issuer Bid to purchase up to 6,000,000 common shares 
through the facilities of the TSX Venture Exchange. 
 
Stock Options 
 
The Company can grant up to 10,800,000 options pursuant to its stock option plan. 
 
/T/ 
 
                                                     Weighted 
                                  Number of  average exercise 
                                     shares        price CDN$ 
=------------------------------------------------------------ 
Outstanding - June 30, 2008       8,768,200              0.53 
Granted                                   -                 - 
Forfeited                           (32,600)             0.25 
Expired                                   -                 - 
Exercised                                 -                 - 
                                  --------------------------- 
Outstanding - December 31, 2008   8,735,600              0.53 
                                  --------------------------- 
 
/T/ 
 
For the six months ended December 31, 2008, the Company recognized $5,996 in stock-based compensation, a non- 
cash item, for vesting of stock options granted to employees, consultants, directors and officers of the 
Company in prior years. 
 
Warrants 
 
The details of the outstanding warrants at December 31, 2008 are as follows: 
 
/T/ 
 
                                Exercise      Number of 
Expiry date                   Price CDN$       Warrants          Cost 
=-------------------------------------------------------------------- 
 
March 31, 2009                  $   0.38      1,411,808       107,627 
March 31, 2009                  $  0.414      1,411,808        75,971 
March 31, 2011                  $  0.569      1,411,808        63,309 
April 16, 2011                  $ 0.6636        583,770        81,058 
January 22, 2012                $   0.30        600,000        42,000 
                                              ----------------------- 
 
Balance - December 31, 2008                   5,419,194     $ 369,965 
                                              ----------------------- 
 
/T/ 
 
Related Party Transactions 
 
During the current quarter, the Company paid consulting fees and salaries, which are included in the General 
and administration expense, of $163,970 (2007 - $179,663) to Directors and Officers of the Company. 
 
Acquisition of Sagent Solutions 
 
On December 28, 2007 the Company acquired all of the issued and outstanding shares and units of Sagent 
Solutions, based in Somerset, New Jersey. Sagent is focused on the rapidly growing need of enterprises to 
leverage the cost and efficiency benefits of virtualizing their IT infrastructures. 
 
The consideration consisted of Promissory Notes bearing interest at 3% per annum in the amount of $80,000 
payable to the Vendors in quarterly amounts, which have been repaid in full and 600,000 share purchase warrants 
exercisable at CDN $0.30 per share with a term of four years. 
 
Risk Factors 
 
The securities of the Company should be considered a highly speculative investment and investors should 
carefully consider all of the information disclosed in this Management Discussion & Analysis prior to making an 
investment in the Company. In addition to the other information presented in this Management Discussion & 
Analysis, the following risk factors should be given special consideration when evaluating an investment in the 
Company's securities. 
 
Operating History 
 
The Company's predecessor company commenced operations in March 1987 to distribute and sell Maximizer products 
in European countries, as well as provide consulting services and Customer Relationship Management ("CRM") 
solutions to companies. In January 1997, the Company changed its focus to research and development of CRM 
software. The Company purchased Versatile Mobile Systems on June 19, 2000, Perfect Order on April 26, 2005 and 
Sagent Solutions on December 28, 2007. The Company may face many of the risks and uncertainties encountered by 
early-stage companies in rapidly evolving markets. 
 
History of Losses 
 
The Company had a history of losses up to June 30, 2005 and has an accumulated deficit of $35.5 million to 
December 31, 2008. Although the Company has decreased its operating expenses and increased its revenues over 
the past three years the Company cannot be assured that it can maintain profitable operations. 
 
No Certainty of Future Profitability 
 
The Company's product revenues are not predictable with any significant degree of certainty and future product 
revenues may differ from historical patterns. If customers cancel or delay orders, it can have a material 
adverse impact on the Company's revenues and results of operations from quarter to quarter. Because the 
Company's results of operations may fluctuate from quarter to quarter, investors should not assume that results 
of operations in future periods can be predicted based on results of operations in past periods. 
 
Even though the Company's revenues are difficult to predict, the Company's expense levels are based in part on 
future revenue projections. Many of the Company's expenses are fixed and, accordingly, the Company cannot 
quickly reduce spending if revenues are lower than expected. 
 
