MediaX Posts Third Quarter 1997 Results; Company Targets Distribution And Retail Account Agreements; "Peter Norton -- PC Guru" Scheduled For December Release
November 12, 1997 08:29 AM
CULVER CITY, Calif.--(BUSINESS WIRE)--Nov. 12, 1997--MediaX Corporation MXMX today announced results for the third quarter and nine months ended September 30, 1997, and reported it was in the process of lining up industry wide distribution and mass merchant retail accounts for its new media projects.
MediaX is currently in discussion with a number of software distributors and mass merchant retailers and anticipates signing key product distribution and retail agreements over the next 30 days. "Peter Norton -- PC Guru" is on schedule for release in December, and "Big Brother" is on target for release in the second quarter of 1998.
In the third quarter ended September 30, 1997, MediaX incurred a net loss of $410,000, or $0.03 per share, on $90,000 in revenues compared with a net loss of $201,000, or $0.02 per share, on revenues of $141,000 a year ago. For the nine months ended September 30, 1997, the Company incurred a net loss of $1.1 million, or $0.08 per share, on revenues of $244,000 compared with a net loss of $337,000, or $0.03 per share, on revenues of $141,000 in the year-earlier period. MediaX had 15,288,139 shares outstanding on November 11.
MediaX's financial position has been strengthened in the third quarter with a capital infusion totaling more than $1 million through the private placement of unregistered common stock, warrants and convertible notes to accredited investors. The Company reported $866,000 in cash and equivalents on its September 30 balance sheet.
Additionally, the Company noted that "Media Manager," a MediaX stand-alone network or web-based asset management program for work groups, has been completed. MediaX anticipates marketing this program through retail distribution or through direct OEM sales at year end.
Nancy Poertner, MediaX chief executive officer, commented, "MediaX presently is working out distribution and retail account agreements throughout the software retail channel. The Peter Norton project is generating strong early interest in the retail channel and we are eagerly awaiting that product's scheduled release next month. The development of 'Big Brother' is also progressing well and holds major market potential."
Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in such forward looking statements. Such risks and uncertainties include, without limitation, the Company's dependence on the timely development, introduction and customer acceptance of products, the impact of competition and downward pricing pressures, the ability of the Company to reduce its operating expenses and raise any needed capital, the effect of changing economic conditions, risks in technology development. Other factors that could cause actual results to differ materially from those set forth in such forward-looking statements include the risks and uncertainties detailed in the Company's most recent form 10-KSB, the current 10QSB and its other filings with the Securities and Exchange Commission from time to time.
MediaX Corporation is a diversified new technology company that develops and markets multimedia software for PC mass market distribution, as well as software development tools for 3D and interactive online games, virtual world environments and advanced Internet applications. The Company also produces and publishes new media entertainment content for entertainment companies including MCA Entertainment, EMI/Capitol, Toshiba, Dow Jones, Apple Computer, New Line Cinema and I-Werks Entertainment as well as for Company-owned or licensed properties.
Headquartered in Culver City, California, MediaX operates a state-of-the-art digital production facility in Santa Cruz, California. Recently released MediaX-produced CD-ROM entertainment titles include the critically acclaimed and award winning, "On the Road With B.B. King" (MCA), and "Queensryche's Promised Land" (EMI Records). |
