LIVINGSTON, N.J.--(BUSINESS WIRE)--Sept. 30, 1999--TRB Systems International Inc. (OTC BB:TRBX) Thursday reported total revenue for the year ended June 30, 1999 of $1,501,482 compared with $0 in fiscal year 1998.
Net income was $630,380, or $.05 per share, compared with a net loss of $340,312, or ($0.03) per share, in the previous fiscal year. The company's current asset position increased to $1,477,959 on June 30, 1999, from $432,275 on June 30, 1998. This is the company's first operational year, having emerged from its development phase on July 1, 1998.
TRB's President and CEO Byung Yim said, "Our financial results for the year ended June 30, 1999 reflected the effort the company has invested in its first operational year, coupled with the groundwork laid during the development phase."
Yim continued: "We are pleased that we have been able to make such significant progress during our first operational year. This reflects both the interest of the general public in our product line, and the significant marketing inroads made through exposure at the Arnold Schwarzenegger Fitness Classic, NFL Alumni fund raising events, and other shows we have attended, coupled with a marketing agreement with the US Taekwondo Union with its over 2,500 member locations."
TRB Systems International Inc. is the manufacturer and world-wide marketer of bicycles, fitness equipment, wheelchairs and motorized two-wheeled transportation systems employing its patented Transbar Power System, which employs a natural walking-jogging motion for propulsion rather than the traditional circular pedaling motion. TRB's up-and-down motion creates greater pedaling force with less stress on the knees, ankles and lower back. The system has often been utilized in the rehabilitation of athletes and other persons suffering from knee and ankle damage. The circular motion associated with the traditional bicycle can damage knees and ankles, and many athletes have had their careers curtailed due to knee damage.
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