MYTEC TECHNOLOGIES INC. REPORTS 1998 FIRST HALF RESULTS
Revenues increase by 9.3% over same period last year
TORONTO, Aug. 19 /CNW/ - Mytec Technologies Inc. (MYT:TSE) today
announced revenues of $6,341,141 for the six months ended June 30, 1998, up
9.3%, an increase from the $5,803,495 reported for the same period last year.
Net loss for the six months was $1,178,426 compared to net earnings of
$301,758 for the same six months in 1997.
The company continued its strategic investment in the development and
marketing of its biometric products and as a result of the commercialization
of the Mytec biometric operations expensed approximately $1,250,000 of
product-related costs, pre-operating expenses and research costs in the first
half of 1998.
''We are very encouraged with the progress we are making with our
biometric products,'' said Thomas A. Grecco, president and CEO of Mytec.
''Building on our relationship with Entrust Technologies and the recent ICSA
(International Computer Security Association) certification of our product,
sales and marketing activities within the biometric operation increased
substantially during the second quarter.''
''A number of key, high-potential pilot projects and customer product
trials have been launched. Initial results from these projects and trials are
positive,'' said Grecco. ''During the last quarter, for example, we shipped
Touchstone(R) units to a number of organizations in Canada and the United
States for evaluation and have also initiated pilots with two financial
institutions and two VARs (value-added resellers). Product quality has been
acknowledged and the use of biometrics is continuing to gain acceptance. We
are confident that Mytec will be a leader in the emerging biometrics market.''
''Our strong operations and our recently announced Toronto Dominion Bank
financing provides the necessary means to accelerate our growth by expanding
our biometric sales and marketing activities, as well as acquiring new
monitoring contracts and offering additional services to our independent alarm
dealers,'' said Grecco.
About Mytec Technologies Inc.
Mytec Technologies Inc. (MYT:TSE) is headquartered in Toronto with
distribution partners in various worldwide locations. Mytec specializes in
personal and corporate 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- 08/19/98
For further information: Selwyn Wener, Mainstay Communications, (416) 366-5550 ext. 117, selwyn@mainstay.ca; Brenda Lawless, Mytec Technologies Inc., (416) 467-3301, blaw@mytec.com
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