Competitive Market 
 
The market for the Company's software is intensely competitive, fragmented and rapidly changing. Some of the 
Company's actual and potential competitors are larger, established companies that have greater technical, 
financial and marketing resources. In addition, as the Company develops new products, particularly applications 
focused on electronic commerce or specific industries, it may begin competing with companies with whom it has 
not previously competed. It is also possible that new competitors will enter the market or that the Company's 
competitors will form alliances that may enable them to rapidly increase their market share. 
 
Increased competition may result in price reductions, lower gross margins or loss of the Company's market 
share, any of which could materially adversely affect its business, financial condition and operating results. 
 
Technological Change 
 
The market for the Company's solutions is characterized by rapidly changing technology and evolving industry 
standards. The market is affected by changes in end user requirements and frequent new product introductions 
and enhancements. The Company's products embody complex technology and may not always be compatible with 
current and evolving technical standards and products, developed by others. Failure or delays by the Company to 
meet or comply with the requisite and evolving industry or user standards could have a material adverse effect 
on the Company's business, results of operations and financial condition. The Company's ability to anticipate 
changes in technology, technical standards and product offerings will be a significant factor in the Company's 
ability to compete. There can be no assurance that the Company will be successful in identifying, developing, 
manufacturing and marketing products that will respond to technological change, evolving standards or 
individual wireless communications service provider standards or requirements. The Company's business will be 
adversely affected if the Company incurs delays in developing new products or enhancements or if such products 
or enhancements do not gain market acceptance. In addition, there can be no assurance that products or 
technologies developed by others will not render the Company's products or technologies non-competitive or 
obsolete. 
 
Limited Sales and Support Infrastructure 
 
The Company's future revenue growth will depend in large part on its ability to successfully expand its direct 
sales force and its customer support capability. The Company may not be able to successfully manage the 
expansion of these functions or to recruit and train additional direct sales, consulting and customer support 
personnel. 
 
If the Company is unable to hire and retain additional highly skilled direct sales personnel, it may not be 
able to increase its license revenue to the extent necessary to achieve profitability. If the Company is unable 
to hire highly trained consulting and customer support personnel, it may be unable to meet customer demands. 
The Company is unlikely to be able to increase its revenues as planned if it fails to expand its direct sales 
force or its consulting and customer support staff. Even if the Company is successful in expanding its direct 
sales force and customer support capability, the expansion may not result in revenue growth. 
 
Dependence on Business Alliances 
 
A key element of the Company's business strategy is the formation of corporate alliances with leading 
companies. The Company is currently investing and plans to continue to invest significant resources to develop 
these relationships. The Company believes that its success in penetrating new markets for its products will 
depend in part on its ability to maintain these relationships and to cultivate additional or alternative 
relationships. There can be no assurance that the Company will be able to develop additional corporate 
alliances with such companies, that existing relationships will continue or be successful in achieving their 
purposes or that such companies will not form competing arrangements. 
 
Dependence on Key Personnel 
 
The Company's success depends largely upon the continued service of its executive officers and other key 
management, sales and marketing and technical personnel. The loss of the services of one or more of the 
Company's executive officers or other key employees could have a material adverse effect on its business, 
results of operations or financial condition. 
 
The Company's future success also depends on its ability to attract and retain highly qualified personnel. The 
competition for qualified personnel in the computer software and Internet markets is intense, and the Company 
may be unable to attract or retain highly qualified personnel in the future. In addition, due to intense 
competition for qualified employees, it may be necessary for the Company to increase the level of compensation 
paid to existing and new employees to the degree that operating expenses could be materially increased. 
 
Management of Growth 
 
The Company expects to experience a period of significant growth in the number of personnel that will place a 
strain upon its management systems and resources. The Company's future will depend in part on the ability of 
its officers and other key employees to implement and improve its financial and management controls, reporting 
systems and procedures on a timely basis and to expand, train and manage its employee workforce. There can be 
no assurance that the Company will be able to effectively manage such growth. The Company's failure to do so 
could have a material adverse effect upon the Company's business, prospects, results of operation and financial 
condition. 
 
