Some facts:
Shareholder's Equity re: Common Shares:
Common Shares oustanding: 11,988,575
Note:
Warrants outstanding: 1,675,000 (Right to 1 common share @1$)
Employyee Options: 1,577,583 (Right to buy 1 common share from 1$ to $1.90 expiring 6/30/2008)
Major Shareholder (Based on Notice And Management Information/Circular For The Annual And Special Meeting of Shareholders held on May 28th, 1997.
Lucayacan Research Corporation: 1,320,000 Common Shares (10.2% of votes).
Contracts Confirmed through press releases which will affect current Fiscal Year Earnings:
1. The SuperClubs chain (on 5 Caribbean properties): 7 year contract expected to generate US$432,000 per year in revenue and $3,000,000 over the full term. The installations should be completed by now.
2. Sandals Resorts (on 12 Sandals Caribbean Properties): Installations should be completed by now (no revenue #'s provided in news releases).
3. Days Inn - Canada: (no numbers provided in press release)
4. Journey's End Hotels: $30,000,000 in revenue over 5 years.
ALL OF THESE CONTRACTS WERE NOT REFLECTED IN PRIOR YEARS' EARNINGS.
Facts:
3 months ended March 31st 1997
Revenues: $ 211,598
Direct Costs: 147,472
Gross Margin 64,126 or 30.3%
Loss Per Share: .11/share
Net cash ouflow: $35,633
Financing obtained In May:
$15,900,000 from CIBC Wood Gundy
8,000,000 Preffered Share financing from a leading Merchant bank (yet to be named).
For more information:
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