Wasn't I saying that CYAA was Very Undervalued?... NEWS...
CyberAmerica Corp. Announces Gain from Sale of Investment Securities...
SALT LAKE CITY--(BUSINESS WIRE)--April 6, 2000--CyberAmerica Corp.
(OTC BB: CYAA) Thursday announced preliminary figures from the first
quarter of 2000 for sales of investment securities owned by CYAA and
its subsidiaries.
CYAA and its majority owned subsidiaries sold $2,175,991 in
investment securities during the quarter ended March 31, 2000. CYAA's
basis in the securities was approximately $469,781. Accordingly, CYAA
expects to record a gain on investment securities of $1,706,210 for
the quarter ended March 31, 2000 compared to $46,278 gain on
investment securities for the comparable period in 1999.
The majority of the securities liquidated during the first quarter
of 2000 represent securities received for services provided by CYAA's
consulting subsidiaries in prior years. CYAA initially booked the
securities at low levels based upon the illiquid nature of the
investments and the volatile nature of the securities.
The illiquid nature of the securities received by CYAA and/or its
subsidiaries is the result of restrictions on resale on the
securities.
The above figures do not include revenues generated by CYAA's real
estate or consulting subsidiaries. The $1,706,210 only represents the
gain on sale of investment securities portion of "other income" which
is exclusive of rental revenues, consulting revenues and other income.
The data concerning consulting and revenues for the first quarter
of 2000 are not available as of April 6, 2000. The above results may
not be indicative of future sales of investment securities.
CYAA is a diversified holding company that specializes in
investing and developing undervalued real estate and providing
financial consulting services to public and private companies.
For more information on CyberAmerica's real estate holdings please
visit www.cyaa.com. For more information on CyberAmerica's consulting
service please visit www.hudsonconsult.com. CyberAmerica strongly
encourages that the above information be read in conjunction with its
Dec. 31, 1998 Form 10KSB and its Sept. 30, 1999 Form 10QSB. The above
documents can be viewed at www.sec.gov.
A number of statements contained in this press release are
forward-looking statements which are made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve a number of risks and
uncertainties, including the timely development, and market acceptance
of products and technologies, competitive market conditions,
successful integration of acquisitions and the ability to secure
additional sources of financing.
The actual results that CYAA may achieve may differ materially
from any forward-looking statements due to such risks and
uncertainties.
--30--lma/ix*
CONTACT: CyberAmerica, Salt Lake City
Richard Surber, 801/575-8073
Fax: 801/575-8092
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