Integration of Newly Acquired Businesses or Technology 
 
The Company may expand its operations through acquisitions of additional businesses or technology. There can be 
no assurance that the Company will be able to identify, acquire or profitably manage additional businesses or 
technology or successfully integrate acquired businesses or technology into the Company without substantial 
expense, delay or other operational or financial problems. Further, acquisitions may involve a number of 
additional risks, including diversion of management's attention, failure to retain key acquired personnel, 
unanticipated events or circumstances, legal liabilities and amortization of acquired intangible assets, some 
or all of which could have a material adverse effect on the Company's business, financial condition and results 
of operation. In addition, there can be no assurance that acquired businesses, if any, will achieve anticipated 
revenues and earnings. The failure of the Company to manage its acquisition strategy successfully could have a 
material adverse effect on the Company's business, financial condition and results of operation. 
 
Potential Fluctuations in Quarterly Financial Results 
 
The Company's quarterly financial results may be affected by the timing of new releases of its products and/or 
substantial customer orders. The Company's operating expenses are based on anticipated revenue levels in the 
short term, are relatively fixed, and are incurred throughout the quarter. As a result, if expected revenues 
are not realized on a timely basis as anticipated, the Company's financial results could be materially and 
adversely affected. These or other factors, including possible delays in the shipment of new products, may 
influence quarterly financial results in the future. Accordingly, there may be significant variation in the 
Company's quarterly financial results. 
 
International Sales 
 
Sales outside of the United States currently represent less than 10% of the Company's total gross revenues. The 
Company believes that its continued growth and profitability will require additional expansion of its sales in 
international markets. To the extent that the Company is unable to expand international sales in a timely and 
cost effective manner, the Company's business, results of operations and financial condition could be 
materially and adversely affected. In addition, even with the successful recruitment of additional personnel 
and international resellers, there can be no assurance that the Company will be successful in maintaining or 
increasing international market demand for the Company's products. 
 
Currency Exchange Rate Risk 
 
The Company's results have been restated into U.S. dollars as a substantial portion of the Company's revenues 
and a material portion of its expenses are denominated in US dollars. 
 
Dependence on Proprietary Technology and Limited Patent and Trademark Protection 
 
The Company relies on a combination of copyright and trademark laws, trade secret, confidentiality procedures 
and contractual provisions to protect its proprietary rights. Unauthorized parties may attempt to copy aspects 
of the Company's products or obtain and use information that the Company regards as proprietary. Policing 
unauthorized use of the Company's product is difficult, time-consuming and costly as is the pursuing of patents 
in each jurisdiction in which the Company carries on business. Although the Company is unable to determine the 
extent to which piracy of its software product exists, software piracy is a possibility. In addition, the laws 
of certain countries in which the Company's products may be licensed do not protect its product and 
intellectual property rights to the same extent as the laws do in Canada or the United States. There is no 
assurance that the Company's means of protecting its proprietary rights will be adequate or the Company's 
competitors will not independently develop similar technology, the effect of either of which may be materially 
adverse to the Company's business, results of operations and financial condition. 
 
Risk of Third Party Claims for Infringement 
 
The Company is not aware that its product infringes the proprietary rights of third parties. There can be no 
assurance, however, that third parties will not claim such infringement by the Company or its licensees with 
respect to current or future products. The Company expects that software product developers will increasingly 
be subject to such claims as the number of products and competitors in the Company's industry segment grows and 
the functionality of products in different industry segments overlaps. Any such claims, with or without merit, 
could be time-consuming, result in costly litigation, cause product shipment delays or require the Company to 
enter into royalty or licensing agreements which, if required, may not be available on terms acceptable to the 
Company. Any of the foregoing could have a materially adverse effect on the Company's business, results of 
operations and financial condition. 
 
Lengthy Sales and Implementation Cycle 
 
The adoption of the Company's product generally involves a significant commitment of resources by potential 
customers. As a result, the Company's sales process is often subject to delays associated with lengthy approval 
processes by potential customers. For these and other reasons, the sales cycle associated with the license of 
the Company's product varies substantially from customer to customer and typically lasts between 6 to 12 months 
during which time the Company may devote significant time and resources to a prospective customer, including 
costs associated with multiple site visits, product demonstrations and feasibility studies, and experience a 
number of significant delays over which the Company has no control. Any significant or ongoing failure by the 
Company to ultimately achieve such sales could have a material adverse effect on the Company's business, 
results of operations and financial condition. In addition, following license sales, the implementation period 
is expected to involve a time period for customer training and integration with the customer's existing 
systems. A successful implementation program requires a close working relationship between the Company, the 
customer and, generally, third party consultants and system integrators who assist in the process. There can be 
no assurance that delays or difficulties in the implementation process for any given customer will not have a 
material adverse effect on the Company's business, results of operations and financial condition. 
 
