Wits Basin Announces 2003 Annual Financial Results
MINNEAPOLIS--(BUSINESS WIRE)--March 1, 2004--Wits Basin Precious Minerals Inc., (WITM - news) announced today its financial results for the year ended December 31, 2003. Net sales for the year ended December 31, 2003 were $132,455, compared with $499,378, for the same period in 2002. Net loss from continuing operations for the year ended December 31, 2003 was $2.505 million, or $0.16 per share, compared with net loss from continuing operations of $3.913 million, or $0.31 per share, for the same period in 2002.
On March 14, 2003, we completed the sale of our Hosted Solutions Business, which was our only source of revenue from continuing operations. On April 30, 2003, we completed the sale of substantially all of the assets of our Accounting Software Business, which is reported as discontinued operations. On June 26, 2003, we began our new business model as a precious minerals exploration company after we acquired two exploration projects in a transaction with Hawk Precious Minerals USA, Inc. Therefore, we do not anticipate having any future revenues until an economic mineral deposit is discovered or unless we complete other acquisitions or joint ventures with business models that produce such results.
Wits Basin' CEO H. Vance White said, "We will continue to review additional opportunities in other precious mineral properties that we may add to our current asset base."
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