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Rapid announces staff reductions

^{Published on 2009-08-03 09:23:30, Last Modified on 2009-08-03 09:23:37 - Market Wire}
 

 CALGARY, Aug. 3 /CNW/ - Rapid Solutions Corporation (TSX-V: RPD) provides a proven solution to industrial facilities by delivering operating procedures and safe operating conditions to the point of need. Rapid today announced that in light of the current economic conditions it has taken actions to lay off substantially all of its staff and contract professional service providers. Rapid will maintain a core set of resources to manage client matters. The length of the lay off period is indeterminate. About Rapid Solutions Rapid Solutions Corporation is focused on providing integrated data management solutions to upstream energy producers and other high risk and process intensive industries. Through considerable experience gained in data integration, Rapid offers technology based solutions that manage and integrate vast quantities of data and information for clients seeking data integration solutions. Process and Safety Management clients are seeking integrated solutions to address operational procedures, safe operating limits and maintenance systems. Through its Canadian operating unit, Rapid offers the upstream energy sector a similar opportunity to achieve master well list integrity. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Forward Looking Information This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact; including without limiting the generality of the foregoing, statements made by the Chief Executive Officer. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of Rapid may be affected by a variety of variables and risks associated with the software and technology services industry such as loss of market, competition from other software and technology and service providers, ability to access sufficient debt and equity capital from internal and external sources, ability to expand in the marketplace and to maintain present clientele, ability to generate sufficient cash flow from operations to meet current and future obligations and risks associated with potential future lawsuits and regulatory actions made against the Company. Rapid's business is focused principally on the oil and gas and chemical industries and is therefore subject to all of the risks associated with such industries, including the highly cyclical nature of its economic returns. Forward-looking statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise. For information on Rapid go to [ www.rapid.com ].

For further information: Michael Jones, President and CEO, Rapid Solutions Corporation, Telephone: (713) 996-7979 or (403) 451-3105