Risk of System Defects 
 
System development involves the integration of the Company's proprietary software and software of others into 
the customer's operating systems. There can be no assurance that defects and errors will not be found in the 
Company's product when integrated with other products or systems. Any such defects and errors could result in 
adverse customer reactions, negative publicity regarding the Company and its product or damages. Consequently, 
there could be a material adverse effect on the Company's business, results of operations and financial 
condition. 
 
Requirements for New Capital 
 
As a growing business, the Company typically needs more capital than it has available to it or can expect to 
generate through the sale of its products. In the past, the Company has had to raise, by way of debt and equity 
financing, considerable funds to meet its capital needs. There is no guarantee that the Company will be able to 
continue to raise funds needed for its business. Failure to raise the necessary funds in a timely fashion will 
limit the Company's growth. 
 
Critical Accounting Estimates 
 
General 
 
Unless otherwise specified in the discussion of the specific critical accounting estimates, the Company is not 
aware of trends, commitments, events, or uncertainties that it reasonably expects to materially affect the 
methodology or assumptions associated with the critical accounting estimates, subject to the circumstances 
identified above. 
 
Changes are made to assumptions underlying all critical accounting estimates to reflect current economic 
conditions and updating of historical information used to develop the assumptions, where applicable. Unless 
otherwise specified in the discussion of the specific critical accounting estimates, it is expected that no 
material changes in overall financial performance and financial statement line items would arise either from 
reasonably likely changes in material assumptions underlying the estimate or within a valid range of estimates, 
from which the recorded estimate was selected. 
 
All critical accounting estimates are uncertain at the time of making the estimate. 
 
Accounts Receivable 
 
Allowance for doubtful accounts 
 
The Company considers the business area that gives rise to the accounts receivable, maintains procedures for 
granting credit terms on sales transactions and performs specific account identification when determining its 
allowance for doubtful accounts. This accounting estimate is in respect of the accounts receivable line item on 
the Company's consolidated balance sheet comprising approximately 23% of total assets as at December 31, 2008. 
In the event the future results were to adversely differ from management's best estimate of the allowance for 
doubtful accounts, the Company could experience a bad debt charge in the future. Such a bad debt charge would 
not result in a cash outflow. 
 
The estimate of the Company's allowance for doubtful accounts could materially change from period to period due 
to the allowance being a function of the balance and composition of accounts receivable, which can vary on a 
month-to-month basis. The variance in the balance of accounts receivable can arise from a variance in the 
amount and composition of operating revenues and from variances in accounts receivable collection performance. 
 
Inventories 
 
Provision for inventory obsolescence 
 
The Company determines its provision for inventory obsolescence based upon historical experience, expected 
inventory turnover, inventory aging and current condition, and current and future expectations with respect to 
product offerings. 
 
Assumptions underlying the provision for inventory obsolescence include the activity levels over previous 
fiscal years, and the expected inventory requirements and inventory composition necessary to support these 
future sales and offerings. The estimate of the Company's provision for inventory obsolescence could materially 
change from period to period due to changes in product offerings and consumer acceptance of those products. 
 
This accounting estimate is in respect of the inventory line item on the Company's consolidated balance sheet 
comprising approximately 4% of total assets as at December 31, 2008. If the provision for inventory 
obsolescence was inadequate, the Company could experience a charge to direct cost of sales in the future. Such 
an inventory obsolescence charge would not result in a cash outflow. 
 
Long-Lived Assets 
 
The accounting estimates for long-lived assets that include capital assets, purchased technology, intellectual 
property, customer contracts and licenses, in aggregate, represent approximately 4% of the Company's total 
assets as at December 31, 2008, presented in its consolidated balance sheet. If the Company's estimated useful 
lives of assets were different as a result of changes in facts and circumstances, the Company could experience 
increased or decreased charges for amortization and the Company could potentially experience future material 
impairment charges in respect of its recovery of long-lived assets. 
 
