PLEASE SOMEONE TELL ME THAT I AM READING
THE TOTAL REVENUES RIGHT...
if not someone please bring me over a
little paper bag,think i am going to hyper-ventilate
over those numbers...you've got to be kidding me..
if these numbers are correct,then someone else please
tell me what all the excitment is all about ..
PLEASE SAY THIS IS MILLION,NOT THOUSAND ON THE TOTALS
New Visual Entertainment Reports Second Quarter Financial Performance
SAN DIEGO--(BUSINESS WIRE)--June 19, 2000--New Visual Entertainment, Inc. (OTCBB:NVXE), a pioneer in the development of proprietary transmission technology focused on delivering the ultimate "last mile" solution, today announced that revenue for the three months ended April 30, 2000 totaled $6,800 compared to revenue of $28,974 reported for the three months ended April 30, 1999. Due primarily to accounting charges relating to the issuance of common stock by the Company in connection with its acquisition of New Wheel Technology, Inc. in February, net losses for the current three-month reporting period increased to approximately $8.55 million, or $.10 loss per share, compared to net losses of approximately $237,000, or
01 loss per share, reported in the same three month period in the prior year.
For the six months ended April 30, 2000, the Company reported revenue of $6,800, a decrease from revenues of $44,447 posted for the six months ended April 30, 1999. As mentioned, due primarily to accounting charges incurred as a result of the Company's acquisition of New Wheel Technology, Inc., net losses for the current six month reporting period totaled approximately $8.8 million, or $.11 loss per share, compared to net losses of less than $500,000, or $.01 loss per share, reported for the six month period in 1999.
Ray Willenberg, Jr., Chief Executive Officer of New Visual Entertainment, Inc., stated, "Although the numbers do not necessarily reflect it, the first six months of 2000 have proven to be perhaps the most exciting, growth-oriented period in the Company's history. To illustrate, consider the following accomplishments:
- New Visual Entertainment, Inc. successfully acquired New Wheel
Technology, Inc.;
-- New Wheel achieved a critical milestone when it successfully
transmitted data at 51.2 Mbs over a distance of 3,500 feet on a
26-gauge telephone cable;
-- An independent third party was engaged for the purpose of
performing independent evaluation of the Company's Cu@OCx
broadband transmission technology;
-- New Visual inked a deal with Academy Award-nominated director and
producer Bruce Brown to produce a 90-120 minute film, with the
working title of "Top Secret Surf Film," -- the Company's first
mainstream theatrical release; and
-- New Visual entered into a definitive agreement to acquire
Intelecon Services, Inc., a Dallas based studio and production
company with estimated 1999 revenue of $10 million, $4 million in
assets and over 70 employees."
Continuing, Willenberg added: "With the acquisition of Intelecon Services, Inc. expected to be completed by mid-Summer, in addition to the considerable progress being realized on the Cu@OCx development project, the Company is rapidly approaching the time when we will be able to focus strictly on exploiting our proprietary technology, pursuing immediate market penetration of the Internet infrastructure arena, promoting notable improvement in top and bottom line growth in all our operating subsidiaries and enhancing shareholder value. Once we have established that we indeed have the `last mile solution' in our broadband transmission technology, we believe that little may stand in the way of New Visual Entertainment attaining even its most ambitious objectives - financial and otherwise."
About New Visual Entertainment, Inc.
New Visual is pioneering the development of a proprietary broadband transmission technology with the mission to utilize existing copper telecommunications infrastructure to deliver high data content to the home at VDSL (52 Mbps) data transfer rates. Through its New Wheel Technology, Inc. subsidiary, New Visual is developing proprietary advanced algorithms which would allow high data rate transmission over existing copper telecommunications infrastructure, while permitting voice communications simultaneously on the same pair of wires. Its initial development efforts are focusing on "Very High rate Digital Subscriber Line" (VDSL), and have demonstrated results exceeding industry standards. New Visual is a true stereoscopic 3-D production company. Through its Impact Multimedia, Inc. subsidiary, New Visual develops web animation, streaming media, multimedia production and CD-ROM business cards. New Visual's common stock is traded on the Over-The-Counter Bulletin Board under the symbol NVXE.
With the exception of historical information contained in this release, this release includes forward-looking statements made under the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to the following: product development difficulties; market demand and acceptance of products; the impact of changing economic conditions; business conditions in the internet, computer, and 3D film and video industries; reliance on third parties including potential suppliers, licensors and licensees; the impact of competitors and their products; risks concerning future technology; and other factors detailed in this release and in the Company's Securities and Exchange Commission filings.
CONTACT:
Continental Capital & Equity Corporation
Longwood, Fla.
Dodi B. Handy, 407/682-2001
Email: dodi@insidewallstreet.com
KEYWORD: FLORIDA
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