Stampede Worldwide, Inc.
Announces March 31, 2000 Form 10-QSB To Be Issued On May 12, 2000
TAMPA, Fla.--(BUSINESS WIRE)--April 27, 2000--Stampede
Worldwide, Inc., (OTCBB:CRNC), (http://www.stampedeinc.com)
announces completion of its internal financial reports for the second
quarter ended March 31, 2000. The Company's independent auditors,
Bella, Hermida, Gillman, Hancock & Mueller, have begun their review of
the financial statements in preparation for the Company's Form 10-QSB
for the period. New Securities and Exchange Commission regulations
require financial statements included in reports for periods ending on
or after March 15, 2000 to be reviewed by the independent auditors.
Based upon the auditor's initial work, the Company estimates the issue
date of the March 31, 2000 Form 10-QSB to be May 12, 2000.
"We look forward to presenting our improved financial position to
our shareholders and the public," said Chief Financial Officer Jay E.
Ostrow. "Our bank balance has improved by approximately $400,000 as of
March 31, 2000, in contrast to a net balance of $13,000 at December
31, 1999. Even more significant is the reduction of long-term debt,
accounts payable and accrued liabilities in excess of $2,000,000 at
March 31, 2000, resulting significantly from conversion of the Bright
Now, Inc. subsidiary bankruptcy to a Chapter 7 liquidation. Based upon
our preliminary review we anticipate our earnings per share to improve
by a minimum of 50% over the quarter ended December 31, 1999."
"Even though combined revenues decreased by approximately $200,000
from the prior quarter, I am not disappointed by our performance,"
continued CFO Ostrow. "In January, we moved into a beautiful 32,000
square foot facility which the Company purchased on April 5, 2000 for
$2,250,000 with better than market seller financing. Additionally, our
state of the art FAST-300 press was installed in February and will
make us better, stronger and more efficient. Effective Monday, May 1,
2000, we are adding a second shift to our commercial printing
business."
The quarter ended on a strong note with the acquisition of the
assets and talent of ETA Internet Solutions, Inc., a firm that
specialized in Web site development and Cold Fusion(tm) programming.
This acquisition forms the Company's new Stampede Network.com
subsidiary. The Americomp Computers relocation to the Tampa corporate
headquarters has emerged as Spiderscape.com, which is expected to
enhance the Company's computer hardware and software sales through
both Internet and internally printed catalog positioning. Furthermore,
the new Chronicle Commercial Printing subsidiary is positioned to
become a leading Tampa Bay area web offset printer. With these changes
and additions, the Company anticipates revenues will increase
substantially in the second half of the fiscal year.
Special Note: Management believes certain statements in this press
release may constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform act of 1995. These
statements are made on the basis of management's views and assumptions
regarding future events and business performance as of the time the
statements are made. Actual results may differ from those expressed or
implied. Such differences may result from actions taken by the company
prior to its current fiscal year end, as well as from developments
beyond the company's control, including changes in global economic
conditions that may, among other things, affect the performance of the
company's anticipated acquisitions or future business. In addition,
changes in domestic competitive and economic conditions may also
affect performance of all significant company businesses.
--30--jar/mi*
CONTACT: Stampede Worldwide, Inc., Tampa
David E. Salmon, Investor Relations Officer
813/630-2762
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