Tuesday February 20, 8:30 am Eastern Time
Press Release
SOURCE: DSI Datotech Systems Inc.
DSI Datotech Systems Inc. Posts Financial Results for Fiscal Year Ended October 31, 2000
VANCOUVER, British Columbia, Feb. 20 /CNW/ - DSI Datotech Systems Inc. (CDNX: DSI - news) Mr. Edward Pardiak, Chairman and CEO is pleased to announce the financial results for the fiscal year ended October 31, 2000. This year was marked by major milestones, including the conclusion of two key licensing agreements, the filing of a patent for the Company's proprietary input device and the conclusion of private placement financing to be used for continued development of Gesture Recognition Technology.
DSI generated its first revenues of $777,200 of which 628,000 were from the signing of license-to-option agreements with Netface LLC and Security Biometrics. The Company also recorded $149,000 of investment and interest income from the investment of funds through private placements made during the fiscal year.
Due to the revenues recorded in fiscal 2000, the net loss fell to just $755,000 or $0.04 per share, down from $1.1 million or $0.08 per share in 1999.
With regard to financing activities, DSI issued 3,725,994 units for net proceeds of $5.0 million. The various cash inflows and outlays in 2000 provided cash resources of $4.0 million. As a result, the cash position amounted to $4.1 million as at October 31, 2000 compared with $64,000 at the same date in 1999. During fiscal 2001, DSI intends primarily to meet its commitments to Netface and Security Biometrics while continuing to develop other product applications.
As at October 31, 2000 the Company had total assets of $5.3 million, including $4.1 million in current assets and $1.1 million in long-term assets. The Company's liabilities consisted of accounts payable and accrued liabilities for a total of only $213,000. The Company benefits from a solid financial position. As at October 31, 2000, working capital totalled $3.9 million and its balance sheet was free of long-term debt.
"DSI acquired the means, with respect to both human and financial resources to achieve the targeted objectives for the current fiscal year," said Edward Pardiak, DSI's Chairman and Chief Executive Officer. He added, "We anticipate growing our business through the pursuit of other patents, additional license agreements for vertical markets and strategic alliances with interface software and hardware developers. I am confident the future will find DSI in a strong competitive position".
DSI's mission is to revolutionize human interaction with electronic devices and machines through the application of Gesture Recognition Technology (GRT). The pivotal years ahead will see the transition of the company from a pure R&D heritage to a corporation that markets, licenses and sells GRT- enabled products and technology worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF DSI DATOTECH SYSTEMS INC.
Robert Egery, President and COO
Datotech ... interfacing with the future
For more information about DSI Datotech Systems Inc. and its
innovative 'gesture recognition technology', please call
TOLL FREE 1-877-585-9109, or visit the Datotech Website: www.dato.com
"The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release".
For further information
Renmark Financial Communications Inc., (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com
Jerome Cliche: jcliche@renmarkfinancial.com
Sylvain Laberge: slaberge@renmarkfinancial.com
Ron Malashewski, LK&Z Advisory International Inc., (514) 521-8818, Fax: (514) 521-8838 |
