(COMTEX) B: Reliant Announces Third Quarter Financial Results and tha
B: Reliant Announces Third Quarter Financial Results and that TSIG Transaction
on Hold
TAMPA, Fla., Nov 24, 2000 (BUSINESS WIRE) -- Kevin Harrington, chairman and CEO
of Reliant Interactive Media Corp. (OTCBB:RIMC), Friday announced the company's
third quarter financial results.
It was also reported that the proposed business combination transaction with
Teleservices Internet Group Inc. (OTCBB:TIGI)(herein "TSIG") has been placed on
hold. More information about the TSIG transaction, which was scheduled to close
on Oct. 23, 2000, are provided in an Information Statement that was filed with
the SEC on Form 14C and mailed to Reliant's shareholders.
Net sales for the quarter ending Sept. 30, 2000, were more than $22.1 million as
compared with $5.9 million in the same quarter of the previous year. Gross
profit for the third quarter was $4.4 million as compared with $2.1 million in
the same quarter of the previous year. Net profits for the third quarter were
$152,003 as compared with $396,815 in the same quarter of the previous year.
However, for the first nine months of this year the net profits were $533,670 as
compared with a loss of ($879,468) in the same period of the previous year, with
net sales for these two respective periods increasing from just more than $9
million to more than $61 million.
Much of this growth has been generated from sales from the computer-related
products that are marketed and updated periodically to reflect technological
advances.
Harrington stated: "We are pleased with the sustained growth of our young
company and expect improved results in both the fourth quarter of this year and
in the year 2001. This growth will be fueled by a number of exciting new
products that we are bringing to market and our expansion into international
sales. We will soon be marketing our products in the European, the Asian and
South American markets. We also expect that a growing percentage of our revenues
will come from sales generated through our Web sites."
The closing of the TSIG transaction has been placed on hold for two primary
reasons: 1) Certain conditions that TSIG was required to satisfy prior to
closing have not been satisfied. These conditions included the closing of the
acquisition of The Affinity Group Inc. by TSIG; and 2) Reliant has learned of
certain previously undisclosed information that would materially affect its
decision to proceed to a closing.
Reliant has requested that TSIG address numerous questions in connection with
this transaction. TSIG has partially responded to Reliant's concerns by making
certain new disclosures in the TSIG Form 10QSB filed on Nov. 21, 2000. The board
of directors of Reliant will continue its due diligence and make a decision no
later than next week as to its course of action in regards to the proposed
business combination with TSIG.
About Reliant Interactive Media Corp.
Reliant Interactive Media, with headquarters in Tampa, has combined the
marketing power of television and the personal computer to sell cutting-edge
products to consumers. Reliant produces long-form commercial programming that
drives customers to purchase products through the convenience of the telephone
or by using their Web properties.
Reliant's business model is to develop customers for their Web properties at no
direct acquisition costs, because the production and the media costs are being
covered independently of Web site sales.
This news release contains "forward-looking statements" within the meaning of
Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities
Exchange Act. Actual results could differ materially, as the result of (1)
competition in the markets for the company's products and services, (2) the
ability of the company to execute its plans, (3) the availability of financing
at favorable terms, and (4) other factors noted in the company's public filings
with the SEC.
CONTACT: Reliant Interactive Media Corp.
Karl Rodriguez, 949/248-9561
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
KEYWORD: CALIFORNIA FLORIDA
INDUSTRY KEYWORD: ADVERTISING/MARKETING
INTERNET
RETAIL
EARNINGS
*** end of story ***
(COMTEX) B: Reliant Announces Third Quarter Financial Results and tha
B: Reliant Announces Third Quarter Financial Results and that TSIG Transaction
on Hold
TAMPA, Fla., Nov 24, 2000 (BUSINESS WIRE) -- Kevin Harrington, chairman and CEO
of Reliant Interactive Media Corp. (OTCBB:RIMC), Friday announced the company's
third quarter financial results.
It was also reported that the proposed business combination transaction with
Teleservices Internet Group Inc. (OTCBB:TIGI)(herein "TSIG") has been placed on
hold. More information about the TSIG transaction, which was scheduled to close
on Oct. 23, 2000, are provided in an Information Statement that was filed with
the SEC on Form 14C and mailed to Reliant's shareholders.
Net sales for the quarter ending Sept. 30, 2000, were more than $22.1 million as
compared with $5.9 million in the same quarter of the previous year. Gross
profit for the third quarter was $4.4 million as compared with $2.1 million in
the same quarter of the previous year. Net profits for the third quarter were
$152,003 as compared with $396,815 in the same quarter of the previous year.
However, for the first nine months of this year the net profits were $533,670 as
compared with a loss of ($879,468) in the same period of the previous year, with
net sales for these two respective periods increasing from just more than $9
million to more than $61 million.
Much of this growth has been generated from sales from the computer-related
products that are marketed and updated periodically to reflect technological
advances.
Harrington stated: "We are pleased with the sustained growth of our young
company and expect improved results in both the fourth quarter of this year and
in the year 2001. This growth will be fueled by a number of exciting new
products that we are bringing to market and our expansion into international
sales. We will soon be marketing our products in the European, the Asian and
South American markets. We also expect that a growing percentage of our revenues
will come from sales generated through our Web sites."
The closing of the TSIG transaction has been placed on hold for two primary
reasons: 1) Certain conditions that TSIG was required to satisfy prior to
closing have not been satisfied. These conditions included the closing of the
acquisition of The Affinity Group Inc. by TSIG; and 2) Reliant has learned of
certain previously undisclosed information that would materially affect its
decision to proceed to a closing.
Reliant has requested that TSIG address numerous questions in connection with
this transaction. TSIG has partially responded to Reliant's concerns by making
certain new disclosures in the TSIG Form 10QSB filed on Nov. 21, 2000. The board
of directors of Reliant will continue its due diligence and make a decision no
later than next week as to its course of action in regards to the proposed
business combination with TSIG.
About Reliant Interactive Media Corp.
Reliant Interactive Media, with headquarters in Tampa, has combined the
marketing power of television and the personal computer to sell cutting-edge
products to consumers. Reliant produces long-form commercial programming that
drives customers to purchase products through the convenience of the telephone
or by using their Web properties.
Reliant's business model is to develop customers for their Web properties at no
direct acquisition costs, because the production and the media costs are being
covered independently of Web site sales.
This news release contains "forward-looking statements" within the meaning of
Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities
Exchange Act. Actual results could differ materially, as the result of (1)
competition in the markets for the company's products and services, (2) the
ability of the company to execute its plans, (3) the availability of financing
at favorable terms, and (4) other factors noted in the company's public filings
with the SEC.
CONTACT: Reliant Interactive Media Corp.
Karl Rodriguez, 949/248-9561
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
KEYWORD: CALIFORNIA FLORIDA
INDUSTRY KEYWORD: ADVERTISING/MARKETING
INTERNET
RETAIL
EARNINGS
*** end of story *** |
