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Gold/Mining/Energy : Cybersurf (CY.A) - Bridge between 20th & 21st Centuries -- Ignore unavailable to you. Want to Upgrade?

To: claud_c who wrote (2430)	10/7/1999 4:44:00 PM
From: Sulayman	Respond to of 3243

Fully diluted float of CY is around 22mm. Check this out, it has all the information that is pertinent; Cybersurf year-end results Cybersurf Corp CY Shares issued 22,763,412 Oct 6 close $3.00 Thu 7 Oct 99 News Release Mr. Paul Mercia reports Cybersurf's financial results for the year ended June 30, 1999, were as follows: Cybersurf achieved positive earnings throughout the year with year-end net earnings of $153,689, compared with losses of $240,098 for the prior year. This represented fully diluted EPS of one cent, compared with a loss of one cent in the previous year. Revenues were up by $1.5-million to $3.9-million, an increase of 62 per cent over the prior year. This large increase was due primarily to revenue generated by Cybersurf's interactive media division, which encompasses 3web, Cybersurf's free Internet and E-mail service. The gross margin was up 103 per cent, compared with the prior year, ending the year at $1.77-million. The company also produced a positive cash flow on the year. Cybersurf's fourth quarter earnings per share were lower than those in the first three quarters for two fundamental reasons: major expenditures related to the Toronto launch of 3web; and the issuing of additional shares because of the exercising of options and warrants. General and administrative expenses were $1.3-million, an increase of 48 per cent over the previous year. This was due to additional staffing requirements relating to the expansion of 3web. The market capitalization at June 30, 1999, was $58.5-million, compared with $6.7-million for the same period last year. Since the introductory launch of 3web in the fall of 1998, the subscriber base in Alberta has grown to more than 135,000, making 3web the largest single ISP in Alberta. The year also saw a $12-million investment into the company, facilitating the introduction of 3web into the Toronto market. Operations Paul Mercia, Cybersurf's president and chief executive officer, stated: "Toronto's 3web launch this fall marks a major milestone in the company's history. It signifies the first in a series of initiatives that will see the rapid expansion of the 3web network across Canada. With the success of 3web in Alberta and with the company's recent strategic alliances, the company has moved into an aggressive growth mode, and will focus on revenues over earnings for the next year." Mercia continued: "Cybersurf is well positioned to manage the challenges of today's market environment with our strong balance sheet and recognized position of market leadership. With the technological success of 3web in phase one, and with Cybersurf's positive earnings, we are very optimistic about the long-term prospects for the free Internet service model. We believe rapid growth and domination in major centers will be fundamental to our success." Another area of the company's focus in the following year will be on attracting institutional investment in order to facilitate 3web's expansion and to bring value to shareholders. Subsequent to this, Cybersurf is also investigating the possibilities of obtaining a listing on a senior exchange. Mr. Mercia feels that with the rapid global growth of Internet advertising, Cybersurf is poised to capture a significant share of this evolving market. The recent appearance of U.S. companies offering free Internet confirms the potential of advertising-supported Internet services such as 3web. Widespread public interest has also been sparked with the successful IPO's of some of these companies. While fundamentally similar to these other free ISPs, Cybersurf feels that its proprietary advertising technology gives 3web a position of market leadership. All necessary requirements have been met to ensure the successful launch of 3web in Toronto, Canada's largest financial and advertising sector, this fall. 3web's version 2.5 installation software is complete and undergoing final acceptance, as are all necessary computer and networking components.