fin-info.com
PeakSoft Corporation Announces $700,000 (Cdn) Financing and Second
Quarter Operating Results
BELLINGHAM, WASHINGTON--PeakSoft Corporation (ASE:PKT;
OTC-BB:PEAFF) today announced a financing of up to $700,000 (Cdn)
consisting of the grant of notes bearing interest at 12 percent
and warrants to purchase common shares. Subject to the approval
of the Alberta Stock Exchange, PeakSoft will issue up to 2.33
million two-year purchase warrants priced at $.30 Cdn. Each
two-year purchase warrant will enable the holder to convert into
one common share of the Company.
PeakSoft further advised that 1.466 million 2-year special
warrants issued in a prior financing were not exercised and
expired on April 7, 1998.
PeakSoft also announced operating results for the second quarter
of fiscal 1998 (January 1, 1998 through March 31, 1998). Sales
revenue for the quarter ending March 31, 1998 was $699,372 (Cdn)
compared to $401,504 (Cdn) for the second quarter in 1997, an
increase of 74 percent. Year-to-date revenue has increased 27
percent to $899,582 (Cdn) for the first six months of 1998
compared to $709,384 (Cdn) for the same period in 1997.
Net loss for the second quarter decreased 70 percent to $335,228
(Cdn) including an amortization expense of $205,574 related to a
previous acquisition, from $1,098,334 (Cdn) in the second quarter
in 1997. Loss per share decreased to $0.02 (Cdn) compared to
$0.12 (Cdn) last year. Improved operating results were due to
significantly reduced expenses and increased sales and licensing
of NetMagnet. Complete financial reports for the second quarter
are posted at the PeakSoft Web site (www.peak.com) and have been
filed with the SEDAR and EDGAR systems.
"The timing of our move to a U.S. exchange and the promising
results of our recent initiatives is excellent," stated Doug
Foster, president and CEO of PeakSoft. "We were approved to trade
on the OTC-BB on March 13, 1998, and when we achieve a "No
Comment" status with the SEC on our Form 20-F filing, PeakSoft can
expect to fully trade in the US under the symbol PEAFF as well as
on the Alberta Stock Exchange under PKT. We expect the process to
be complete in less than 60 days with a resulting benefit to
shareholders of full reporting status in the U.S. and Canada."
ABOUT PEAKSOFT CORPORATION
PeakSoft Corporation is a market leader in the development of
Internet productivity and communication software products.
Publicly traded on the Alberta Stock Exchange (PKT) and OTC-BB
(PEAFF), PeakSoft is a diversified software company headquartered
in Bellingham, WA. For more information, call 888-377-7325, visit
the PeakSoft Web site at www.peak.com or send e-mail to
info@peak.com.
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FOR FURTHER INFORMATION PLEASE CONTACT:
PeakSoft Corporation
Claudia Temple
(360) 752-1100
email: claudiat@peak.com
or
Investor Relations Department
1-888-377-7325
email: invest@peak.com
peak.com
The Alberta Stock Exchange has neither approved nor disapproved of
the information contained herein. |
