Wednesday March 26 10:27 AM EDT
VideoTalk, DigiPhone 2.0, and Proficia to be
Demonstrated at Comdex Spring
Camelot Announces 1 for 20 Reverse Stock Split; Nine Month Results
DALLAS, March 26 /PRNewswire/ -- Camelot Corp announces that it will be
demonstrating at Comdex Spring in Atlanta on June 2nd 1997 its three new products,
VideoTalk(TM), a video conferencing system for the Internet, DigiPhone(R) 2.0, the next
generation of DigiPhone Internet telephony software and Proficia(TM), an Internet
telephony handset which replaces speakers and microphone for multimedia PCs.
VideoTalk, for which a patent has been applied, is a complete hardware and software
system which, when connected to a multimedia PC, enables full duplex video and audio
conferencing over the Internet. The VideoTalk unit includes a camera and a unique
proprietary plug-and-play add-in card requiring very low processor power. VideoTalk does
not require a sound card or video capture card, and enables other processor intensive
programs to be run simultaneously on the PC. VideoTalk incorporates leading edge audio
and video compression technology enabling connections over 28.8 kbps modems.
DigiPhone 2.0 uses Lucent Technologies codec for outstanding voice quality, and
communicates with other Internet telephony products. Proficia is an ergonomically
designed handset that functions just like a telephone when used with DigiPhone Internet
telephony software, and can replace speakers and microphone.
"The combination of these three new products places us in a position to provide a one
stop solution for video and audio communication over the Internet. I believe this will be of
particular interest to businesses in the corporate and OEM market who are seeking a
quality Internet solution," said Danny Wettreich, Chairman and Chief Executive Officer of
Camelot.
Separately, Camelot announces that it will be filing a preliminary proxy with the Securities
& Exchange Commission and will be holding a special meeting of its shareholders in
order to receive authorization to undertake a 1 for 20 reverse stock split. This will satisfy
the proposed changes to the Nasdaq maintenance standards which the Company
expects will become effective shortly. An announcement providing additional details will
be made in due course.
Further, Camelot announces its results for the nine months ended January 31, 1997.
Revenue was $9,031,893 compared to $3,921,556 in 1996, and the Company's net loss
for the period was $6,149,151 (including an unrealized loss on trading securities of
$6,599,688) compared to a net profit of $180,034 in 1996.
SUMMARY FINANCIAL INFORMATION
CONDENSED STATEMENTS OF OPERATIONS
9 Months Ended
January 31,
1997 1996
REVENUE $ 9,031,893 $ 3,921,556
COST OF SALES 1,520,880 530,202
GROSS PROFIT 7,511,013 3,391,354
OPERATING EXPENSES (6,439,799) (4,521,590)
OTHER EXPENSES (6,929,222) (1,366,737)
LOSS FROM DISCONTINUED OPERATIONS (291,143) (56,467)
NET INCOME (LOSS) (6,149,151) 180,034
NET INCOME (LOSS) PER COMMON SHARE (0.261) 0.013
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING 23,528,941 13,487,209
The Company has closed its retail division comprising six software stores in Dallas,
Texas. The stores which were trading under the name Software @ Cost + 10% offered a
no frills discount warehouse concept, however the results experienced did not justify the
continuance of this experiment. Extraordinary closure costs which are estimated to be
approximately $800,000 will be reflected in the current quarter. The Company will develop
a retail Internet web site catalogue offering approximately 2,000 software titles on a
discounted basis under the brand name MR CD ROM(R), and test marketing for this
Internet site is expected to commence in April 1997.
Camelot Corporation is a holding company with subsidiaries focused on software
development and Internet access. Its subsidiary, Third Planet Publishing, Inc., publishes
DigiPhone(R), DigiPhone Deluxe(TM), and DigiPhone for Mac(TM), the complete Internet
phone system. Information is available via the company's World Wide Web site at
digiphone.com.
Except for the historical information contained herein, the matters discussed in this news
release are forward looking statements that are subject to certain risks and uncertainties
that could cause actual results to differ materially from those set forth, including but not
limited to, the impact of global regulation and competition, Camelot's dependence upon
the continued ability to create and/or acquire products that customers will accept; the
impact of competition and the changing competitors; the changing nature of regulations
and the manner in which they are interpreted; dependence on independent distributors
and pricing pressures in addition to normal economic and world factors beyond the
control of the Company.
Say It!, Proficia, DigiPhone(R), DigiPhone Deluxe, DigiPhone for Mac, VideoTalk and MR
CD ROM are all trademarks of Camelot. All other product names are trademarks of their
respective companies. SOURCE Camelot Corporation |
