I continue to like the developments here..this out today:
(PR Wires) DJ: American Millennium Reports 9 Month Financial Results
DJ: American Millennium Reports 9 Month Financial Results
MOUNT DORA, Fla.--(BUSINESS WIRE)--June 29, 1999--American Millennium
Corporation, Inc. (OTC BB:AMCI) specializing in satellite monitoring of high
value assets in the oil and gas, rail, and intermodal container industries,
reported financial results for its 9 months ended April 30, 1999 in its most
recent form 10Q quarterly report filed with the US Securities and Exchange
Commission.
Revenues for the 9 months ended April 30, 1999, were $128,693, compared with
revenues of $311,162 for the same period in 1998. The Company reported a net
loss of $948,864, or $0.06 per share for the 9 months ending April 30, 1999,
compared with a net loss of $6,140,540, or $0.62 per share for the same
period last year.
AMCI Chief Operating Officer James C. Statham noted that the higher revenue
figures for the previous year were largely due to the sale of assets from
discontinued operations, while the higher losses were mostly the result of
those discontinued operations as well as from non-recurring expenses for
research and development. "Our aggregated losses declined from $0.62 per
share for the first nine months of last year to $0.06 per share for the same
period this year due to the Company*s discontinuing unrelated operations in
order to concentrate on its core business".
On a matter concerning the publicly traded float of AMCI stock (the actual
quantity of stock held in brokerage houses available for immediate trading
on the open market), Statham noted, "The figure of 8.7 million shares
currently being reported as the "Public Float" on the Internet by Yahoo, PC
Quote, and others is grossly overstated. As reported to AMCI by Depository
Trust Corporation, the official source for this information, the AMCI stock
float, as of June 22nd, 1999, was exactly 4,587,740 shares or just over half
of what the financial services are erroneously reporting".
AMCI President and CEO Andrew F. Cauthen stated, "AMCI is a value-added
reseller for ORBCOMM USA. L.P., the world*s first satellite based global
data and messaging system which operates through a constellation of 28 low
earth orbit satellites (LEOS). Let me emphasize that just one year ago,
ORBCOMM had not yet fully deployed its satellites and AMCI was monitoring a
single refrigerated railcar for Union Pacific Railroad.. Now, all 28 ORBCOMM
satellites are deployed and AMCI has installed and is operating over 60
remote monitoring satellite systems for over a dozen companies. Over this
same period, we have decreased our selling and administrative costs by over
30%, decreased our consulting and professional costs by over 80%, and are
now beginning to build a base of paying monthly subscribers.
"Companies publicly disclosed as currently utilizing our satellite
monitoring systems include Cross Timbers Oil Co. (NYSE:XTO-News), Hanover
Compressors (NYSE:HC-News), Walsh Engineering, Inc., Cabot Oil and Gas Corp.
(NYSE:COG-News), and Compressor Systems, Inc. AMCI subscriber communicators
are installed on Chevron (NYSE:CHV-News) wells operated by Hanover", Cauthen
confirmed.
"Our near term business focus will continue to be the deployment of remote
satellite monitoring systems primarily for the oil and gas and rail
industries. We have identified literally hundreds of thousands of assets
that we believe can benefit from the drastically reduced cost of monitoring
an asset with a computer versus the high cost of sending a technician in a
truck or, in some cases, by helicopter, to a remote site. The natural gas
industry in particular has been extremely receptive to what AMCI can add to
their bottom line", Cauthen concluded.
This press release contains forward-looking statements that involve risk and
uncertainties that could cause the company's actual results and experience
to differ materially from anticipated results and expectations expressed
herein. In particular, AMCI's plans may be revised, and its actual results
may differ materially from that indicated by its current plans.
The AMCI website is located at amc-wireless.com.
CONTACT: American Millennium Corporation Inc., Mount Dora
James C. Statham, 352-735-0116
10:26 EDT JUNE 29, 1999
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