TORONTO, March 31 /CNW/ - Mytec Technologies Inc. (MYT:TSE) today
announced revenues of $12,774,215 for the year ended December 31, 1998, up
8.7%, an increase from the $11,756,532 reported for the same period last year.
Net loss for the year was $2,858,539 compared to a net loss of $8,945,396 for
the year ended December 31, 1997. The net loss for the 1997 fiscal year
included a write-off of costs associated with the development of prior
biometric products and preoperating costs in the amount of $8,368,448.
The loss for the 1998 year reflects the company's investment in the
emerging biometrics market. The company expensed approximately $1,500,000 in
product-related costs and preoperating costs during this period, due to the
commercialization of the Mytec biometrics operation in the fourth quarter of
1997. The product-related costs were deferred throughout 1997, while the
preoperating costs were deferred up to September 30, 1997.
''We are very pleased to report continued revenue growth, which to date
has been largely based on our continued expansion in the alarm monitoring
business,'' said Ross Hutchison, Chairman of Mytec Technologies Inc.
''In the biometrics area three significant 1998 accomplishments should
bear fruit in 1999,'' Hutchison said. ''First, we have sharpened our
strategic focus on marketing high end trusted security devices for the network
access and physical access markets. Second, we have complemented this thrust
with the recent announcement of Mytec Gateway, which gives us a strong entry
into the physical access market. We will shortly be launching an exciting new
network access solution which is one third the size and one third the price
with the same functionality of the current Touchstone solution. Third, in 1998
Mytec also was granted the patent for Biometric Encryption, its unique method
of storing the encryption key for network access security systems. Mytec
expects to have its Biometric Encryption software available for both its
Touchstone product line and for OEMs later in 1999.''
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