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

To: wayne cath who wrote (48)	12/26/1997 11:27:00 AM
From: hugh thorne	Read Replies (1) \| Respond to of 130

Wayne, the Post did a little on the release. Appears that the Citibank deal was the cause of the delay. I hope this doesn't mean that the Citibank deal has somehow been impaired. I beleive management were really excited about this because it was the opening of the door to the thousands of ABM's in the US and Canada. Post says loss warning hits stock AIT Advanced Information Technologies Shares issued 6,015,500 Dec 24 1997 The Financial Post reports in its Wednesday edition that a delay in signing a major order forced AIT Advanced Information Technologies to issue a warning on its quarterly results on Tuesday. Reporter Jill Vardy says that AIT shares fell $0.16 to $1.44 on news the company expects a loss of $1.5 million to $1.8 million, on revenue of $3.7 million to $4 million, in the first quarter of fiscal 1998, ending December 31. That compares with a net loss of $476,000 on sales of $5.2 million a year earlier. President and chief executive Peter Bennett says he does not expect to report a loss for the second quarter. Ottawa-based AIT makes and sells security technology, such as video surveillance and digital recording products. A major order from Citibank for security products, which AIT expected to fill in this quarter, was delayed. That means revenue from the deal cannot be recorded until the second quarter. Mr Bennett says the Citibank order would have helped fill the revenue gap left when the US government delayed selecting a supplier for new passport reading machines for the US customs and immigration service. (