To: afrayem onigwecher who wrote (66793 ) 2/7/2001 8:34:01 PM From: StockDung Read Replies (1) | Respond to of 122087 New Visual's Fiscal 2000 Loss Widens to $12.3 Mln as Sales Drop San Diego, Jan. 29 (Bloomberg) -- New Visual Entertainment Inc.'s loss for the year ended Oct. 31 widened sixfold to $12.7 million as the 3-D surfing movie producer's sales fell to $12,200, according to the company's annual 10-K report. New Visual acquired a technology last February that it said will permit faster Internet connections through ordinary copper wires of local phone companies. The company, with 13 full-time employees, has a market value of about $130 million. Its shares fell $1.22 to $5.47 Last year, New Visual hired Lucent Technologies Inc. to conduct an independent test of the company's claims for its technology. The evaluation, first scheduled for September, was postponed and no results have ever been made public. Neither Lucent nor any other independent tester was mentioned in the 10-K, which refers only to ``internal tests'' of the technology. Three weeks ago, the San Diego-based company withdrew its application to move trading in its shares from the OTC Bulletin Board to the Nasdaq SmallCap Market. New Visual said its loss for fiscal 2000 widened to 59 cents a share from $2 million, or 14 cents, in fiscal 1999. Sales fell 91 percent from $129,845 in 1999. Half the 2000 loss was attributed to stock issued to buy the copper wire technology from its two inventors. There were 24.2 million shares outstanding on Dec. 29. They reached a high of 31 on Feb. 22, 2000. Neither Ray Willenberg Jr., chief executive nor John Howell, executive vice president, were immediately available for comment. Jan/29/2001 18:28 ET For more stories from Bloomberg News, click here. (C) Copyright 2001 Bloomberg L.P.