Fidus Systems Achieves Positive Growth in 2008

Ottawa, Ontario – July 14, 2009 -- Fidus Systems Inc., an electronic product development company, today announced revenues in 2008 of $8.9 million, a 33% increase over $6.7 million in 2007. Fidus’ average annual revenue growth has been 28% since its first year in 2002. Fidus signed 67 new projects in 2008, 19 of which were with new customers. Fidus continues to focus on diversification, by geography and industry. The company has seen the majority of its recent growth in the Greater Toronto Area and California markets. 

“Although we enjoyed good revenue and profitability in 2008, new project bookings tapered off in December, and the first few months of 2009 have been difficult,” said Michael Wakim, President and CEO. “June of this year has brought new project bookings and profitability. I believe that our business should be stronger for the next few months, and possibly the rest of 2009.”

From its debut ranking last year of 226 on the Branham300, Fidus improved its ranking to 211 on this year’s Top 250 Canadian Technology companies. For more information, visit www.branham300.com or www.backbonemag.com/top300.

About Fidus Systems
Fidus Systems Inc. develops electronic products for a wide range of industries including aerospace, defense, consumer, medical, industrial, semiconductors and telecommunications. Fidus has extensive design experience in turnkey product development and technical knowledge in System Design, Architecture, Wireless, world-class Signal Integrity, Hardware, PCB layout, FPGA/ASIC, Software and Mechanical Design. Fidus offers clients greater flexibility and capability in their product development with access to the expertise, process and tools to transform their concepts to products. Fidus has delivered on more than 700 products and projects for 140 customers across North America. For more information, please visit www.fidus.com.

Fidus name and the Fidus logo are trademarks of Fidus Systems Inc. Other registered and unregistered trademarks are the property of their respective owners. 

© Copyright 2009 Fidus Systems Inc. All rights reserved. Information subject to change without notice.

For more information contact:
Veronica Farmer
Director, Marketing Communications
Tel: 1.613.828.0063 ext. 224
Mobile: 1.613.862.3346
veronica.farmer@fidus.com