Veronex Announces Q-2 Earnings
IRVINE, Calif., Oct. 19 /PRNewswire/ -- The Board of Directors of VERONEX TECHNOLOGIES, INC. (``Veronex') (OTC Bulletin Board: VXTK - news) today announced the results of operations for the second quarter of its fiscal year 2000. Veronex reported net income of $1,501,000 ($0.18 per share) for the three months ended August 31, 1999, as compared to a net loss of $1,066,000 ($0.15 per share) for the three months ended August 31, 1998, on revenues of $2,201,000 and $nil respectively. For the six months ended August 31, 1999 Veronex reported net income of $5,180,000 ($0.64 per share), as compared to net income of $183,000 ($0.03 per share) for the six months ended August 31, 1998, on revenues of $7,201,000 and $2,083,000 respectively.
Veronex structures its strategic alliance licensing agreements with an initial licensing fee plus a revenue sharing feature. Veronex records the initial license fee as a receivable and anticipates that each strategic alliance partner will generate revenues and cash flow in the future. The I|Nova System's template driven application development process distinguishes it as the best of breed solution for enterprise-wide business application software problems and development projects.
``Veronex has recently expanded its operations to include vertical application development projects for selected customers. The first such project is an e-commerce system for East-West Electronic Trade Centre, Ltd., a client in the Asia-Pacific Region,' commented David A. Hite, Chairman. ``The first revenues from the development phase of the e-commerce system project are included in this quarter's results.'
Mr. Hite went on to state, ``The East-West Electronic Trade Centre ('EWETC') intends to market its e-commerce system to the banks and their clients as an intranet 'Trade-Point' system to be deployed over the internet in the Asia-Pacific Region. The plans call for EWETC to initiate Beta testing of its e-commerce system in January, 2000. The Beta test is planned for five selected countries with five banks in each country which can each allow up to 25 enterprise customers to participate.'
ABOUT VERONEX
Veronex Technologies, Inc. (``Veronex') (OTC Bulletin Board: VXTK - news) designs, develops, licenses and supports computer software products for complete enterprise-wide management application development and implementation. The Company's I|Nova System is a fully integrated business application development, modernization and migration tool-set for competitive, innovative and flexible business systems solutions.
The I|Nova System is a new concept for application development, deployment and management that enables software developers and maintenance staff to save time and optimize quality through effective reuse of common business functions. This reuse is achieved through a library of standard common business functional modules and a single run-time program (application manager) that reads and executes an application template. This unique template driven process does not require any knowledge of programming, is self-documenting, portable and extremely cost effective when developing and maintaining business applications.
SAFE HARBOR STATEMENT
This statement includes forward-looking information as that term is defined in the Private Security Litigation Reform Act of 1995, and therefore, is subject to certain risks and uncertainties. There can be no assurance that actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward looking statements as a result of various factors, including market conditions, competition, advances in technology, and other factors.
For more information please contact:
Veronex Technologies, Inc. at it web site at or call David A. Wooldridge at (949) 253-9600 or FAX (949) 253-9677.
SOURCE: Veronex Technologies, Inc.
biz.yahoo.com |
