(COMTEX) B: HERITAGE CONCEPTS INTERNATIONAL INC - Increase in Revenue
B: HERITAGE CONCEPTS INTERNATIONAL INC - Increase in Revenue for Fiscal 2000
Heritage Concepts International Inc. (HCI) announces the results of
its fourth quarter and fiscal year ending June 30, 2000. HCI reports its results
in Canadian dollars.
Three Months Ended Year Ended
June 30 June 30
2000 1999 2000
1999
Revenue $ 80,711 $ 70,783 $ 682,752 $ 582,
833
Net Loss $ (1,904,367) $ (4,297,873) $ (4,565,311) $
(5,350,440)
Net Loss per
Share $ (0.015) $ (0.040) $ (0.030) $
(0.050)
Common Shares
Issued -- -- 195,406,161
106,419,530
Revenue for the year-ended June 30, 2000, increased to $682,752
from
$582,833 a year ago. This increase is attributed to the corporate sales of The
Great Canadian Soup Company. During the year, HCI sold the master franchise
rights for the Ontario-based Grandma Lee's and as a result, revenues from
royalties declined.
Toronto, Ontario, Nov. 17, 2000 (Market News Publishing via COMTEX) -- There was
no rental income in fiscal 2000 due to the sale of the Dundas Street property in
fiscal 1999, and interest income was lower due to the decrease in notes and
other long-term receivables.
The loss for the year-ended June 30, 2000, has declined to $4.5 million from
$5.4 million in fiscal 1999. Fiscal 1999 saw a total write down of $2.6 million
principally related to property revaluations and mortgage receivables.
"We have taken great strides towards positioning ourselves for the future during
this past year," said Jerry Janik, HCI's president and CEO. "I believe that the
sale of our non-core assets and the commercialization of our state-of-the-art
facial recognition technology, through our interests in AcSys, will see us
successfully achieve of our market goals."
HCI is a diversified, Canadian-controlled company operating in this new economy
through autonomous subsidiaries and partnerships. AcSys Biometrics is the
leading-edge provider of neural technology with applications for the financial,
manufacturing, security and medical sectors; Heritage Concepts are branded
restaurant environments in the foodservice and franchise sector, and Platinum
Intermedia represent growth partnerships in the audio communications industry
and internet-related businesses.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, which are
made
pursuant to the safe harbor provisions of the U.S. Securities Litigation Reform
Act of 1995. Forward-looking statements involve known and unknown risks and
uncertainties, which could cause the company's actual results to differ
materially from those in the forward-looking statements. Such risks and
uncertainties include, among others, the availability of funds and resources to
pursue R&D projects, the ability of the company to take advantage of the
business opportunities in the technological industry, uncertainties related to
the regulatory process and general changes in economic conditions. Investors
should consult the company's ongoing quarterly and annual filings with the
Canadian securities commissions for additional information on risks and
uncertainties relating to the forward-looking statements. The company cautions
investors not to rely on these forward-looking statements. The company does not
undertake to update these forward-looking statements.
-0-
TEL: (905) 634-4111 Darlene Marks, Director, Investor Relations,
TEL: (905) 634-4111 Darlene Marks, Director, Investor Relations
FAX: (905) 634-1101 Heritage Concepts International Inc.
E-mail: invest@hci.com
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