Hi Bill!
I just got the newest press release for BGT:
9mo results; chipset introduced; Chinese drivers
BIT Integration Technology Inc BGT
Shares issued 28,096,258 Nov 27 close $0.36
Fri 28 Nov 97 News Release
Mr Eugene Lo reports
The financial results for the nine months ended September 30 1997 included
revenues of $2,226,243 versus $2,705,267 for the comparable period last
year. The company reported a net loss of $970,428 or $0.04 per share,
compared to a net income of $148,958 or $0.01 per share in the previous
year.
According to Mr Lo the official launch of the company's drivers' licence
and infraction management system in Shaanxi, China, took place after the
quarter closed, and could not be reflected in this quarter's financial
statements. The company expect revenues from the Shaanxi project during the
fourth quarter which will be reflected in the year end results. The company
will receive a royalty in excess of $6 million for the initial issuance, as
well as $6 million for each of the first two renewals of these licences.
Drivers in this province are required to renew licences every two years.
The company also reports the successful introduction of its SmartCard
chipset at COMDEX in Las Vegas. To the best of its knowledge, the company
was the only participant in COMDEX that successfully demonstrated
compatibility with all the major smart card standards, including Mondex and
Visa Cash.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
