USA Video files Form 10Q for third quarter
USA Video Interactive Corp US
Shares issued 73,466,089 2000-11-17 close $1.4
Monday Nov 20 2000 News Release
An anonymous director reports
The company had revenues of $307,464 and $564,064 for the quarter and nine months ended Sept. 30, 2000. The revenues were reported in the company's quarterly 10Q filing with the U.S. Securities and Exchange Commission, which is available for review at www.freeedgar.com or www.edgar.com.
The company also reported operating expenses of $1.06-million for this year's third quarter, compared with $409,747 for the third quarter of 1999, and $2.7-million for the first nine months of 2000, compared with $992,786 for the comparable 1999 period. The rise in operating expenses is consistent with the costs of adding technical staff, developing and refining products and services, and conducting more aggressive sales and marketing efforts.
The company also summarized highlights for the third quarter:
Form 10 accepted by SEC and Over-the-Counter Bulletin Board trading resumed: The common stock of USA Video Interactive resumed trading Aug. 29 on the NASD OTC-BB upon reinstatement by the National Association of Securities Dealers following acceptance of the company's Form 10 filing by the Securities and Exchange Commission.
Alliance with EMC: The company teamed with EMC Corp. (NYSE: EMC; www.emc.com), the world leader in information storage, to offer a highly reliable, high-speed, end-to-end media solution that uses EMC's family of CLARiiON storage systems.
D.C. public school contract won: The company was awarded the contract to supply the Washington public school district with a complete interactive video streaming solution worth approximately $300,000.
Partnership signed with HKNet for Hong Kong, Asia Pacific: The company signed an agreement with HKNet to bring streaming video and video on demand to HKNet's customers in Hong Kong and elsewhere in the Asia Pacific region. HKNet is an Internet joint venture between NTT Communications Corp. (NYSE: NTT) of Japan and CCT Telecom Holdings Ltd. (SHEK: 0138) of Hong Kong.
Civic Enterprises signs USA Video for Australia/New Zealand project: The company launched its strategic international sales and marketing initiative with an agreement to bring Internet video and video on demand to Australia and New Zealand in a joint venture agreement with Civic Enterprises Ltd. of New Zealand. The companies are working to serve at least 100,000 people in Australia, New Zealand and elsewhere in the Pacific Rim.
Management and technical staffs expanded: The company positioned itself for growth with the addition of key players on its management and technical staffs. Robert D. Smith Jr. was named chief operating officer in August. Mr. Smith was formerly a vice-president at Sonalysts, Inc., of Waterford, Conn., which he helped build into a $50-million international high-tech corporation. A graduate with distinction of the U.S. Naval Academy, Mr. Smith's expertise spans corporate strategy and goal implementation, personnel and contract management, and technical project planning and execution. Kent Norton was named chief technical officer of the company, greatly expanding the company's strength in the management of highly technical, large-scale projects; he also retains the title of chief information officer. Additionally, Jeff Lecce joined the company from Computer Sciences Corp. as an operations manager in the fulfilment of customer orders and services; and Ernest Kinsler joined from CSC as an operations engineer in the building and deployment of solutions sold by the company. Project manager Daniel Freitas from Raytheon Systems Co. and senior software engineer Matthew Stahl from Sonalysts Inc. joined subsequent to the end of the third quarter in the design and development of the company's global media streaming solutions.
Inetcable.com's initial order placed: Inetcable.com placed the first in a series of orders for the North American deployment of USA Video Interactive's video application service.
$1-million contract inked for video equipment, services to China: The company was selected by T.W. SVOD Information and Technology Co., Ltd., of Shenzheng, China, to provide at least 50 Hurricane Mediacaster servers and video technology and expertise over the next two years.
Company addresses Department of Education conference: The company's director of education technology, Julia Launer, addressed the U.S. Department of Education's digital divide conference on ways in which USA Video Interactive technology can change the inequities of the digital divide into the potential of digital opportunity in the nation's schools.
ApplicationStation.com announces deployment: ApplicationStation.com announced it would deploy USA Video Interactive technology in providing video-enhanced training, productivity and other applications to its customers.
Subsequent to the third quarter, there were several significant developments:
Leading patent litigation firm retained: Sullivan & Worcester LLP, the internationally known law firm, was retained by the company to protect its rights under its pioneering 1992 store and forward video patent and to explore licensing and other revenue-generating possibilities of the patent. Paul Gupta, a leading patent litigator, will defend the company's patent.
Hotel solution demonstrated: The company demonstrated its turnkey hospitality package to more than 600 financial and technology professionals in the hospitality industry at the 47th annual Hospitality and Financial Technology Professionals trade show in Toronto.
Educational services unveiled: At the 14th annual Technology + Learning conference in Denver sponsored by the National School Board Association, the company demonstrated how its K-12video.com portal can bring the latest digitized educational content into the classroom without schools having to make a large up-front investment in hardware and content.
New London schools add USA Video Technology: New London (Conn.) public schools added next-generation video capabilities to their instructional and educational offerings by integrating a USA Video Interactive VoD system into their computer infrastructure.
Company defines the future of television and the Internet: USA Video Interactive addressed two separate Paul Kagan Associates conferences on video on demand and streaming media, describing USA Video Interactive's leadership in developing a solution to protect property rights of content providers and defining the future of television as videocentric television with unprecedented profit potential. |