The estimated useful lives of capital assets are determined by a continuing program of asset life studies. The 
recoverability of capital assets is significantly impacted by the estimated useful lives. Assumptions 
underlying the estimated useful lives of capital assets include timing of technological obsolescence, 
competitive pressures and future infrastructure utilization plans. In the event management's best estimate of 
the useful lives of capital assets was adversely affected, the Company could potentially experience a charge to 
amortization expense in the future. Such a charge to amortization would not result in a cash outflow. 
 
Purchased Technology 
 
The recoverability of the Company's investment in purchased technology is determined by an ongoing analysis of 
the economic benefits attributed to the purchased technology. The Company estimates the future economic 
benefits attributed to the purchased technology and compares the results with the net book value of the asset. 
Assumptions underlying the estimated future economic benefits of purchased technology costs include future 
sales trends, product offerings, timing of technological obsolescence, competitive pressures and consumer 
acceptance of product offerings. If management's best estimate of the future economic benefits of purchased 
technology costs was adversely affected, the Company could potentially experience a charge to amortization 
expense in the future. Such a charge to amortization would not result in a cash outflow. 
 
Customer Contracts 
 
The recoverability of the Company's investment in customer contracts is determined by an ongoing analysis of 
the economic benefits attributed to the customer contracts in place at the date of the acquisition. The Company 
estimates the future economic benefits attributed to the customer contracts and compares the results with the 
net book value of the asset. Assumptions underlying the estimated future economic benefits of customer 
contracts include future sales trends, product offerings, timing of technological obsolescence, competitive 
pressures and consumer acceptance of product offerings. If management's best estimate of the future economic 
benefits of customer contracts was adversely affected, the Company could potentially experience a charge to 
amortization expense in the future. Such a charge to amortization would not result in a cash outflow. 
 
Future Income Tax Benefits 
 
The amount recorded for Future Income Tax Benefits represents approximately 15% of the Company's assets as at 
December 31, 2008, presented in its consolidated balance sheet. If the Company determines that the valuation 
allowances relating to the loss carry forwards and tax deductions should be increased, the Company could 
experience a reduction in the recorded future income tax benefits. 
 
Goodwill 
 
The accounting estimates for goodwill represents approximately 28% of the Company's total assets as at December 
31, 2008, presented in its consolidated balance sheet. If the Company's estimated fair value were incorrect, 
the Company could experience increased or decreased charges for changes to the estimated fair value in the 
future. If the future were to adversely differ from management's best estimate to recover the Company's 
investments in its goodwill, the Company could potentially experience future material impairment losses in 
respect of its goodwill. The impairment losses would be recognized and presented as a separate line item in the 
consolidated statements of loss and deficit. Impairment losses to goodwill would not result in a cash outflow. 
 
Changes in accounting policies 
 
The Company retroactively adopted the following new Handbook sections issued by the Canadian Institute of 
Chartered Accountants ("CICA") on July 1, 2007: 
 
a) Section 3855, "Financial Instruments - Recognition and Measurement", establishes the standards for 
recognizing and measuring financial assets, financial liabilities and nonfinancial derivatives. Under the new 
standards, the Company is now required to classify: 
 
(i) its financial assets as held-to-maturity, available-for-sale, held-for-trading, or loans and receivables; 
and 
 
(ii) its financial liabilities as either held-for-trading, or other financial liabilities. 
 
All financial instruments, including derivatives, are included on the consolidated balance sheet and are 
initially measured at fair value with the exception of financial instruments with related parties. Subsequent 
measurement and recognition of changes in fair value of financial instruments depends on their initial 
classification as follows: Held-to-maturity investments, loans and receivables, and other financial liabilities 
are measured at cost. Held-for-trading financial investments are measured at fair value and all gains and 
losses are included in net earnings in the period in which they arise. Available-for-sale financial instruments 
are measured at fair value with revaluation gains and losses included in other comprehensive income until the 
asset is disposed of or impaired 
 
The Company has made the following classifications: 
 
- Cash and cash equivalents, bank overdraft and line of credit are classified as held for trading and are 
measured at fair value. This category best describes the Company's current management practices with regards to 
cash and cash equivalents. 
 
