News out....
biz.yahoo.com
MIAMI--(BUSINESS WIRE)--Feb. 1, 2000--Whitehall Enterprises, Inc. (OTCBB:WTHL - news) today announced that 1999 represents the Company's first profitable year to date.
The positive transformation in operating results during fiscal year ended September 30, 1999 was primarily due to successfully assimilating three major acquisitions and carrying out the approved objectives in the Company's Chapter XI Bankruptcy Reorganization Plan -- resulting in a $71 million tax/loss carry forward.
''Our efforts to expand the Company's asset base and concurrently increase our shareholder value have clearly come to fruition,'' said
Whitehall President and Chief Executive Officer Luis Alvarez. ''We are pleased to report that our asset base now totals $3.8 million and our
shareholders' equity has soared from $29,887 for the year ended September 30, 1998 to just over $1 million in 1999.''
Whitehall experienced a steady monthly performance since the December 1998 acquisition of Canadian plastics manufacturer MBM Limited.
Notwithstanding location and conversion of Canadian Generally Accepted Accounting Principles (G.A.A.P.) into U.S. G.A.A.P., revenues from
sales for the 10-month period ended September 30, 1999 were $4,170,370. MBM sales for the 10-month period ended November 30, 1998
were $3,674,336, representing an increase of $496,034 for the comparable period the previous year.
Whitehall's consolidated net income for the year ended September 30, 1999 totaled $74,370 compared to net income of $26,710,498 in the
year prior. Net income for the year ended September 30, 1998 derived from forgiveness of debt under the Company's Chapter XI Bankruptcy.
Whitehall increased its asset base through three strategic acquisitions during the fiscal year ended September 30, 1999. In December 1998 the Company acquired MBM Limited, an established Canadian plastics manufacturer whose strategic relationships include such notable North American corporations as Johnson Amp; G.K. Packaging; Fenton Webber; Novo Pharm; Jones Packaging and the Canadian shampoo division of L'Oreal. In September 1999 Whitehall acquired Hairbiotech Inc., a development stage biotechnology company with three unique patents for hair growth and hair loss prevention technologies. Earlier this month, Whitehall completed the $8 million acquisition of Alternative Lending Group, a multi-million-dollar e-commerce mortgage banking company currently operating in nine states with plans for national expansion during 2000. ALG's website www.alternativelending.com affords applicants the opportunity to apply for most types of loans via the Internet, 24 hours a day.
Whitehall Enterprises, Inc. (OTCBB:WTHL - news) is a growth oriented holding company targeting business acquisitions, which will contribute a diversified asset base for the company. The company's current business activities include manufacturing of plastic containers for
pharmaceutical and healthcare companies, marketing hair growth and hair loss prevention technologies, and e-commerce mortgage banking. |
