Comments welcome on news. Would like to hear more on the two mentioned pilot projects.
Mytec Technologies Inc. reports 1998 third quarter results
Year-to-date revenues increase by 9.1%
TORONTO, Nov. 19 /CNW/ - Mytec Technologies Inc. (MYT:TSE) today
announced revenues of $9,499,825 for the nine months ended September 30, 1998,
up 9.1%, an increase from the $8,706,642 reported for the same period last
year. Net loss for the nine months was $2,010,208 compared to net earnings of
$366,837 for the same nine months in 1997.
The loss for the nine months ended September 30, 1998 reflects the
Company's continued investment in the emerging biometrics market. The Company
expensed approximately $2,100,000 in product-related costs, preoperating
expenses and research costs during this period, due to the commercialization
of the Mytec biometrics operation in the fourth quarter of 1997. Such expenses
were deferred in the same period in the 1997 fiscal year. Counterforce
operations reported solid growth during the nine months ended September 1998
and continue to maintain their profitability.
''We have successfully completed pilot evaluation projects of our
biometrics products with two major Canadian financial institutions,'' said
Dennis W. Hollingshead, President and CEO of Mytec. ''These products were
tested in network environments for performance and ease of use by their staff.
We are continuing our tests with these institutions and other strategic
corporations. We believe that the quality and performance of our biometric
products, strength of our alarm monitoring business, and available financing
facilities place us in an excellent position to accelerate our growth.''
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- 11/19/1998 |
