Bill, this news started the ball rolling this time around:
NEW YORK--(BUSINESS WIRE)--April 20, 1998--Financial Intranet Inc. (OTCBB: FNTN - news), a New York based network developer of Intranet and
Internet specialized services, reported today an un-audited (loss) of ($587,000) for the year ended Dec. 31, 1997 or (5 cents) per share on 11,444,000 shares
outstanding.
In addition, First Quarter ended March 31, 1998 produced a (loss) of ($360,033) or (2 cents) a share on 16,183,877 shares outstanding of which 4,230,483
shares were investment stock.
Michael Sheppard, President of Financial Intranet Inc. said: ''The first year of operation was a year of start up and development and compared with other similar
companies in the Internet arena we are extremely encouraged by our progress to date and look very positively towards the future. We have worked very diligently
to keep our start-up and R&D costs to a minimum, which could not have been accomplished without some personal sacrifice by the officers and directors. In light
of this, we feel we have been able to contain development costs very effectively in comparison with most other startup ventures in our industry.
''The first quarter of 1998 does reflect some additional 'one time' expenses relating to the implementation of our data center and our major city nationwide sales
force. On a positive note the first quarter of 1998 does include initial revenue streams from those efforts reflecting signed contracts and a number of important
contracts that are currently under negotiation. Based on the evolution to date of our strategic plan, we expect to be profitable by the end of the 3rd quarter 1998.''
Financial Intranet Inc. also announced it is moving its corporate offices within 30 days to its Ardsley, N.Y. Data Center.
Michael Sheppard, President of Financial Intranet Inc. added: ''We are moving our corporate offices to be on site overseeing all operations. As this will now house
the backbone and infrastructure of our Intranet Center and Corporate Headquarters, it makes both financial and operational sense to consolidate. This move will
allow management to observe and manage all operations more efficiently. At this time we are working to complete the final installations of all of our equipment and
we expect to have our upgraded website up and running soon after this move.''
Financial Intranet is in the process of establishing the nation's first, proprietary, secured on demand, interactive high-speed video, voice and dedicated data-stream
Information Network, that will enable enhanced links to be created between the Brokerage and Mutual Fund Industries and allow interactive access by the
individual investor. The proprietary network is customizable for any application, group, franchise or association that requires dynamic information exchange,
especially for organizations that are heavily data laden such as Federal, State, Local and City Government Departments, Law Enforcement, Insurance, Financial,
Medical and Legal industries.
Contact:
Financial Intranet Inc., New York
Michael Sheppard, 212/702-4873
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