Subject:
revenues
Date:
Mon, 6 Jul 1998 08:24:32 -0400 (EDT)
From:
ISDN Wire Service <isdnnews@trends.net>
To:
sreynold@inetport.com
Transformation Processing Inc. (TPI) (OTCBB: TPII) today announced revenues
for the third quarter, ended April 30, 1998 of $260,324 in contrast to zero
revenue for the third quarter of the previous fiscal year. Loss from
operations for the quarters ended April 30th, 1998 and 1997 were ($573,803)
and ($318,015) respectively. Revenues for the nine month period ended April
30th 1998 were $415,345 in contrast with the $24,147 revenue for the period
April 1, 1996 (date of incorporation) to April 30, 1997. The loss from
operations for those periods were ($1,972,577) for the nine-month period
ended April 30th, 1998 and ($2,432,285) for the period April 1, 1996 to April
30, 1997. (All amounts expressed are U.S. dollars).
John McGee, Chief Financial Officer, TPI stated today that "The quarter filed
for April 30th is indicative of a development-stage company." He added that
"TPI's management and delivery teams are strongly supportive of the growing
business opportunities. The Company is on track for growth in revenue for
the fiscal year ending July 31, 1998."
Paul Mighton, Chairman and Chief Executive Officer of TPI, stated that "We
are up-selling our Year 2000 discoveries, to the remediation phases to our
existing customer base and these opportunities point to TPI achieving its
1999 revenue projections." He added that "TPI continues to add new staff to
handle the influx of business and that the Company is relocating to a larger
17,000 square foot facility this month in order to accommodate company
growth".
Mr. Mighton also announced the following updates:
In May of this year, TPI was offered, and accepted office space in G.E.
Capital Information Technology Solutions' (G.E. CAP. I.T.S.) facility in
Bensonville, Illinois. TPI continues to work with G.E. CAP. I.T.S. in
pursuit of mutually beneficial opportunities.
TPI's alliance with NEXUS Unlimited, Inc., which was announced in June, is
becoming extremely active. Jointly, NEXUS AND TPI are currently pursuing
Year 2000 Embedded Systems, Scanning, Remediation and Boot Camp opportunities
in Nebraska, Illinois, California and Massachusetts. Significant results are
expected shortly.
TPI recently signed a Teaming Agreement with Three Amigos of western Canada,
for TPI to provide Year 2000 services to Three Amigos' clients. Three Amigos
currently have existing customers and prospects in every province in western
Canada and a significant section of the west and mid-western United States.
Transformation Processing Inc. is an Information Technology company that
develops and markets software and services enabling companies worldwide to
automatically migrate their application programs and data from legacy systems
to open system and client/server environments. TPI has evolved from
providing AS/400 legacy code migration services to a company supporting four
lines of business: Client Server Migration, Year 2000 Solutions, Groupware
and Support Services. In addition, the company's ability to scan code to
diagnose Year 2000 problems, as well as perform similar diagnostic procedures
on embedded chips positions it as an industry leader in this area.
This news release includes forward-looking statements that involve risks and
uncertainties, including the timely development and acceptance of new
products, the impact of competitive products and pricing, the timely funding
of customers' projects, customer payments to the Company and the other risks
detailed from time to time by the Company.
For more information about TPI, see our web site at www.tpii.com, or contact:
Martin E. Janis and Company, Inc.:
Media Contact: Hal Schweig,
Investor Contact: Jim Janis or Bev Jedynak
Tel: (312) 943-1100
Samantha Chapman, Internal Investor Relations, Transformation Processing Inc.
Tel: (905) 812-9927
(888) 222-5967
-30-
|
