CCGI News
Monday November 29, 8:33 am Eastern Time
Company Press Release
ComTech Announces Results and Updates Business
HOUSTON--(BW HealthWire)--Nov. 29, 1999--ComTech Consolidation Group Inc. (OTCBB: CCGI -
news) today announced the results for the third quarter and nine month period ending Sept. 30,
1999. ComTech reported revenues of $1,074,921 with operating income of $23,073. For the
nine-month period ComTech reported revenues of $10,141,256 with operating income of $301,917
or $.02 per share after charges.
ComTech President, Mr. Joel Flowers commented, ``We view this quarter as one of transition for
ComTech, even though it was our sixth consecutive quarter of profitability we are not pleased with
this quarters results. After performing extensive due diligence on the acquisitions of the last two
years we decided to make moves we feel will benefit ComTech over the long term.' Mr. Flowers
went on to say, ``On the technology side of ComTech we were pleased with the performance of
Networks-Online during the third quarter. Going forward we plan on dedicating more resources to
NOL to maximize the opportunities that exist in the Houston market.' Flowers continued, ``We also
strengthened our management team in the third quarter with the addition of Walter Davis. We plan
to announce further additions to our management team shortly.'
About ComTech
ComTech Consolidation Group Inc., is a Houston based consolidation company with operations in
the Health Care and Technology Industries. ComTech seeks to grow through acquisitions as well as
organic growth for its acquired companies. ComTech has been profitable for the last six quarters.
ComTech trades on the Over The Counter Bulletin Board under the ticker symbol CCGI.
Statements regarding financial matters in this press release other than historical facts are ``forward
looking statements' within the meaning of section 27A of the Securities Act of 1933, Section 21E of
the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation
Reform Act of 1995. The company intends that such statements about the company's future
expectations including future revenues and earnings, and all other forward looking statements be
subject to the safe harbors created thereby. Since these statements (future operational results and
sales) involve risk and uncertainties and are subject to change at any time, the company's actual
results may differ materially from expected results.
SOURCE: ComTech Consolidation Group Inc. |
