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CVF Technologies Corporation's Holding, RDM Corporation,
Announces Year-end Results-New Products Contribute to Record
Sales
Lewiston, N.Y., Dec. 7 /PRNewswire/ -- CVF Technologies Corporation's (Amex: CNV) holding, RDM
Corporation announced year-end and fourth quarter financial results for the period ended September 30, 1999.
RDM Corporation reported record annual sales of $4,688,724 (CDN $), and a net loss of $211,484 (CDN $) or
$0.02 (CDN $) per share. This compares to sales of $2,871,414 (CDN $) and a net loss of $1,437,962 (CDN $)
or $0.18 (CDN $) a share for the previous year. R&D expenses remained at approximately $2 million (CDN $)
while Sales and Marketing initiatives significantly increased by 55% to over $1.1 million (CDN $). As a result of this
increased Sales and Marketing focus, the Company realized record annual revenue.
"I believe that our new cheque imaging products will be a significant source of revenue for RDM moving forward,"
said Bob Nally, Chairman of RDM Corporation, "this revenue stream will greatly enhance our efforts and abilities to
capitalize on our all-electronic payment solution eCheck".
1999 was highlighted by many successes in its core business. An important success early in the year was a $900,000
(CDN $) order for RDM's Sheet MultiCheck product. This product allows check printers to check sheets of printed
checks against specifications. RDM also announced a licensing agreement with Verifone, a division of
Hewlett-Packard Company, to supply RDM's MICR cheque reading technology. This agreement is expected to
generate royalty revenue over the next five years. RDM also initiated a three-year agreement with Fidelity Express
Money Order Company, representing the first major rollout of RDM's patent pending technology for point-of-sale
check imaging. The order was valued at approximately $2 million (US $).
RDM is targeting, with its marketing, sales and distribution partners, to over 1 million of the estimated 7 million US
based point of sale sites. RDM continues to develop key relationships with marketing and distribution channels to the
point of sale market.
As announced earlier, the U.S. Treasury pilot of RDM's eCheck payment technology has been extended and
continues to progress with the U.S. Treasury and its vendors. The Company is working towards other eCheck pilot
programs with other groups, governments and key influencers.
"The Internet is proving to be a consistent source of opportunities for RDM," said Bob Nally, "I am confident that
eCheck will be an important payment choice for businesses and consumers conducting transactions on the Internet".
CVF Technologies Corporation, headquartered in Lewiston, New York, is a technology development company with
a focus on e-commerce whose principle business is sourcing, funding and managing emerging technology companies
with significant market potential.
RDM Corporation is a leader in the development of specialized software and hardware products for both Internet
electronic commerce and paper payment processing. RDM has been providing paper and electronic payment
automation technologies and solutions to banks, printers and payment processors in over 35 countries since 1987.
RDM corporate information can be accessed via the Company's website, rdmcorp.com. RDM
Corporation is a public company listed under the symbol "RC" on the Canadian Venture Exchange.
Certain statements made in this press release which are not historical facts are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these statements
involve risks and uncertainties, which may cause actual results or achievements to be materially different from any
future results or achievements expressed or implied by the forward-looking statements. |
