(BSNS WIRE) M&A West Inc. Announces Record Earnings and a Significant Boost in Revenues
SAN BRUNO, Calif.--(BUSINESS WIRE)--Sept. 7, 2000--Technology
holding company M&A West Inc. (OTCBB:MAWI) announced today significant
increases in both income and revenues over the previous year. The
company's annual report (10KSB) is now available at www.freedgar.com
or at
freeedgar.com;
Year=00&SECIndex=158&Extension=.tst&PathFlag=0&TextFileSize=106999&DateFiled=9
/5/2000&SourcePage=FilingResults&UseFrame=1&FormType=10KSB&CompanyName=M+%26+A
+WEST+INC.
M&A West's net revenues for the year ended May 31, 2000 increased
by $6,777,769 or 1,125% to $7,379,856 from $602,087 for the
corresponding period of the prior year. More significantly, the
company reported income net of taxes of $12,150,421 from unrealized
gain on available for sale securities held in the company's investment
portfolio. As a result of this other comprehensive income, the gain on
sale of subsidiaries, and the increase in consulting revenues, M&A
West had comprehensive income of $14,086,878 for the year ended May
31, 2000 compared with just $156,717 for the corresponding period of
the prior year and $34,747 for the year ended May 31, 1998.
M&A West's business model is based on realizing these types of
gains through acquisitions 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. On Tuesday, M&A West
closed at $5.875.
M&A West's publicly traded eCommerce and technology investments
include VDLC Technologies, (OTC:PCLO) and Digital Bridge Inc. (OTCBB:
DGBI). It also owns Workfire Technologies, Inc. which is soon to be
acquired by Packeteer Inc. (NASDAQ:PKTR). M&A West owns approximately
375,000 shares, which will convert to approximately 45,000 shares of
Packeteer, thus standing to gain approximately $2.1 million in the
transaction.
M&A West has also recently launched an online portal to
the private equities markets for start-up companies and investors,
VentureList.com.
About VLDC Technologies Inc.
Through its mortgage banking subsidiary, pcLoans.com, is
consolidating small, independent mortgage lending firms into a large
nationwide mortgage network. And, through its e-affiliate program,
VLDC Technologies provides physical lending operations with its
state-of-the-art Web enabling technology, allowing these traditional
lenders to become affiliates on a rapidly expanding online network of
loan originators. This helps them increase their overall exposure and
customer base through the Internet.
Most people haven't felt comfortable making mortgage loan
decisions over the Internet because of the lack of human interaction.
However, VLDC's click-and-mortar approach, where customers utilize the
Internet to find the best terms but close their mortgage loan
face-to-face with a local lender, should give it a competitive edge
over online-only operations such as Mortgage.com Inc. (NASDAQ:MDCM),
Finet.com Inc. (NASDAQ:FNCM), Lending Tree (NASDAQ:TREE) and E-Loan
(NASDAQ:EELN). M&A West owns 5.7 million shares of VLDC Technologies
Inc.
About Digital Bridge Inc.
Digital Bridge is a rapidly growing global "eBusiness Builder,"
which designs, develops and delivers strategy-based eBusiness
enterprise solutions. Its suite of professional services and products
enables concept to completion for both emerging and existing
businesses integrating eBusiness capabilities. Digital Bridge has
grown dramatically through the merger with 24x7 Development and the
pending acquisitions of OTVnet.com and n2Plus. Spearheading these
recent developments is John Flanders, the incoming CEO of Digital
Bridge. He was formerly the Chief Technology Officer for Globalnet
Financial (NASDAQ:GLBN). M&A West Inc. owns 4.8 million shares of
Digital Bridge.
About M&A West Inc.
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 technology 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.
M&A West competes in the B2B space along with Ariba Inc. (Nasdaq:
ARBA), PurchasePro.com Inc. (NASDAQ:PPRO) and Commerce One Inc.
(NASDAQ:CMRC)
Recent news releases and additional information about M&A West
Inc. may be found on the company's home page at www.mawest.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.
--30--SS/na*
CONTACT: M&A West, Inc.
Scott Kelly, 650/588-2678
www.mawest.com
or
Rick West, 650/827-7308
rick@mawest.com
Disclaimer Information for InvestorServicesOnline:
Investor Services Online (ISO) is a compensated agent of M&A West Inc. and has been hired to perform certain investor relations services for the Company. Investor Services Online is being paid 1,200 shares of MAWI stock per month for a 12 month period. We are not a registered investment advisor and suggest that you consult with an independent registered advisor as well as do your own research before investing in any stock. The opinions and analysis included herein are based on sources believed to be reliable but no warranty, expressed or implied, is made as to their accuracy, completeness or correctness. Readers are advised that this communication is issued solely for information purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any securities. All information posted on Internet discussion sites by Investor Relations Online relating to M&A West Inc. is supplied by M&A West Inc. The reader should verify all claims and do their own due diligence before investing in any securities mentioned. Investing in securities is speculative and carries a high degree of risk, which may or may not be suitable for everyone. |
