ZiaSun Subsidiary Announces Record Revenues and Earnings in 1998
biz.yahoo.com
SAN DIEGO, Calif., Feb. 8 /PRNewswire/ -- ZiaSun Technologies, Inc. (OTC Bulletin Board: ZSUN - news; www.ziasun.com) has released preliminary 1998 financial results for Momentum Asia Inc., a wholly-owned subsidiary, which reported earnings of $950,000 on revenues of $2,400,000.
''We are extremely pleased that Momentum Asia has sustained its excellent growth rate and substantially exceeded its revenue and earnings projections,'' commented ZiaSun President and CEO, Anthony L. Tobin.
''Momentum Asia provides vital support services for our Internet products, and we expect the company to continue to be a substantial contributor to ZiaSun's bottom line,'' he said.
Momentum Asia's results show substantial increases in revenues, earnings, and assets. Earnings for 1997 totaled $140,000, increasing to $180,000 in the first half of 1998 and $770,000 in the second half, for an annual growth rate of over 600%. Year-end net assets increased from $800,000 at the end of 1997 to $3 million at the end of 1998. The company carries no debt of any kind.
''We are undergoing a new audit, and expect to release full 1998 consolidated results for ZiaSun by March 1,'' Mr. Tobin added. ''With this contribution from Momentum Asia, we are confident that earnings per share will exceed the projected $.11.''
Mr. Tobin also expressed satisfaction with ZiaSun's other October 1998 Internet acquisition, Momentum Internet Inc. Both acquisitions were based upon the rapid growth and profitability of each of the business concerns and their strategic, geographic importance in the international Internet world.
Momentum Internet is a diversified Internet services firm with a presence in California, the Philippines, and Hong Kong. The company's web activities include Swiftrade (www.swiftrade.com), an on-line stock trading system; MEDIAhits, a banner advertising network; Mfinance, an international financial news site; PINmail, a web-based e-mail service; and Search Dragon, an Asian focused search-engine. All are hosted on high-speed servers in California.
Mr. Tobin said that Momentum Internet had a number of on-line products in development which would greatly enhance the company's status in the on-line community.
He also revealed that ZiaSun was eyeing additional Internet and technology-related acquisitions in Asia and the US, and that a series of announcements on these could be expected in the coming months.
ZiaSun is a holding company focused on acquiring profitable, Internet and Internet-related companies with strong growth potential. Momentum Asia is a subsidiary offering Internet customer service, database management, and corollary services which back up the Internet capabilities of other ZiaSun subsidiaries, as well as those Internet companies who are expanding into the international market. Momentum Internet Inc., is a ZiaSun subsidiary that controls a range of internet products and services, including an on-line stock trading system, a premium web-based e-mail service, a rapidly expanding advertising banner network, a popular finance website, and an Asia-focused search engine.
Any statements released by ZiaSun Technologies Inc. that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the company's business prospects and performance. These include economic, competitive, governmental, technological and other factors discussed in the statements.
For more information please contact ZiaSun Technologies, Inc., Investor Relations Department at 800-773-7317.
SOURCE: ZiaSun Technologies, Inc.
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