AllnetServices.com Corp. Announces Unaudited Financial Results for the Year Ended December 31, 1997.CORAL SPRINGS Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Fla.--(BUSINESS WIRE)--Sept. 24, 1998-- AllnetServices.com Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AWEB) today released its unaudited figures for the year ended December 31, 1997(a). Sales reflect activity for approximately the last three months of the year. The company, formed in April of '97, was in a development stage for the first six months of existence, developing its proprietary software and online auction site. -0-
Income Statement Figures for the twelve months ended December 31, 1997
Total Revenue $287,765 100%
Cost of Sales $213,095 74%
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Gross Profit $ 73,630 26%
Total Expenses $228,814 80%
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Net Income (Loss) $155,185 54%
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Income (Loss) per share ($.02)
Shares Outstanding 6,692,500
Balance Sheet Figures as of December 31, 1997
Current Assets
Cash $ 537,710
Accounts Receivable $ 49,148
Inventory $ 124,660
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Total Current Assets $ 711,518
Property & Equipment
Fixed Assets Furn &
Fixtures $ 6,119
Fixed Assets Equipment $ 15,029
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Total Property & Equipment $ 21,148
Other Assets
Prepaid Inventory $ 259,000
Deposits $ 7,268
Organization Costs $ 351,193
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Total Other Assets $ 617,461
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Total Assets $ 1,350,127
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Total Current Liabilities $ 151,132
Total Long-Term Liabilities $ 0
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Total Liabilities $ 151,132
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Common Stock $ 27,084
Additional Pd in Capital $ 1,327,096
Net Income (Loss) ($ 155,185)
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Total Capital $ 1,198,995
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Total Liabilities & Capital $ 1,350,127
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Robert Aubel, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allnet stated, "Our accountants continue to work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d on the audited financials for this period. However, we thought the time to release these figures to our shareholders was long overdue OVERDUE. A bill, note, bond or other contract, for the payment of money at a particular day, when not paid upon the day, is overdue. 2. The indorsement of a note or bill overdue, is equivalent to drawing a new bill payable at sight. 2 Conn. 419; 18 Pick. . Once the audit for 1997 is complete, we will publish the complete results at our home page." The company also announced that it has secured the domain name for its person-to-person auction site, which will match buyers and sellers of all kinds of products over the Internet. The site, Allclassifiedads.com, which is similar in format to Ebay (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EBAY), is projected to be online in approximately three to four months(a). The company will retool re·tool v. re·tooled, re·tool·ing, re·tools v.tr. 1. To fit out (a factory, for example) with a new set of machinery and tools for making a different product. 2. its existing online auction technology as the primary engine for the new site. The company also announced that during the course of the Board's and Management's negotiation and due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the potential acquisition announced June 3, 1998, it became apparent that the acquisition would not result in the type of growth the company desires and has ceased all efforts to acquire this target. AllnetServices.com Corp. specializes in the marketing and distribution of a broad range of products and services at wholesale prices to both consumer and trade customers. Its Internet-related businesses include: AllnetDirect.com, which lists over 45,000 computer-related products, similar to Insight.com (NSIT NSIT Networking Services and Information Technologies (University of Chicago) NSIT Nova Scotia Institute of Technology NSIT Not Safe In Taxis NSIT Netaji Subash Institute of Technology NSIT Network Systems and Information Technology ); GoingOnce.net, a 24-hour on line auction, similar to that of OnSale.com (ONSL ONSL Old North St. Louis (neighborhood just north of downtown St Louis, MO) ONSL Optical Network Simulation Layer (VPI) ONSL Organization Nationale des Syndicats Libres ); AllmonitorMall.com, the first Web site dedicated solely to offering all monitor-related merchandise; and AllnetServices.com, which offers Web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. , professional graphics design and animation, data base management and site development. To visit AllnetServices.com Corp.: http://www.allnetservices.com http://www.allnetdirect.com http://www.goingonce.net http://www.allmonitormall.com Or contact Mark E. Merhab, Chairman mmerhab@allnetservices.com 949.462.3937 To receive an investor packet go to http://www.allnetservices.com and link to the company's investor page. There, you can simply fill out and submit a form request on line. (a) Except for historical information contained in this release, the statements and data that relate to annual financial results and future web site developments are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that involve risks and uncertainties. Actual results may differ as a result of a number of factors. Potential risks and uncertainties include, but are not limited to, differences in accounting methods, increased competition, lack of capital, and change in strategic positioning of the company. Please feel free to contact us for additional information regarding the Company. |
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