Hi my friend,
I don't see where this was posted before.
XIN NET FILES FIRST QUARTER RESULTS BUSINESS EDITORS/HIGH-TECH WRITERS
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VANCOUVER, British Columbia--(BUSINESS WIRE)--May 15, 2000--The board of directors of Xin Net Corp. OTCBB:XNETE.O) wishes to announce that the Company has filed first quarter 2000 financial results (Form
10QSB) with the Securities Exchange Commission (SEC) on May 12, 2000.
Revenues from operations increased to 418% and totaled $729,339 in the quarter as compared to $174,144 in the same period in 1999. Net loss increased to $416,637 in the quarter, compared to net loss of $6,900 in the same quarter in 1999, on account of expenses of $1,044,472 in 2000 as opposed to $144,698 in 1999, largely due to expansion in its Internet access provision, domain name registration
and online auction & e-commerce solutions. Employees numbered approximately 200 at the end of the period in 2000 as compared to approximately 50 at the end of the same period in 1999. Loss per share was $0.02 in the quarter in 2000 and nominal in the corresponding quarter in 1999. At the end of the quarter in 2000, the Company had cash on hand of $4,949,431.
The customer base at the end of April 2000 reached 230,000 ISP subscribers and domain name registrants, as compared to 200,000 at the end of March 2000 and 68,000 at the end of December 1999.
The Company further wishes to announce that Bristol Myers Squibb (China) has signed a Memorandum of Cooperation and a Website Design Contract with Xinnet. Under the terms of the Memorandum of Cooperation, Xinnet will provide consulting, design & development and support services to enable Bristol Myers Squibb (China) to acquire
e-commerce capability and achieve greater efficiency. Both Bristol Myers Squibb (China) and Xinnet have agreed to establish a long term cooperation, of which the Website Design Contract is a beginning.
Lastly, the board of directors wishes to announce that the Company has complied with all its SEC filing requirements by filing an amended registration statement (Form 10SB) on May 5, 2000 and an amended annual report (Form10KSB) on May 8, 2000. The NASD (National
Association of Securities Dealers) has recently appended the Company ticker symbol with an "E", signifying that the Company has until May
17, 2000 to clear SEC comments regarding its filings. Past that date, if the SEC comments are not yet cleared, the Company shares will no longer be traded on the NASD OTC Bulletin Board but rather on "Pink Sheets". However, the board of directors believes that the Company's recent filings take into proper consideration the latest SEC comments.
The Company is presently awaiting clearance from the SEC of those filings
The Company is committed to obtaining the necessary clearance from the SEC. It believes that the present situation is only temporary and that the Company is at the final stage of SEC comments. Once this clearance is obtained, the Company will request that NASD remove the
"E" suffix from the Company ticker symbol or, if the Company shares are traded on "Pink Sheets", to reinstate the Company to the OTC Bulletin Board.
Xinnet provides Internet access and content (http://www.xinnet.com.cn),
online domain name registration, website hosting, design & management (http://www.ChinaDNS.com) and e-commerce solutions. It currently operates in Beijing, Guangzhou, Shanghai and Shenyang and has ISP licenses for six
(6) other Chinese cities. Its subscriber base has reached over 230,000 including domain name registrants.
Any forward-looking statement in this press release is made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties including, but not limited to, economical and
political factors, developments of the Chinese Internet market and changes in regulatory matters. The Company disclaims any obligation to update any such factors or to publicly announce results of any revision to the forward-looking statements contained herein to reflect
future events or developments.
ON BEHALF OF THE BOARD OF DIRECTORS
Marc Hung, President
--30--kc/sf*
CONTACT: Xin Net
Marc Hung, 604/632-XNET (9638)
investors@xinnet.net
www.xinnet.net
KEYWORD: INTERNATIONAL CANADA ASIA PACIFIC
INDUSTRY KEYWORD: INTERNET E-COMMERCE EARNINGS
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