To: BigTex who wrote (2971 ) 4/13/1999 9:45:00 AM From: Robert B. Respond to of 19297
Quest Net Corp. Reports Profitable First and Second Quarter Results MIAMI--(BUSINESS WIRE)--April 13, 1999--Quest Net Corp. (OTC BB:QNET) today reported the unaudited results for the six months ended December 31, 1999. The company generated $1,526,053 in gross revenues and posted a 27.73% gross profit margin for the six months ended December 31, 1999. In the coming quarters, Quest Net Corp. anticipates future revenue growth from existing operations. The Company reported a pretax profit of $423,181 for six months ended December 31, 1999. The first and second quarter fiscal 1998 profit can be partially attributed to the Company's design in keeping initial operating expenses at a minimum in order to distance itself from other Internet related companies that take on a tremendous debt during their developmental stages. The company is in the process of finalizing its marketing campaign for calender year 1999. Quest Net Corp. will implement an aggressive growth strategy, with higher marketing expenditures and increased expenses that, coupled with its future acquisitions, should result in increased revenues. As of December 31, 1998, Quest Net Corp. had current assets of $423,181. George Elia, V.P. Business Development said, "We are very optimistic about Quest Net Corp.'s future. We have very little debt and expect to see our revenues increase dramatically with the expansion of our bandwidth capacity, continued addition of wireless network clients, as well as an increase in the traditional dedicated and dial-up clients." Based in Miami, Quest Net (OTC BB:QNET) operates its own OC-12 (622Mbps) fiber optic self healing SMARTRing backbone running from Key West to Sebastian, Fla. Quest Net is a provider of secure, full-service global Internet and Intranet broadband digital networking solutions for businesses and individuals. It also has its own Frame Relay 45Mbps connection into the Internet Cloud. It also offers dedicated high-speed Internet access, metropolitan and wide area network data transport services, including virtual private networks, to several commercial clients and other ISPs, and Wireless Internet Connection at a speed of up to 3 Mbps to a distance of 20 miles on a license free spectrum. Quest Net offers one of the fastest and cleanest routing systems for the transfer and delivery of voice, video and data streams at speeds ranging from 64 Kbps to 155 Mbps (OC-3), as well as frame relay connections at speeds up to 45 Mbps. This Press Release may contain forward looking statements made to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, subscriber growth, product demand, competition, and other risks and uncertainties detailed from time to time in the Company's periodic reports. This and additional information can be found on the Company's website at www.questnetcorp.com or can be obtained from the Company upon request. CONTACT: Quest Net Corp., Miami George Elia, 305/935-1080 Email: Info@ipquest.com