Mytec reports 1999 first quarter results
TORONTO, ONTARIO--Mytec Technologies Inc. (MYT:TSE) today
announced record quarterly revenues of $3,330,018 for the three
months ended March 31, 1999, compared to $3,204,557 during the
same period last year. Monitoring revenues increased by 7.6
percent to $3,176,875 in the first quarter of 1999, compared to
$2,952,109 in the same period in 1998. Earnings from operations
before interest and amortization for the first quarter in 1999
increased to $108,625 from $5,674 during the same period last
year. Net loss for the three months was $589,856 compared to a net
loss of $586,068 for the same three months in 1998.
"We are very pleased to report continued growth in our monitoring
revenues. We are also pleased with the progress made on the
development and marketing of our biometric products," said Dennis
Hollingshead, President and CEO of Mytec. "We recently announced
our newest network access security product, Touchstone Pro, as
well as the signing of a distribution agreement for Canada with
Simple Technology Inc. Earlier in the quarter we launched Gateway,
which is a physical access control biometric device, as well as
the signing of Cansec Systems Inc., who will incorporate Gateway
into their physical access products. We anticipate that these
initiatives will have a positive impact on our results.
"Biometrics are gaining acceptance in the marketplace where
security is a major requirement. Mytec's products - Touchstone Pro
and Gateway - are well positioned to address the emerging markets
of network access security and physical access control," said
Hollingshead. "Now with our focus squarely on marketing - both
direct and through our channels - we look forward to strengthening
future revenues."
Mytec Technologies Inc. (MYT:TSE), headquartered in Toronto, is a
leading provider of fingerprint-based biometric solutions to
organizations requiring a high level of security for network and
physical access. Mytec provides strong authentication through the
use of a unique, robust finger pattern recognition algorithm,
operating in a trusted device. Individual privacy is maintained
because only a non-reversible biometric template is stored, not
the fingerprint itself.
Through its wholly owned subsidiary, Counterforce, Mytec also
provides alarm monitoring services to more than 680 Independent
Alarm Company partners who sell, install and service security
alarm systems. Visit our website: www.mytec.com.
Mytec Technologies Inc., the Mytec logo, Mytec, Bioscrypt and
Touchstone are trademarks or registered trademarks of Mytec
Technologies Inc. All other trademarks or registered trademarks
are the property of their respective companies.
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FOR FURTHER INFORMATION PLEASE CONTACT:
IT Public Relations Inc.
Norm Gordner
Media Relations
(905) 731-0553
norm@mainstay.ca
or
Mytec Technologies Inc.
Brenda Lawless
Investor Relations
(416) 467-3301 |
