Workstream Posts Revenue Loss

October 19, 2009 – Workstream Inc., a provider of on-demand compensation, performance and talent management software, has posted revenues of $4.2 million for the first quarter fiscal 2010, compared to $5.6 million during the same period last year. Net loss for the period in accordance with accounting principles generally accepted in the U.S., or GAAP, was $359,882 compared to $2,051,582 a year ago. Loss per common share for the quarter was $(.01) with approximately 57 million weighted-average shares outstanding compared to a loss of $(0.04) with approximately 52 million weighted-average shares outstanding during the same period last year. “The first quarter of fiscal 2010 was a productive one for Workstream. In addition to attaining an EBITDA positive quarter, we released two significant enhancements to our software,” said Steve Purello, CEO. “We believe that we now have the only enterprise-level platform in which multi-national employers can award cash and non-cash compensation in an integrated solution, to reward and retain top performers. Workstream anticipates that employers, having reduced workforces, wages and bonuses, will have an increasing need to manage variable pay in the future to retain their most productive employees.”