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Gold/Mining/Energy : USA Video Interactive (US:ASE) -- Ignore unavailable to you. Want to Upgrade?

To: Land Shark who wrote (1441)	6/15/1998 11:53:00 AM
From: Ed Pakstas	Respond to of 1841

**Year end results** USA Video Interactive Corp US Shares issued 40,907,088 Jun 12 close $0.09 Mon 15 Jun 98 Company Review Mr. Anton Drescher reviews the company YEAR ENDED DECEMBER 31, 1997 At this time last year, the company was seeking one or more strategic partners to assist in establishing it as a leader in video-on-demand (VOD) technology, and in having its technology used for Internet purposes. Developments have been achieved in this regard, and the company's viability and prospects have been strengthened as a result. The continuing strategic partnership with Callisto Media Systems has enabled the company to develop a VOD system for video distribution from an Internet protocol based service to customers with broadband service to effect VOD for personal, business and educational uses. The company has entered into an agreement with LEARN, a regional educational service centre serving 24 school districts in Connecticut, to deploy the company's system at LEARN headquarters in Old Lyme, Connecticut. This arrangement begins the process through which LEARN can eventually provide the company's VOD technology to LEARN's member districts. The company and Rogers Network Services entered into a memorandum of understanding in September 1997. The primary objective of this understanding is to provide the company's VOD technology using Rogers' network, to reach market segments that include government, carrier, financial and other FP500 commercial organizations. STATEMENT OF EARNINGS Year ended December 31 1997 1996 Total admin expenses $ 753,780 $1,313,004 Other Web site costs 25,019 - Writedown of capital assets 45,429 - Writedown of marketable securities 120,000 177,050 Foreign exchange loss (gain) 26,877 (4,435) Gain on sale of marketable securities (88,897) (511,672) Gain on settlement of accounts payable - (95,030) Gain on writeoff of accounts payable (37,046) (56,919) Oil well closure costs 4,280 78,266 ---------- ---------- Net loss $ 849,442 $ 900,264 ========== ========== Loss per share (cents) 2 4 (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com