Your VQGI has news - VentureQuest Files 2nd Quarter 10-QSB
VANCOUVER, B.C., Aug 23, 2001 (BUSINESS WIRE) -- VentureQuest Group, Inc.,
(formerly VentureTech, Inc.) a Nevada corporation, (VQGI on "Pink Sheets"),
("the Company or VentureQuest") announced that it has filed its 10-QSB with the
Securities and Exchange Commission for the Company's second fiscal quarter ended
June 30, 2001.
The Company reported revenue from operations for the 2nd quarter of $96,150 and
an operating loss of $185,467. For the six months ending June 30, 2001, revenue
was $96,150 and the operating loss was 308,763. Net loss for the three and six
month periods ending June 30, 2001 were $193,888 and $386,883 respectively.
First quarter results were restated to defer the $337,246 gain on sale of the
Company's gambling subsidiary, EuroAsian E-Casinos International, Inc. The gain
will be recognized as the amount outstanding from the purchaser is received by
the Company in the future. Comparative numbers for the similar periods in 2000
were not provided. The merger with Gamecasters, Inc., which occurred in the
first quarter resulted in comparative numbers which would not be meaningful to
an understanding of the Company's relative performance.
"This was the first quarter in which operating revenue from our Cyberdome
facility commenced", stated William Baker, President and Chief Financial
Officer. "On May 1, 2001, the Company took over the complete operation of the
facility and we intend to continue operating it as a profit center while
utilizing it as a test site for our Cybertrak software", he added.
"The Company is continuing to complete its filings and respond to all S.E.C.
comments in order to regain its status as a NASDAQ OTC bulletin board company",
stated Eric Hutchingame, Chairman and C.E.O. "The significant events that have
occurred over the six month reporting period have made it necessary to make a
considerable number of changes to the Form 10 SB filing. We expect to file
another amendment very shortly", he added.
Additional information including a letter to shareholders and financial
statements for the second quarter are available on the Company's website at
www.vqgi.com
VentureQuest is engaged in the business of developing, acquiring, and
consolidating emerging or underachieving transaction-based companies that
provide recurring revenue.
The above statements in regard to VentureQuest Group, Inc. and Gamecasters, Inc.
which are not purely historical are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, including
VentureQuest Group Inc. and Gamecasters Inc.'s beliefs, expectations, hopes or
intentions regarding the future. All forward-looking statements are made as of
the date hereof and are based on information available to the parties as of such
date. It is important to note that actual outcomes and actual results could
differ materially from those in such forward-looking statements. Factors that
could cause actual results to differ materially include risks and uncertainties
such as technological, legislative, corporate, regulatory and marketplace
changes.
CONTACT: VentureQuest Group, Inc.
Eric Hutchingame, 604/990-9889
ehutchingame@vqgi.com |
