Here's the news:
The Henley Group Announces Magra's First Quarter Results
MIAMI--(BUSINESS WIRE)--March 3, 1998--The Henley Group Inc. (NASD BB: HNLY - news) announced Tuesday that Magra Computer Technologies of Toronto (MGRA - Canadian Dealer Network), released first quarter '98 financial results for the period ended Dec. 31, 1997.
Sales for the first quarter were $804,719 (Cnd $) as compared to $202,898 for the same period in 1996. Gross Profit was $281,587 as compared to $89,880. Net loss for the period was $59,138 as compared to $199,136. The Net Loss in the period is attributed to the purchase of equipment, the expanding of its offices, and the hiring of additional sales personnel necessary for the expansion efforts presently underway. The acquisition by Henley of 64% of the stock of Magra is through its wholly owned subsidiary M.A.P. Inc. of Canada.
Commenting on Magra's first quarter's numbers, Henley's President and CEO stated: ''We are thrilled with the growth Magra is experiencing. Magra, in addition to our other subsidiaries (MC Technologies & M.A.P. Inc.) will contribute to Henley's future expansion. Henley's first quarter results ending March 31 will be reported to the SEC & NASDAQ by filing its quarterly report. This will be Henley's first reporting quarter to the SEC & NASDAQ. Henley anticipates making application to NASDAQ for listing on the Nasdaq Small Cap Market(sm) as soon as it meets all of NASDAQ requirements.
The Henley Group is a fast-growing holding company headquartered in Miami specializing in new technologies to provide software applications and systems integration for digital information. Henley actively seeks new acquisitions, in the U.S. and abroad. For more information, visit our web sites at www.thehenleygroup.com and www.magra.com.
--------------------------------------------------------------------------------
Contact:
Jeff Brommer
Investment 101, Ltd.
800/749-0114
Still Holding,
Andrew |
