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WAYNE, N.J. (April 23) BUSINESS WIRE -April 23, 1999--
Company Launches PICK Sat Inc. and PICK Online.Com Inc.
PICK Communications Corp. (OTCBB: PICK ) today released its 1998 financial results. The company reported a net loss of approximately $17.1 million, or 46 cents a share, compared with a net loss of $9.5 million, or 26 cents a share, in 1997.
Net sales for 1998 were $9.8 million, up from $9.0 million in 1997, reflecting sales of both long-distance services and prepaid calling cards.
The company has created two new subsidiaries. PICK Sat Inc. provides satellite-based Internet access and interactive multimedia services to end-user service providers. PICK Online.Com Inc. is a media-content aggregator and satellite multicast delivery service for Internet Service Providers (ISPs) and broadband networks, including cable modem and asynchronous digital service line (ADSL) service providers.
The company is aggressively and rapidly developing these complementary businesses. In connection with these initiatives, PICK yesterday announced the appointment of Thomas M. Malone as chief executive officer of PICK Communications Corp. Mr. Malone was previously president of Cable and Wireless USA's commercial Internet operation.
At December 31, 1998, the company had accumulated a stockholders' deficiency of $20.3 million. PICK is actively pursuing new financing with which to develop its PICK Sat and PICK Online.Com operations.
PICK Communications Corp. is headquartered in Wayne, N.J. In addition to PICK Sat and PICK Online.Com, the company operates PICK Net Inc. and PICK Net UK PLC, which provide international long distance services to other carriers, and PICK US Inc., which markets and distributes prepaid telephone calling cards. |
