Vancouver's VantagePoint Systems Inc. (TSX-V:VPG), which develops business management software for the packing industry, has reported a 28% increase in annual revenue for the year ending September 30, 2007.
Revenue rose to US$12 million compared with US$9.4 million in 2006. Net income for the year increased to US$548,000 compared with US$107,000 a year ago.
The company said strong sales in all its divisions and sales from the acquisition of HRMS Inc. last year helped to bolster its 2007 revenue.
On November 29, Toronto-based Solarsoft Business Systems announced a friendly takeover bid for VantagePoint estimated at US$10.1 million.
The deal, expected to close in early January, is conditional on at least two-thirds of VantagePoint shareholders tendering their shares to the deal.
VantagePoint's share price range during the past week: between $0.68 and $0.70; 52-week high: $0.73; 52-week low: $0.25.