Intermost Reports On A Successful Fiscal Year By Releasing 10K
NEW YORK, N.Y., Oct. 20 /PRNewswire/ -- Intermost Corporation (OTC Bulletin Board: IMOT) announced today its audited 10K figures, showing net sales of $388,080. Intermost experienced a net loss for the year of $229,456 (a $0.03/share loss), due to its long-term R&D and product development efforts. Shareholders equity stands at $750,345. The audited figures were completed by Arthur Anderson, the largest and strongest accounting practice in China.
Jun Liang, President of Intermost, stated, "This past fiscal year has been stellar for Intermost. Through long-term investments and key partnerships, we've greatly expanded our reach within the Chinese market. We've aggressively opened sales offices in major cities, increased funding to our joint ventures and spearheaded major product development efforts. We've increased market share within every niche of our business. Even with the high burn rate of product R&D, Intermost still gained a gross profit for the year of $202,695. We expect our investments this past year to come to fruition in the near future as the Chinese Internet market continues to be the fastest growing technology arena in the world.
Intermost is the first US-listed information technology firm from China. The Company is an Internet content provider in China, focused on business-to-business content hosting and maintenance. Intermost is a market leader in providing services to large organizations and export-oriented companies. The Company recently signed a joint venture agreement with Jiayin Electronic Payment Technology Company, Ltd. to develop China's first network payment system. Jiayin's telephone banking system and computer network technology are used by over 75% of commercial banks in Shenzhen, the technology capital of China.
Investor information can be found on the web at:
www.MarketManagement.com or www.Intermost.com.
Brokers call Steve Smith at: (407) 339-3337.
"Safe Harbor" Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur.
SOURCE Intermost Corporation
CO: Intermost Corporation
ST: New York, China
IN: CPR TLS
SU: ERN
10/20/1999 11:32 EDT prnewswire.com |
