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Gold/Mining/Energy : AIT Advanced Information Technologies Corp. -- Ignore unavailable to you. Want to Upgrade?

To: wayne cath who wrote (46)	12/23/1997 8:55:00 PM
From: hugh thorne	Read Replies (1) \| Respond to of 130

looks like a longer wait yet. AIT Advanced Information Technologies - Expectations for 1Q/98 completion of equity financing imminent Tuesday Dec 23 1997 Mr Ronald Blair reports The company's expectations for revenues and net income for the first quarter of fiscal 1998 ending December 31 1997 will not be in line with the company's previously established internal plans. The company expects that revenues for the first quarter of fiscal 1998 will be in the range of between $3.7 million and $4.0 million, which compares with revenues for the first quarter of fiscal 1997 of $5.2 million. The company also expects the net loss for the first quarter of fiscal 1998 will be in the range of between approximately $1.5 million and $1.8 million. This compares with a net loss of $0.5 million for the first quarter of fiscal 1997. While disappointed with the expected results, the decreased revenues are due to a delay in the timing of the receipt of orders and are not due to the loss of orders competitively, reduction in business opportunities or any adverse changes in the fundamentals of its underlying business. Management continues to believe that the objectives it has put in place for fiscal 1998 can be attained. The company has filed the final prospectus relating to its special warrants offering. AIT raised approximately $10.0 million through the issue of 4,524,886 special warrants. By October 20 1997 the company had received 50% of the net proceeds. The company expects to complete the offering and receive the remainder of its net proceeds from escrow of approximately $4.6 million on or about December 31 1997.