Cons Magna's CoyoteNet revenues up 30%
Consolidated Magna Ventures Ltd CMV
Shares issued 21,484,464 Jul 19 close $0.12
Tue 20 Jul 99 News Release
Mr. Robert Archer reports
Gross revenues in June for CoyoteNet Inc. were up an impressive 31 per cent
from the previous month, to $31,500. Internet terminals rose 10 per cent to
33 units and the average revenue per terminal jumped 25 per cent to $1,000
per terminal per month.
Second quarter revenues totalled $74,000, an 83-per-cent
quarter-over-quarter increase, compared with first quarter revenues of
$40,500.
The company is aggressively capturing market share in prime high-traffic
locations and management projects continued double-digit growth through
year-end.
Magna has an option to acquire CoyoteNet by Aug. 31, 1999, under the terms
of an agreement announced in Stockwatch June 16, 1999. Further to news in
Stockwatch July 8, 1999, the brokered private placement with Wolverton
Securities will be completed via a short-form offering document, pursuant
to Vancouver Stock Exchange Policy 14.6 and BOR 99/1 of the British
Columbia Securities Commission.
In related news, CoyoteNet has completed the sale of Intouch Internet Inc.,
a leading Internet service provider, to CyPost Corporation. Intouch
Internet Inc., was a wholly owned subsidiary of CoyoteNet and its sale will
add approximately $300,000 to the company's treasury. This means CoyoteNet
is fully financed to install additional terminals over the next several
months.
The company has also recently acquire a new 3,000-square-foot manufacturing
and office facility in Richmond to further facilitate the growth of its
business.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
