Kanakaris in Strongest Cash Position Ever Following 10QSB Filing
COSTA MESA, Calif., May 14, 2000 /PRNewswire via COMTEX/ -- Kanakaris
Communications, Inc. (OTC Bulletin Board: KKRS) stated on May 14, 2000, that it
is in "its strongest cash position ever, and ready to take advantage of
potential opportunities for expansion and acquisition," according to CEO Alex
Kanakaris, following the filing of SEC form 10QSB for the 1st Qtr., 2000.
"We are on track with our business plan and have successfully completed the
building of our online virtual theater, www.CinemaPop.com. As a result of the
foundation we invested heavily in during the first fiscal quarter of 2000,
Kanakaris is in a unique position to explore expansion and acquisition
possibilities," said Kanakaris.
"Because of large audience increases to our web site www.CinemaPop.com over the
past six months, as well as the growth of our online content, several positive
events for Kanakaris happened subsequent to the close of the Quarter," said
Kanakaris.
Specifically, Kanakaris cited the following developments which occurred after
March 31, 2000:
-- In April 2000, Kanakaris successfully completed a $3 million funding arranged
by the NIR Group.
-- April 2000 was the first full month where Kanakaris made available its $4.95
monthly subscriptions to CinemaPop.com.
-- Kanakaris added 80 feature films, TV shows and shorts to its web site.
Currently, Kanakaris is:
-- Completing development of its Movie Partner Program which will provide
subscription, pay-per-view and advertising revenue sharing with other web sites.
The Company has hired James Golff to manage the program.
-- Hiring regional sales reps for its Desience computer command center division.
-- Creating a data base of its Internet audience.
Kanakaris also points out that it is required under SEC guidelines to account
for the issuance of restricted stock for consulting services as a bottom line
expense the same as if cash was paid out. This means that stated losses in the
form 10QSB are larger than cash losses.
"As some of the dot commers become dot goners, Kanakaris is confident that it
has staying power and the strength to grow and take advantage of new
opportunities," stated CEO Alex Kanakaris.
"We have never been a dot com company per se but rather an entertainment content
company innovating in direct over-the-Internet delivery of this content. This
will become even more clear in coming weeks," he added.
About Kanakaris Communications
Kanakaris Communications specializes in the direct delivery of entertainment
content over the Internet. Its web sites include www.CinemaPop.com, which offers
Hollywood feature films in streaming mvideo, www.CineManiaNetwork.com, which
offers Spanish language feature films, and www.NetBooks.com, which offers a wide
range of digital-format books.
For information on Kanakaris Communications (www.kanakaris.com) contact:
Investor Relations: Colby Marceau, 714-444-0560, 3303 Harbor Blvd. #F-3, Costa
Mesa, CA 92626
. This news release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995 (the "Act."). In particular
when used in the preceding discussion, the words "plan," "confident that,"
"believe," "expect," "intend to," and similar conditional expressions are
intended to identify forward-looking statements within the meaning of the Act
and are subject to risks and uncertainties, and actual results could differ
materially form those expressed in any forward-looking statements. Such risks
and uncertainties include, but are not limited to, market conditions,
competitive factors, the ability to successfully complete additional financings,
and other risks.
SOURCE Kanakaris Communications |
