SYDNEY, NS, Nov. 8 /CNW/ - Nexient Learning Inc. (TSX:NXN), formerly CrossOff Incorporated and parent company of Polar Bear Corporate Education Solutions / CDI Education, announced today its unaudited financial results from the third quarter ended September 30, 2006.

"Although the third quarter financial results did not meet plan they reflect decisive management action aimed at reducing our cost structure, focusing on operational efficiencies and right sizing the organization for profitability. The Company will continue its restructuring efforts in our fourth quarter to improve our business processes, reduce our operating costs and provide a lean business platform that is scalable with revenue growth" said Colleen Moorehead, President & Chief Executive Officer. "The loss includes one-time expenses of $866,460 of which restructuring costs were $518,686."

For the three-months ended September 30, 2006 revenues were $11,722,480 as compared to $6,083,652 for the same period in 2005. Net loss for the third quarter was $4,149,209 or $0.14 per common share as compared to a net loss of $1,384,014 or $0.06 per common share for the same period in 2005.

For the nine-months ended September 30, 2006, revenues were $44,753,132 as compared to $21,761,557 for the same period in 2005. Net loss for the nine months ended September 30, 2006 was $5,905,724 or $0.23 per common share, as compared to a net loss of $1,100,956 or $0.05 per common share for the same period in 2005.

• On August 31, 2006 Nexient announced that it had completed debt and equity private placements for gross proceeds of approximately $5.1 million. The VenGrowth Traditional Industries Fund Inc. and other funds under affiliated management invested $3,500,000, including $1,000,000 in equity units and $2,500,000 in debt. Net proceeds from the private placements were used to retire the Company's $3,450,000 9% Class A Unsecured Convertible Subordinated Debentures and for working capital purposes.
  
• Nexient was recognized as an Endorsed Education Provider (EEP) by The International Institute of Business Analysis (IIBA). As an EEP, IIBA members will have access to Nexient's Business Analysis Centre of Excellence which offers a comprehensive, performance-based curriculum for business analyst professionals of Fortune 500 organizations around the world.
  
• Nexient was nominated (and subsequently won) the award for Learning Solutions Partner of the Year at the 2006 Microsoft Partner Program IMPACT Awards in recognition of its GEAR pilot program. The Microsoft Partner Program IMPACT Awards acknowledge the exceptional work technology partners in Canada are doing with Microsoft-based technologies and software to deliver innovative solutions and unmatched value to their customers.
  
• Nexient has become the first HumanConcepts Training Provider for OrgPlus Software in Canada. Nexient will provide certified training programs in 14 locations across Canada - from Halifax to Vancouver.