bought 5K MEHO @ 5/8, been trying for days to get it cheaper but no go;
LOS ANGELES--(BUSINESS WIRE)--Aug. 26, 1999--Meridian Holdings
Inc. (OTC BB:MEHO) Thursday announced that the common shares of the
company have started trading.
The company has completed the acquisition of the Capnet Group of
Companies, located at 900 Wilshire Blvd., Suite 500, Los Angeles,
Calif. 90017. The company's telephone number is 213/627-8878.
With the completion of the acquisition of the Capnet Group of
Companies into the company, the operations have changed significantly.
Prior to the acquisition, the company was in the capital-formation
stages and did not have any business operations.
With the acquisition of the Capnet Group of Companies, there are
now five operating divisions of the company:
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1. Bidfair.com. An Internet online auction and classified
advertisement retailer.
2. Bolingo.com. An Internet retailer of high-technology products
such as computer accessories, hardware and software.
3. Capnet.com:
Capnet Gateway Online Services
Capnet Electronic Drug Store
Capnet Document Archiving
Capnet News Service
4. PricePickers.com and PricePickers.net. Internet shopping
retailers.
5. Capnet.IPA. Health-care transactions.
The company generated revenues from operations of $639,892 during
the six-month period ended June 30, 1999, compared with revenues from
operations of $165,239 during the six-month period ended June 30,
1998. This represents an increase in revenues of 387% from the year
earlier.
The acquisition of the Capnet Group of Companies was completed on
May 25, 1999. The financial statements for the periods ended June 30,
1998, and June 30, 1999, include the consolidated operations. The
company recorded a net profit from operations of $107,837 during the
period ended June 30, 1999, compared with a net operating loss of
$125,829 during the period ended June 30, 1998.
Cash and cash equivalents totaled $71,130 at June 30, 1999,
compared with $7,889 at June 30, 1998. The increase in cash was due to
the acquisition of the Capnet Group of Companies.
The company had net working capital of $237,948 at June 30, 1999,
compared with $10,467 at March 31, 1999. This increase in working
capital was due to the restructuring of the long-term liabilities,
infusion of additional capital and the reduction of accounts
receivable.
Management anticipates that general operating expenses will
continue to remain constant or decrease slightly due to the fine-
tuning of operations.
The company incurred a profit of $71,212 for the second quarter
of 1999, as compared with a profit of $36,625 for the first quarter.
This profit, lower than anticipated, was due to the amount of time,
effort and resources that were required to complete the acquisition on
May 25, 1999.
There are no seasonal aspects of the company's business that had,
or are expected to have, a material effect on the financial conditions
or results of operations.
From time to time, the company may issue news releases that
contain "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, and is subject to the safe harbor created by
those sections. This material may contain statements about expected
future events and/or financial results that are forward looking in
nature and subject to risks and uncertainties. For those statements,
the company claims the protection of the safe harbor for
forward-looking statement provisions contained in the Private
Securities Litigation Reform Act of 1995 and any amendments thereto.
Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
goals, assumptions, or future events or performance are not statements
of historical fact and may be "forward-looking statements." "Forward-
looking statements" are based upon expectations, estimates and
projections at the time the statements are made that involve a number
of risks and uncertainties that could cause actual results or events
to differ materially from those anticipated. "Forward-looking
statements" in this action may be identified through the use of words
such as "expects," "will," "anticipates," "estimates," "believes" or
by statements indicating certain actions "may," "could" or "might"
occur. Discussions of factors that may affect future results are
contained in the company's recent filings.
--30--tjm/la* mra/la
CONTACT: Meridian Holdings Inc., Los Angeles
Anthony C. Dike, 213/627-8878
fax: 213/627-9183
e-mail: acdike@capnet.com
or
High Desert Consultants Inc., Las Vegas
tel: 702/220-3120
fax: 702/220-4332
e-mail: meinders@aol.com |
