World Information Moves Forward With New Year Plans; Reaffirms Forecasted Earnings Guidance For 2003 and 2004
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Fri Feb 13 02:55:00 2004 EST
NEW YORK, Feb 13, 2004 (BUSINESS WIRE) --
Today, World Information
Technology Inc. (OTCBB:WRLT), a leading online, member-created,
Internet community operating in Taiwan and mainland China, announced
that its new management is committed to lead the Company into the new
year with a continued focus to build a stronger US presence. At the
direction of the Board of Directors, the new management is focused on
continuing the earning growth, on enhanced reporting and exposure to
US investors, the Company's continuing expansion in mainland China and
the acquisition of state-owned companies which complement its core
business. The Board and the Management provided the following
information:
Financial Outlook
Since August 2003, the Company has been providing analyst guidance
for the fiscal year 2003 earnings in the range of $0.16 to $0.20 per
share. The Company, which has closed out its fiscal year expects to
report in mid-March, has narrowed its guidance on earnings for this
period to be in the range of $0.18 to $0.20. World Information also
reaffirmed its earnings guidance for its fiscal year 2004 in a range
of $.45 to $.52 per share. The Board of Directors has conducted a
review of these forecasts and believes that this guidance is
consistent with the direction and past results of the Company.
Presence in Of New Management
The Company has relocated its worldwide headquarters to 1230
Avenue of Americas, 7th Floor, New York, New York 10020 effective
immediately. In January, the Board of Directors mandated the new
management to headquarter and operate the Company in New York City's
visible financial district.
Acquisition Financing
The Company, which received a firm commitment for more than $20
million of private funding to support the acquisition of unlisted
state-owned China, has not been exercised and remains in place pending
the finalization of the first acquisition. The Company stated that it
will disclose the details of the pricing and terms upon the first
draw.
Acquisitions
The Company's plan to make acquisitions to complement its online
shopping channels and increase our product offerings is continuing. We
are in active negotiations with formal offers in circulation. Our
Board of Directors are actively involved in the oversight of these
activities. Due to the sensitive nature with respect to China
authorities and the competitive nature of the targets involved, the
Company is restricted on releasing information. |
