Just wanted to remind you of how far this company has come in 6 long months... :0)
Olympus Ventures completes filing of annual report for fiscal year 1996
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--April 8, 1997--Olympus
Ventures Inc. (OTC/BB:OVIS), a
manufacturer of knit, denim and twill garments with wholly owned facilities in the
Dominican Republic; Nicaragua; and Hialeah,
Fla., Tuesday announced that the company has completed filing its Form 10-K and has
reported a loss for the fiscal year
ended June 30, 1996.
Olympus Ventures Chief Executive Officer Gary Morgan stated that the company has
cleared a major hurdle. ''Getting the
financials completed and filed was an important step forward for Olympus Ventures.
The stage is now set for the next phase in
the company's recovery and growth,'' Morgan said.
The company is currently negotiating new orders with representatives of several
nationally known labels.
Olympus Ventures has already received orders that will completely occupy the plant in
the Dominican Republic for the balance
of 1997. This facility is equipped with 150 knitting and weaving machines and employs
approximately 170 workers; its current
production capabilities are 2,500 dozen pieces per week.
Morgan noted that these additional orders are a key part of his plan to continue the
company's profitability. ''These new
orders represent an important step in our company's growth and will boost Olympus
toward its goal of $12 million in sales for
fiscal year 1997,'' he said. Prior to this announcement, Olympus had $6.6 million in
orders for the current fiscal year.
Morgan went on to state: ''Our projected net annual income for fiscal year 1997
remains at approximately $600,000. With
these earnings, we believe, the company's share prices should be substantially higher
and more in line with other corporations
in the apparel industry.'' It is a stated goal of the company to achieve a listing among
Nasdaq's Small Cap issues.
Olympus' growing reputation in the industry for reducing costs, on-time delivery and
five-star quality has led to discussions with
many new potential clients. The company has recently been approached by a major,
internationally known line of women's
sportswear and swimwear; talks are currently in progress.
As well as seeking contracts with famous ''name'' brands, Olympus manufactures its
own branded labels: Olympus USA and
Olympus Kids.
The management team at Olympus has recognized and adjusted to a growing trend
toward streamlining operations. Clothing
manufacturers such as Olympus are now often required to provide ''full packaging''
services, which places the responsibility of
purchasing raw materials on the manufacturer.
With cost-efficient, virtually debt-free facilities, the company is properly positioned to
thrive in this environment.
The ultimate goal of Olympus is to become totally vertical and operate with a balance
of ''continuing assembly'' and ''full
package'' contracts, thus creating a leadership position in private- label manufacturing,
self-contained sales, shipping and
distribution.
CONTACT: Alexis International
Corporate Relations, 760/773-9227
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What was really interesting was JUST when it looked someone was getting the goods on OVIS, they decided to merge with another company, becoming their subsidiary. Now the SEC has to get the goods on RMIL which was, under the law, a separate entity and the parent company of OVIS. YOu see.. OVIS is no longer a publically traded company. RMIL is.
This is probably the most clever aspect of this unfolding drama. Just when they felt they would get halted, they threw the authorities a curveball.
Very clever indeed!!
Regards,
Ron |
