AmTec Reports Second Quarter Results And Funding from Terremark.NEW YORK--(BUSINESS WIRE)---Nov. 15, 1999-- AmTec, Inc. (Amex: ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered ), an international telecommunications service In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. company, today reported results for the second quarter ended September September: see month. 30, 1999. The Company reported a net loss for the quarter of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $805,000 or $0.03 per share, as compared to a loss of $1.2 million, or $0.05 per share in the second quarter of 1999. The net loss is primarily attributed to costs incurred in launching its new telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the joint-ventures, such as IP.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. and IXS (Integrated XSeries Server) An x86-based xSeries server (motherboard and memory) from IBM that plugs into an iSeries or i5 midrange computer. Running Windows or Linux, the IXS shares disk storage, server management, user administration with its iSeries/i5 host. .NET. In connection to the Letter of Intent signed on November November: see month. 9, 1999, with Terremark Holdings, Inc., the Company reported the funding of the first tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. of the bridge loan today. Joseph R. Wright, Jr., AmTec's Chairman & 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. , commented, "Terremark and AmTec are moving very fast to complete our merger and we expect to sign a definitive Merger Agreement before the end of November. This merger will result in the combined company receiving up to $30 million to finance its new, expanding businesses and other opportunities." AmTec, Inc. is an international telecommunications service company that provides voice, data and Internet telephony Another term for IP telephony and VoIP. In the late 1990s, some people made a distinction between Internet Telephony and VoIP: Internet telephony referred to voice over the public Internet, while VoIP referred to voice over private IP networks. services through IP.com, a partnership with Fusion Telecommunications International; provides business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. Internet services worldwide through IXS.NET, and holds joint venture telecom interests in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. Note: 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. in this press release are necessarily subject to risks and uncertainties that may affect the accuracy of such statements. Such risks may include any political instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability in China, any delays in construction of networks, and market acceptance of and demand for the Company's products. For a discussion of such risks, please refer to the Company's Form 10(k) filed with the Securities Exchange Commission for the fiscal year ending March 31, 1999. The Company undertakes no obligation to update such factors or to publicly announce the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to the forward-looking statements contained herein. -0-
AMTEC INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Sept. 30, 1999 March 31, 1999
Unaudited
ASSETS
CURRENT ASSETS:
Cash $ 743,399 $ 2,093,141
Prepaid expenses
and other current assets 92,295 38,805
-------------- --------------
Total current assets 835,694 2,131,946
Investments in and
advances to unconsolidated
subsidiary 1,918,892 2,496,480
Property, plant and
equipment, net 73,379 96,926
Loans receivable 400,000 -
Office lease deposit and
other assets 115,733 55,733
-------------- --------------
TOTAL ASSETS $ 3,343,698 $ 4,781,085
============== ==============
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 667,851 $ 439,195
Accrued expenses 127,505 528,548
-------------- --------------
TOTAL LIABILITIES 795,356 967,743
-------------- --------------
COMMITMENTS AND
CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred Stock: authorized
10,000,000 shares:
Series E Convertible
Preferred Stock: $.001
par value; 74 shares
issued, 19.4 and 29.8
shares outstanding at
Sept. 30, 1999 and
March 31, 1999,
respectively 1 1
Series G Convertible
Preferred Stock:
$.001 par value; 20
shares issued and
outstanding at Sept.
30, 1999 and March 31,
1999, respectively 1 1
Common stock: $.001 par value,
authorized 100,000,000 shares;
32,513,393 and 30,736,721
issued and outstanding at
Sept. 30, 1999 and March 31,
1999, respectively 32,513 30,737
Additional paid-in capital 37,419,033 36,947,244
Accumulated deficit (35,385,056) (33,646,491)
Warrants 481,850 481,850
-------------- --------------
TOTAL STOCKHOLDERS' EQUITY 2,548,342 3,813,342
-------------- --------------
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ 3,343,698 $ 4,781,085
============== ==============
See notes to consolidated financial statements
AMTEC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Six months ended Sept. 30 Quarter ended Sept. 30
-------------------------------------------------
1999 1998 1999 1998
---- ---- ---- ----
Unaudited Unaudited
REVENUES $ - $ - $ - $ -
----------- ------------ --------- -----------
EXPENSES
General and
administrative 1,607,539 1,881,328 772,404 857,261
----------- ------------ --------- ------------
LOSS FROM
OPERATIONS (1,607,539) (1,881,328) (772,404) (857,261)
----------- ------------ --------- ------------
OTHER INCOME
(EXPENSE):
Amortization of
stock options
granted to
non-employees - (459,376) - (229,688)
Interest expense - - - -
Other - net 38,672 55,377 10,465 50,567
----------- ------------ --------- ------------
Total other income
(expense) 38,672 (403,999) 10,465 (179,121)
----------- ------------ --------- ------------
LOSS BEFORE EQUITY
IN LOSSES OF
UNCONSOLIDATED
SUBSIDIARY (1,568,867) (2,285,327) (761,939) (1,036,382)
Equity in losses of
unconsolidated
subsidiary (77,588) (359,202) (43,715) (166,284)
----------- ------------ --------- ------------
NET LOSS (1,646,455) (2,644,529) (805,654) (1,202,666)
PREFERRED STOCK
DIVIDEND 92,110 468,944 - 66,523
----------- ------------ --------- ------------
LOSS APPLICABLE
TO COMMON
SHAREHOLDERS $ (1,738,565) $ (3,113,473)$ (805,654)$ (1,269,189)
============ ============ ========== =============
BASIC LOSS PER
COMMON SHARE $ (0.05) $ (0.12)$ (0.03)$ (0.05)
============ ============ ========== =============
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING 31,952,566 26,702,367 32,153,666 26,598,534
============ ============ ========== =============
See notes to consolidated financial statements.
AMTEC INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
----------------------------------
Six Months Ended Sept. 30
----------------------------------
1999 1998
---- ----
Unaudited Unaudited
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net loss $ (1,646,455) $ (2,644,529)
Adjustments to
reconcile net loss
to net cash used in
operating activities:
Amortization of
deferred option cost - 459,374
Depreciation 22,539 21,930
Issuance of common
stock for directors'
fees 25,000 -
Loss on disposal of
fixed assets 508 -
Equity in losses of
unconsolidated
subsidiary 77,588 359,202
(Increase) decrease in:
Accounts receivable - 1,784
Prepaid expenses and
other current assets (53,490) 68,821
Office lease deposit
and other assets (60,000) 55,186
Increase (decrease) in:
Accounts payable and
accrued expenses 147,611 (80,444)
------------ ------------
Net cash used in
operations (1,486,699) (1,758,676)
------------ ------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Sale (purchase) of
property and equipment 500 (8,704)
Loans receivable (400,000) -
------------ ------------
Net cash used in
investing
activities (399,500) (8,704)
------------ ------------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Common stock buy back (88,633) (202,316)
Repayment of advance
from unconsolidated
subsidiary 500,000 2,191,985
Proceeds from exercise
of employee stock
options 125,090 -
------------ ------------
Net cash used in
financing activities 536,457 1,989,669
------------ ------------
NET (DECREASE) INCREASE IN
CASH AND CASH EQUIVALENTS (1,349,742) 222,289
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 2,093,141 2,134,662
------------ ------------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 743,399 $ 2,356,951
============ ============
See notes to consolidated financial statements.
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