eVision USA.Com, Inc. Reports Fiscal 1999 Results
Business Wire - December 30, 1999 08:15
EVIS %COLORADO %INTERNATIONAL %ASIA %PACIFIC %INTERNET %E-COMMERCE %ADVERTISING %MARKETING %EARNINGS V%BW P%BW
DENVER--(BUSINESS WIRE)--Dec. 30, 1999--eVision USA.Com, Inc. (eVision or the Company) (OTC BB: EVIS) reports its financial results for the fiscal year ended September 30, 1999. Revenue increased by $6,805,958, or 24.9%, to $34,193,262, over 1998 revenue of $27,387,304. The loss from continuing operations decreased to $3,189,048, or $0.18 per share, for the year ended September 30, 1999 compared to $6,979,267, or $0.42 per share, for the year ended September 30, 1998. Basic loss per share for fiscal 1999 was $0.18 per share compared to $0.39 per share for the prior year.
The increase in revenue is primarily attributable to an increase in brokerage commissions, trading profits, technology-related operations, interest income on investments, and gains on the sale of assets.
"We are just beginning to realize the results of our strategic efforts. Fiscal 1999 was clearly a pivotal year for us. Our traditional brokerage operations improved; our financial companies have reached several milestones; and our technology subsidiaries have established solid foundations from which to build upon. We firmly believe that we are well on our way to repositioning eVision for success in the new millennium," stated Fai H. Chan, Chairman and Chief Executive Officer of eVision.
American Fronteer Financial Corporation (AFFC) increased revenue by 10.7% and decreased operating losses by 35.5% for fiscal 1999 compared to fiscal 1998. In addition, AFFC established OnLine Broker(TM), an online securities division of AFFC that intends to provide online broker/dealer services to new and existing clients in fiscal 2000. OnLineBroker(TM) is concurrently progressing towards expanding AFFC's presence into Asian markets.
eBanker USA.com, Inc. (eBanker) achieved several of its business goals during the year, including completing a handful of significant customized corporate financing deals. eBanker is currently preparing for the deployment of its financial solutions website. eBanker currently anticipates a launch of the first phase of its financial portal in early fiscal 2000.
eFunds Global, Inc. was established in fiscal 1999, with the objective of providing eVision clients with online access to a diversified family of funds. eFunds Global, Inc. made progress towards this goal with the signing of a letter of intent to acquire a majority interest in Quaker Funds, Inc.
eVision developments have continued to take shape since the end of fiscal 1999. In November 1999, Corporate Net Solutions, began the deployment of its web hosting facilities. In December 1999, NeuroWeb, Inc. was established and has already begun providing eVision subsidiaries and external clients with global web development and e-commerce solutions. Q6 Technologies, Inc., which beginning the end of December 1999 may be accounted for as an equity investment due to recent transactions, made progress recently when it entered into two separate letters of intent to purchase up to a 50% initial ownership interest in Do Not Disturb, Inc. (DND), and to establish a joint-venture (CacheStream) with an Internet-based, multicasting technology developer, IBTech Pte.. Ltd. DND plans to develop Internet products and services designed to protect consumers from unsolicited marketing campaigns. IBTech is a Singapore-based company specializing in the development of Internet multicasting techno!
logies.
"We are pleased with our past performance and the progress we have made. More importantly, we are confident that we will expand upon our successes in the future. We anticipate continued growth and look forward to the coming year with tremendous optimism," stated Mr. Chan.
eVision is a Denver-based holding company with consolidated subsidiaries that operate in the financial services, advanced communications, corporate management, and technology industries. eVision subsidiaries include AFFC, an established securities broker/dealer with ten offices across the United States; OnLine Broker(TM), a division of AFFC that will enable existing clients to benefit from lower-cost, online trading and is working towards expanding AFFC's operations into Asian markets; Corporate Net Solutions, a technology infrastructure solutions provider that intends to create leading edge Internet and intranet products and services in conjunction with web-hosting facilities; eBanker, a global financial portal which intends to provide specialized financial products and services to underserved consumer and corporate markets; eFunds Global, Inc., an online fund company focused on creating and acquiring a diversified family of funds; Fronteer Corporate Services, Inc., a prov!
ider of comprehensive management and corporate services; NeuroWeb, Inc., a web development holding company that, through its subsidiaries, offers global web development and e-commerce solutions; Q6 Technologies, Inc., an innovative technology company engaged in the acquisition and development of Internet-related technology companies; Secutron Corp., which designs, develops, markets, and supports software systems for the securities brokerage industry
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.
CONTACT: eVision USA. Com, Inc, Denver, Colorado
Tony Chan, 303/860-1700
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