MYTEC REPORTS 1998 FIRST QUARTER RESULTS
Revenues increase by 7.4%
TORONTO, May 25 /CNW/ - Mytec Technologies Inc. (MYT:TSE) today announced
record quarterly revenues of $3,204,557 for the three months ended March 31,
1998, a 7.4% increase from $2,982,777 during the same period last year. Net
loss for the three months was $586,068 compared to net earnings of $297,079
for the same three months in 1997.
The loss in the first quarter reflects the continued investment in the
development of the company's strategic biometric products. As a result of
commercialization of the Mytec biometric operation, which began in the fourth
quarter of 1997, approximately $675,000 of product-related costs,
pre-operating expenses and research costs were expensed in the first quarter
of 1998. Product revenues to offset these expenses have not yet materialized,
thereby impacting earnings.
''We are very pleased to report continued growth in our monitoring
revenues and are delighted with the progress made on the development and
marketing of our biometric products,'' said Tom Grecco, President and CEO,
Mytec. ''Our Touchstone(R) product has recently been certified by the ICSA
(International Computer Security Association) and has also completed testing
with Entrust Technologies, enabling it to be sold as an Entrust-Ready(TM)
identity device.''
''Biometrics are becoming widely accepted in the marketplace. Mytec's
products - Touchstone, Touchstone SDK and Biometric Logon for Windows NT - are
well positioned to address the emerging market of biometric security,'' said
Grecco. ''With this solid foundation, we look forward to strengthening future
revenues.''
About Mytec Technologies Inc.
Mytec Technologies Inc. (MYT:TSE) is headquartered in Toronto, Ontario
with distribution partners in various worldwide locations. Mytec specializes
in personal and corporate data security solutions using biometrics, and
develops both hardware and software applications. Mytec has also developed and
patented algorithms for secure key management using a biometric such as a
fingerprint. Through its wholly owned subsidiary, Counterforce, Mytec also
provides alarm monitoring services to more than 650 Independent Alarm Company
partners who sell, install and service security alarm systems. Visit our
website: mytec.com.
Mytec, Mytec Technologies Inc., the Mytec logo, Bioscrypt, Touchstone,
and Biometric Encryption are trademarks or registered trademarks of Mytec
Technologies Inc. in Canada and other countries. All other brand or product
names are or may be trademarks of, and are used to identify products or
services of, their respective owners.
-0- 05/25/98
For further information: Selwyn Wener, Investor Relations, Mainstay Communications Inc., (416) 366-5550 ext. 117, selwyn@mainstay.ca; Brenda Lawless, Investor Relations, Mytec Technologies Inc., (416) 467-3301, blaw@mytec.com
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