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Gold/Mining/Energy : MYT - Mytec Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Investor 007 who wrote (1086)	8/19/1998 11:13:00 PM
From: Ian A.	Respond to of 1535

MYTEC TECHNOLOGIES INC. REPORTS 1998 FIRST HALF RESULTS Revenues increase by 9.3% over same period last year TORONTO, Aug. 19 /CNW/ - Mytec Technologies Inc. (MYT:TSE) today announced revenues of $6,341,141 for the six months ended June 30, 1998, up 9.3%, an increase from the $5,803,495 reported for the same period last year. Net loss for the six months was $1,178,426 compared to net earnings of $301,758 for the same six months in 1997. The company continued its strategic investment in the development and marketing of its biometric products and as a result of the commercialization of the Mytec biometric operations expensed approximately $1,250,000 of product-related costs, pre-operating expenses and research costs in the first half of 1998. ''We are very encouraged with the progress we are making with our biometric products,'' said Thomas A. Grecco, president and CEO of Mytec. ''Building on our relationship with Entrust Technologies and the recent ICSA (International Computer Security Association) certification of our product, sales and marketing activities within the biometric operation increased substantially during the second quarter.'' ''A number of key, high-potential pilot projects and customer product trials have been launched. Initial results from these projects and trials are positive,'' said Grecco. ''During the last quarter, for example, we shipped Touchstone(R) units to a number of organizations in Canada and the United States for evaluation and have also initiated pilots with two financial institutions and two VARs (value-added resellers). Product quality has been acknowledged and the use of biometrics is continuing to gain acceptance. We are confident that Mytec will be a leader in the emerging biometrics market.'' ''Our strong operations and our recently announced Toronto Dominion Bank financing provides the necessary means to accelerate our growth by expanding our biometric sales and marketing activities, as well as acquiring new monitoring contracts and offering additional services to our independent alarm dealers,'' said Grecco. About Mytec Technologies Inc. Mytec Technologies Inc. (MYT:TSE) is headquartered in Toronto with distribution partners in various worldwide locations. Mytec specializes in personal and corporate security solutions using biometrics, and develops both hardware and software applications. Mytec has also developed and patented algorithms for secure key management using a biometric such as a fingerprint. Through its wholly owned subsidiary, Counterforce, Mytec also provides alarm monitoring services to more than 650 Independent Alarm Company partners who sell, install and service security alarm systems. Visit our website: mytec.com. Mytec, Mytec Technologies Inc., the Mytec logo, Bioscrypt, Touchstone, and Biometric Encryption are trademarks or registered trademarks of Mytec Technologies Inc. in Canada and other countries. All other brand or product names are or may be trademarks of, and are used to identify products or services of, their respective owners. -0- 08/19/98 For further information: Selwyn Wener, Mainstay Communications, (416) 366-5550 ext. 117, selwyn@mainstay.ca; Brenda Lawless, Mytec Technologies Inc., (416) 467-3301, blaw@mytec.com