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

To: oss who wrote (1221)	3/31/1999 4:28:00 PM
From: barry doment	Read Replies (1) \| Respond to of 1535

TORONTO, March 31 /CNW/ - Mytec Technologies Inc. (MYT:TSE) today announced revenues of $12,774,215 for the year ended December 31, 1998, up 8.7%, an increase from the $11,756,532 reported for the same period last year. Net loss for the year was $2,858,539 compared to a net loss of $8,945,396 for the year ended December 31, 1997. The net loss for the 1997 fiscal year included a write-off of costs associated with the development of prior biometric products and preoperating costs in the amount of $8,368,448. The loss for the 1998 year reflects the company's investment in the emerging biometrics market. The company expensed approximately $1,500,000 in product-related costs and preoperating costs during this period, due to the commercialization of the Mytec biometrics operation in the fourth quarter of 1997. The product-related costs were deferred throughout 1997, while the preoperating costs were deferred up to September 30, 1997. ''We are very pleased to report continued revenue growth, which to date has been largely based on our continued expansion in the alarm monitoring business,'' said Ross Hutchison, Chairman of Mytec Technologies Inc. ''In the biometrics area three significant 1998 accomplishments should bear fruit in 1999,'' Hutchison said. ''First, we have sharpened our strategic focus on marketing high end trusted security devices for the network access and physical access markets. Second, we have complemented this thrust with the recent announcement of Mytec Gateway, which gives us a strong entry into the physical access market. We will shortly be launching an exciting new network access solution which is one third the size and one third the price with the same functionality of the current Touchstone solution. Third, in 1998 Mytec also was granted the patent for Biometric Encryption, its unique method of storing the encryption key for network access security systems. Mytec expects to have its Biometric Encryption software available for both its Touchstone product line and for OEMs later in 1999.''