M&A West Inc. Announces Financial Audit Results for Fiscal 2000; Internet Incubator Sharply Increases Income and Revenue in Profitable Year
SAN BRUNO, Calif.--(BUSINESS WIRE)--Aug. 17, 2000--M&A West Inc. (OTCBB: MAWI), a San Francisco area-based Internet incubator, announced today the results of its financial audit for the year ending May 31, 2000, with considerable increases in both income and revenues over the previous year.
For the year, M&A West Inc. reported total revenues of $7,626,972 as compared to $602,087 for the previous year, representing a significant 1,167 percent increase. M&A West's revenue produced a net income of $1,936,457 or $0.17 per share, increasing by 1,135 percent over last year's net income of $156,717 and $0.01 per share. Under other income, M&A West also posted unrealized gains on available-for-sale securities (net of tax) of more than $12.1 million or $1.27 per share.
M&A West's business model is based on realizing these types of gains through its acquisition and development of companies it then takes public and continues to provide business services for. Because of this, these unrealized gains are a direct result of the company's execution of its business plan. M&A West's combined net income and comprehensive income represented $1.44 per share. Yesterday, M&A West's stock closed at 3 15/16.
Total assets as of May 31, 2000 were $29,652,338, improving notably from $2,520,041 in 1999. M&A West recorded cash and equivalents of $1,151,546 for the year's end, which was an increase of $90,267 over the previous year. The company's current outstanding shares increased to 11,096,764, gaining an additional 513,860 shares over the past year.
"This phenomenal growth has exceeded even our expectations," says Scott Kelly, president and CEO of M&A West. "The maturation of our investments has given us impressive returns in both revenues and profits for the year. We have been and will continue to be a profitable company by targeting the kinds of e-businesses that can perform and excel in the turbulent Internet market."
M&A West Inc. recently reported record numbers of $0.23 per share for its third fiscal quarter. Besides the Over-the-Counter Bulletin Board, the firm is also traded on the Berlin Stock Exchange under the symbol MAWI.BE (also: MUW) (WKN no. 928622). The Berlin exchange can be accessed online at berlinerboerse.com.
Recent news releases and additional information about M&A West Inc. may be found on the company's home page at www.mawest.com.
About M&A West
M&A West Inc. has four primary business objectives. The first is to be a leader in the acquisition and development of Internet and technology companies. The second is to provide seed capital to newly emerging Internet companies. The third is to provide a full line of business services to emerging micro-cap companies to increase awareness of their business. The fourth is to create and grow offshoot Internet-related companies under the M&A West Inc. umbrella.
Other companies in this space include Internet Capital Group Inc. (Nasdaq: ICGE), CMGI Inc. (Nasdaq: CMGI) and Divine InterVentures Inc. (Nasdaq: DVIN).
M&A West Inc.'s portfolio of Investments includes: e-Business solutions company Digital Bridge Inc. (OTCBB: DGBI) (www.digitalbridge.com), online financial services firm VLDC Technologies (OTC: PCLO) (www.pcloans.com), music entertainment company Ronlan Entertainment (www.ronlan.com), Workfire Networks Inc. (www.workfire.com), venture capital portal VentureList.com (www.venturelist.com), Internet service provider Sierra-Net, electronic communications network eCapX.com (www.ecapx.com), stock research engine InvestorPackages.com (www.investorpackages.com) and computer security services provider InvincibleNet.com (www.invinciblenet.com).
Statements regarding financial matters made by M & A West, Inc. (MAWI) in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations, including future revenues and earnings and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This information is not a recommendation to buy or sell securities in MAWI. Merger Communications (Merger) is a media relations firm employed by the Company. Merger and MAWI believe that all information in this release has been obtained from sources considered reliable, but cannot guarantee that the statements presented herein are accurate or complete. Merger Communications, its officers, directors, and employees do not currently own any MAWI stock. Merger shall receive two thousand free trading shares of MAWI common stock per month for service provided according to a long-term contract with MAWI. Merger typically has a long position in the securities of the companies in which it publishes information, and Merger may be buying or selling securities in the course of its regular business.
CONTACT: Merger Communications Inc. Houston
David Drake, 713/572-2560, ext. 112 (Investor Inquiries)
ddrake@mergerusa.com
or
M&A West, Inc.
Rick West, 650/827-7308 (Public Relations)
rick@mawest.com
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