- Accounts receivable are classified as loans and receivables and recorded at amortized cost using the 
effective interest rate method. 
 
- Accounts payable and accrued liabilities are classified as other liabilities and measured at amortized cost 
using the effective interest rate method. 
 
- Long term debt is carried at amortized cost using the effective interest rate method. 
 
Under the new standards, a derivative is a financial instrument or other contract whose value changes in 
response to the change in a specified rate, price or index that requires nominal or no initial investment and 
which is settled at a future date. Derivative financial instruments can be utilized by the Company in the 
management of its foreign currency risk to reduce its exposure to fluctuations in foreign exchange on certain 
committed and anticipated transactions. The Company, where applicable, formally documents the relationships 
between derivative financial instruments and hedged items, as well as the risk management objective and 
strategy. The Company assesses, on an ongoing basis, whether the derivative financial instruments continue to 
be effective in offsetting changes in fair values or cash flows of the hedged transactions. 
 
Section 3855 also requires that the Company identify embedded derivatives that require separation from the 
related host contract and measure any embedded derivatives at fair value. 
 
From time to time, the Company enters into certain contracts for the purchase or sale of non-financial items 
that are denominated in currencies other than the U.S. dollar. In cases where the foreign exchange component is 
not leveraged and does not contain an option feature and the contract is denominated in either the functional 
currency of the Company or the counter-party, the embedded foreign currency derivative is considered to be 
closely related to the host contract and is not accounted for separately. 
 
If the contract is neither denominated in the functional currency of the Company or the associated counter- 
party, the embedded foreign currency derivative is separated from the host contract unless the non-financial 
item delivered requires payments denominated in the currency that is routinely accepted in commercial 
transactions around the world, or is commonly used for such transactions in the economic environment in which 
the transaction takes place. The Company did not identify any embedded foreign currency derivatives from their 
related host contracts during the period ended December 31, 2008. 
 
The change in accounting policy related to embedded derivatives did not result in any changes to the June 30, 
2008 consolidated financial statements and did not require restatement of prior years financial statements. 
 
b) Section 3861, "Financial Instruments - Disclosure and Presentation", establishes standards for presentation 
of financial instruments and non-financial derivatives, and identifies the information that should be disclosed 
about them. This change in accounting policy did not have a material impact on the current year financial 
statements and did not require restatement of prior year financial statements. 
 
c) Section 1530, "Comprehensive Income", describes the change in equity of an enterprise during a period 
arising from transactions and other events and circumstances from non-owner sources. It includes items that 
would normally not be included in net income such as changes in the foreign currency translation adjustment 
relating to self sustaining foreign operations and unrealized gains or losses on available-for-sale financial 
instruments. This section describes how to report and disclose comprehensive income and its components. As a 
result of the adoption of this section, the consolidated financial statements now include a statement of 
comprehensive loss and deficit. 
 
For the period ended December 31, 2008 the Company does not have any items that should be presented in other 
comprehensive income other than the foreign currency translation adjustments. 
 
d) Section 3251, "Equity", replaces section 3250, "Surplus", and establishes standards for the presentation of 
equity and changes in equity as a result of the new requirements of Section 1530, "Comprehensive Income". 
 
e) Section 3865, "Hedges", describes when hedge accounting is appropriate. Hedge accounting ensures that all 
gains, losses, revenues and expenses from the derivative and the item it hedges are recorded in the statement 
of earnings in the same period. The Company did not have any hedging items during the year. 
 
f) Section 1506, "Accounting Changes", allows for voluntary changes in accounting policy only if they provide 
more reliable and relevant information in the financial statements. 
 
Additional information relating to the Company can be found on the Canadian Securities Administrators System 
for Electronic Document Analysis and Retrieval (SEDAR), located at www.sedar.com. 
 
 
 
-30- 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Versatile Systems Inc. 
John Hardy 
Chairman and CEO 
1-800-262-1633 
International: 001-206-979-6760 
 
OR 
 
Versatile Systems Inc. 
Fraser Atkinson 
CFO 
1-800-262-1633 
Website: www.versatile.com 
 
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of 
this release. 
 
 
Versatile Systems Inc. 
 

Versatile Systems (LSE:VVS)
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