(COMTEX) B: HERITAGE CONCEPTS INTERNATIONAL INC - Reports Second Quar
B: HERITAGE CONCEPTS INTERNATIONAL INC - Reports Second Quarter Financial
Results
Toronto, Ontario, Feb 19, 2001 (Market News Publishing via COMTEX) -- Heritage
Concepts International Inc. (HCI) announces its six-months' results for the
period ending December 31, 2000. HCI reports its results in Canadian dollars.
Six Months Ended
December 31, 2001
2000 1999
Revenue $ 332,113 $ 475,388
Net Loss $ (3,109,347) $ (1,420,537)
Net Loss per Share $ (0.014) $ (0.011)
Common Shares Outstanding 245,975,862 143,579,762
Consolidated revenue from HCI's AcSys Biometrics, Platinum Intermedia, and Great
Canadian Soup Company, for the six-month period ending December 31, 2000,
decreased to $332,113 from $475,388 a year earlier. This is primarily due to the
decrease in royalties as a result of the sale of the Master Franchise rights for
the Ontario-based Grandma Lee's. Cash flow increased from $11,500 to $1.3
million for the period.
The net loss for the period increased $1.6 million over the same period last
year due principally to start-up and marketing expenses of AcSys Biometrics and
Compublox Inc. that were not a consideration at this time last year.
The increase in the number of common shares outstanding was due, in part, to the
use of shares for the acquisition of Compublox and the second installment due to
AND Corporation for the acquisition of AcSys Biometrics Corp., as well as senior
management salaries, which, as noted in the proxy circular, will be issued on a
quarterly basis.
"Last quarter our chairman, Jerry Janik, noted that we were going to build a
solid foundation from which to grow and during Q2 we were busy doing just that.
We were engaged in extensive negotiations, during this quarter, with a number of
parties, that have subsequently culminated into significant agreements," said
David Lobb, HCI's president and CEO.
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.
CONTACT: TEL: (905) 634-4111 Darlene Marks, Director, Communicatio
s
FAX: (905) 634-1101 Heritage Concepts International Inc.
EMAIL: invest@hci.ca
INET : www.hci.ca
URL: www.hci.ca
MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041.
(C) 2001 Market News Publishing Inc.
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KEYWORD: Toronto, Ontario
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