****Year end results****
USA Video Interactive Corp US
Shares issued 40,907,088 Jun 12 close $0.09
Mon 15 Jun 98 Company Review
Mr. Anton Drescher reviews the company
YEAR ENDED DECEMBER 31, 1997
At this time last year, the company was seeking one or more strategic
partners to assist in establishing it as a leader in video-on-demand (VOD)
technology, and in having its technology used for Internet purposes.
Developments have been achieved in this regard, and the company's viability
and prospects have been strengthened as a result.
The continuing strategic partnership with Callisto Media Systems has
enabled the company to develop a VOD system for video distribution from an
Internet protocol based service to customers with broadband service to
effect VOD for personal, business and educational uses.
The company has entered into an agreement with LEARN, a regional
educational service centre serving 24 school districts in Connecticut, to
deploy the company's system at LEARN headquarters in Old Lyme, Connecticut.
This arrangement begins the process through which LEARN can eventually
provide the company's VOD technology to LEARN's member districts.
The company and Rogers Network Services entered into a memorandum of
understanding in September 1997. The primary objective of this
understanding is to provide the company's VOD technology using Rogers'
network, to reach market segments that include government, carrier,
financial and other FP500 commercial organizations.
STATEMENT OF EARNINGS
Year ended December 31
1997 1996
Total admin
expenses $ 753,780 $1,313,004
Other
Web site costs 25,019 -
Writedown of
capital assets 45,429 -
Writedown of
marketable
securities 120,000 177,050
Foreign exchange
loss (gain) 26,877 (4,435)
Gain on sale of
marketable
securities (88,897) (511,672)
Gain on
settlement of
accounts payable - (95,030)
Gain on
writeoff of
accounts payable (37,046) (56,919)
Oil well
closure costs 4,280 78,266
---------- ----------
Net loss $ 849,442 $ 900,264
========== ==========
Loss per
share (cents) 2 4
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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