BarPoint.com Announces First Quarter Results
Web Site & Wireless Launch, New Affiliates and Acquisition Highlight Continued Progress
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 23, 2000--BarPoint.com, Inc. (OTC BB: BPNT), the company that is revolutionizing consumer use of Universal Product Codes (UPC), has announced results for the first quarter ended December 31, 1999. During the quarter, BarPoint launched its mobile Internet commerce and information service, www.barpoint.com, partnered with over one hundred new e-commerce affiliates and successfully tested and distributed a Beta version of the BarPoint Shopper (TM) software for the Palm VII Wireless Organizer from 3Com/Palm Computing (NasdaqNM: COMS). Adding strength to its wireless offering, BarPoint acquired Synergy Solutions, Inc., a market-proven developer of user-friendly applications for handheld devices, providing BarPoint with new capabilities in software development.
Revenues for the quarter were $50,325. Net loss for the quarter was $874,881. BarPoint began operations on June 3, 1999 and, therefore, has no comparable results for the year earlier period.
As of December 31, 1999, BarPoint's financial position included $4.9 million in cash and $10 million in marketable securities. Commencing in the first quarter and continuing thereafter, the company began liquidating its shares of Socket Communications, Inc. As of February 10, 2000 the Company had sold shares in Socket amounting to over $17 million in cash and cash equivalents.
BarPoint enjoyed significant achievements with regard to business development during the first quarter. The Company increased the number of its e-commerce affiliates from roughly 220 to more than 325, including agreements with Amazon.com, Wal-Mart, Barnes & Noble, Disney Stores, Staples, and eToys.
``With the launch of the BarPoint.com service in December, we saw our work come together as a commercially viable offering that provides consumers with all the information they need to make more informed purchasing decisions, whether in the aisle of a store or sitting at a desktop,' stated Leigh Rothschild, founder and CEO of BarPoint.com. ``We are building and strengthening our management team, hiring key executives that enhance our intellectual resources and confirm our commitment to success. We continued to add depth to www.barpoint.com through additional product information, expanding our database of consumer products to include access to 90 million out of the roughly 100 million items with UPC barcode numbers in the U.S. As we move forward, we will increase wireless access on a variety of devices and continue our existing cross-promotional and revenue-sharing partnerships.'
By the end of 2000, the Company plans to have more than 26 categories on its web site. Computer hardware, computer software, books, audio books, CD's, DVD's and videos are all currently available. Categories in development include consumer electronics, automotive, toys, groceries, pet supplies, health and beauty, office supplies and more.
In December, the company launched the Beta version of the BarPoint Shopper (TM) software for the Palm VII, the first of many wireless devices to be BarPoint-enabled, allowing consumers to access comprehensive product information, anytime, anywhere. Last week, BarPoint announced that its service will be a pre-configured shopping option on Motorola's web-enabled cell phones.
Rothschild concluded, ``BarPoint is exploring other strategic acquisitions that will further add to our core capabilities and contribute to our establishment of market leadership. We are also actively pursuing other opportunities to raise additional capital to add to our healthy cash position. Over the course of 2000, we plan to increase revenues from licensing fees, e-commerce commissions and sponsorship and advertising as consumers take advantage of BarPoint's patent-pending search technology and database.'
About BarPoint.com
BarPoint.com is the single, authoritative source for mobile Internet commerce; bridging the gap between the broad selection of products offered online with the confidence and satisfaction of retail shopping. Using BarPoint's comprehensive Internet database and a handheld device, consumers can instantly obtain comparative pricing, product and manufacturer information, etc. for millions of items, using a product's unique barcode. BarPoint has previously announced strategic alliances with companies such as Go America, JP Systems, Konover Property Trust (NYSE: KPT - news) and Symbol Technologies (NYSE: SBL - news) and recently acquired Synergy Solutions, which is now a wholly owned subsidiary of BarPoint.com. Whether using a handheld device to scan or manually enter the product's UPC or even accessing BarPoint's website from a desktop computer, BarPoint.com is the most direct route to better, more informed purchasing decisions anytime, anywhere.
BarPoint.com is located at: One East Broward Boulevard, Suite 410, Fort Lauderdale, FL 33301. For information, contact BarPoint.com at: (954) 745-7500 or via the web: www.barpoint.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company s business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company s expectations or future events.
BarPoint and BarPoint.com are trademarks of BarPoint.com, Inc. BarPoint Technology is patent pending. All other registered trademarks are the property of their respective owners.
BARPOINT.COM, INC.
Condensed Consolidated Statements of Income
Three months From Inception
ended 6/3/99-
12/31/99 12/31/99
---------------- ----------------
Revenues
Total revenues $50,325 $50,325
Cost of Sales 1,767 1,767
---------------- ----------------
Gross Profit 48,558 48,558
---------------- ----------------
Operating Expenses
Selling, general and administrative 1,676,588 2,508,878
Research and development 254,204 332,116
---------------- ----------------
Total Operating Expenses 1,930,792 2,840,994
---------------- ----------------
Loss from Operations (1,882,234) (2,792,436)
---------------- ----------------
Other Income
Interest Income 65,906 129,513
Gain on Sale of Marketable Sec.
and Other Assets 370,447 370,447
---------------- ----------------
Total Other Income 436,353 499,960
Loss before income tax benefit (1,445,881) (2,292,476)
Income tax benefit 571,000 979,000
--------------- ----------------
Net Loss $(874,881) (1,313,476)
=============== ================
Loss per Common Share -
Basic and Diluted $(0.06) $(0.12)
=============== ================
Weighted Average Common Shares
Outstanding 14,083,732 11,378,490
=============== ================
BARPOINT.COM, INC.
Condensed Consolidated Balance Sheets
12/31/99
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Assets
Cash and cash equivalents $4,918,452
Marketable securities 10,095,559
Account receivable 15,734
Inventory 43,895
Loans receivable 210,436
Other assets 161,824
-------------
Total Current Assets 15,445,900
-------------
Property-land -
Equipment - net of accumulated depreciation
of $7,999 125,476
-------------
125,476
Other Assets
Goodwill 498,285
Software development - net 247,621
-------------
745,906
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Total Assets 16,317,282
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Liabilities and shareholders' equity
Current Liabilities
Accounts payable and accrued expenses $767,744
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Total Current Liabilities 767,744
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Other Liabilities
Deferred taxes payable 2,429,832
-------------
2,429,832
-------------
Total liabilities 3,197,576
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Stockholders' Equity
Preferred stock -
Common stock 15,350
Paid-in-capital 12,016,668
Subscription receivable (750,000)
Accumulated Deficit-Development Company (1,313,476)
Comprehensive Income 3,151,164
-------------
Total Stockholders' Equity 13,119,706
-------------
Total Liabilities and Stockholders' Equity $16,317,282
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Contact:
Public Relations Contact:
A&R Partners for BarPoint.com
Austen Briggs
650/762-2809
abriggs@arpartners.com
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates
Jody Burfening/Ted Crawford
212/838-3777
jody@lhai.com / ted@lhai.com
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