AIT Advanced Information Technologies Corp. Message Board

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Gold/Mining/Energy : AIT Advanced Information Technologies Corp.

AIV 5.710

+0.3%

Nov 26 3:59 PM EST

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To: Lee Matheson who wrote (43)	11/28/1997 7:32:00 PM
From: hugh thorne	of 130

AIT Advanced Information Technologies - Post says bank debt paid off 1997-11-20 close $2.25 Friday Nov 21 1997 The Financial Post reports in its Friday edition that AIT Advanced Information Technologies trimmed its annual loss to $4.5 million, or $0.70 a share, in the year ended September 30. Reporter Jill Vardy says that is down from a net loss of $13.4 million, or $2.10, in fiscal 1996. AIT's revenue rose 26 per-cent to $20.6 million, partly because of renewed demand for its video surveillance and digital recording products. The Ottawa-based manufacturer of security technology says its selling, general and administrative expenses were down eight per-cent in the year, but spending on research and development jumped 66 per-cent. AIT expensed $2 million of unusual items in its fourth quarter to cover the costs of a company reorganization in August and deferred income tax provisions. It completed an $8 million private warrant placement on October 10 to repay bank debt and refill its cash coffers. President and chief executive Peter Bennett says the money will be used to pay off $5.7 million of credit facilities from Royal Bank of Canada. The rest will be used for working capital and to finance growth. AIT shares fell $0.16 to $2.25 on Thursday.

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