IIMC...Big earnings news...
August 29, 2000 10:23
Internet Multimedia Corporation Announces 6 Months Revenue and Earnings Report
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CHARLOTTE, N.C., Aug. 29 /PRNewswire/ -- Internet Multimedia Corporation (OTC Bulletin Board: IIMC) announced today the results for the 6 months ending June 30, 2000. The company reported gross revenues of $4,796,257 with net earnings before taxes of $2,832,008. Total current assets were valued at $6,858,408 with no debt.
The figures represented are from Oasis Technology srl, a wholly owned subsidiary of Internet Multimedia Corporation. Oasis Technology srl was incorporated to manufacture and sell multimedia kiosks and video gaming machines. The revenues were derived by its multimedia software for the kiosk applications including Internet with touch interaction, Point Of Sale (POS), and Cinemas Ticketing (Ticket One srl), Online Sport Application (Computer Associates spa for McLaren Racing).
Thom Knowles, President and CEO of Internet Multimedia Corporation stated, "These figures are unaudited and reflect all adjustments necessary for the fair presentation of the financial position, results of operations and cash flows of the Company for the interim periods presented. The audited financials will be out by mid-October."
The company has already designed, projected and developed a special computer board, which allows the company to manufacture awards with prizes (AWP) machines. In addition Oasis has developed more than 60 new games for the gaming industry and has already developed more than 30 games based on the NOA(TM) (New Oasis Amusement) 3D engine. These technical advances allowed the company to already sign the $11.5 million in business previously reported.
The company expects to dramatically increase revenue in the 3rd quarter by expanding its sales into Greece and Italy with 4th quarter into Spain and United States. The company is currently engaged in an aggressive acquisition campaign in the gaming, entertainment, multimedia, vending, and amusement industries.
Products under development include WAP (Wireless Access Protocol) for the wireless applications, i.e. Wireless Internet Connections. Internet Mulimedia's acquisition of Oasis Technology srl completed the first stage of what will eventually become AmEurotech, a truly global corporation.
Oasis recently completed an exclusive $5,000,000 distribution agreement with Megatronica Group S.A. as distributor of its AWP, SWP and proprietary Gambling machines in Greece and Cyprus. Also, Oasis has completed a $6,000,000 agreement with NOVA Distributori Automatici SRL, of Verona, Italy to manufacture and distribute Vending Machines for coffee and other hot drinks.
Internet Multimedia Corporation is a software and hardware technology company with $6.5 million in tangible assets and has ongoing business in Greece, Spain, the United Kingdom, and is currently expanding its business into the United States and South America. IIMC's wholly owned subsidiary Oasis Technology srl's net earnings for fiscal 2001 are projected to be between $20 million and $25 million.
Note: Safe Harbor Statement
Securities Litigation Reform Act of 1995: This release contains forward- looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competition, new and untested products, uncertainty of revenues and earnings, fluctuations in stock price and liquidity, fluctuating operating results, and other risks detailed from time to time in the company filings with the Securities and Exchange Commission.
Contact:
Ed Knowles
VP Merger and Acquisitions
21st Equity Partners LLC
704-540-8138
eknowles@21ep.com
Clinton F. Walker
VP Marketing and Research
21st Equity Partners, LLC
704-540-8138
cwalker@21ep.com
Dave Wood
President/CEO
21st Equity Partners, LLC
704-540-8138
dwood@21ep.com
SOURCE Internet Multimedia Corporation
/CONTACT: Ed Knowles, VP Merger and Acquisitions, 704-540-8138, or
eknowles@21ep.com , or Clinton F. Walker, VP Marketing and Research,
704-540-8138, or cwalker@21ep.com , or Dave Wood, President and CEO,
704-540-8138, or dwood@21ep.com , all of 21st Equity Partners, LLC for
Internet Multimedia Corporation/ |
