Amtec Announces Cellular Subscriber Growth and Reports Third Quarter Operating Results.NEW YORK--(BUSINESS WIRE)--Feb. 16, 1999-- Cellular Subscribers Increase 75% in Third Quarter 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 ), a telecommunications company See telecom company. with operations in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, today reported financial results for the third quarter of fiscal 1999 which ended December December: see month. 31, 1998. AmTec has established joint ventures to build cellular telephone networks in China and is in the process of merging with the China operations of major telecommunications companies, including UIH UIH Unnumbered Information with Header check UIH User Interface Compiler Header File International and Global TeleSystems Group, Inc., in order to expand its presence in the rapidly growing Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. market. The Company's first cellular joint venture has six cellular networks operating and plans to launch an additional four by the end of 1999. During the third quarter, cellular subscribers increased by 75% from 20,000 for the quarter ended September September: see month. 30, 1998, to 35,000 for the quarter ended December 31, 1998. In reporting the results for the third quarter, Albert Albert, German churchman Albert, 1490–1545, German churchman, cardinal of the Roman Catholic Church. A member of the house of Brandenburg, he became (1514) Archbishop of Mainz. G. Pastino, AmTec's Chief Financial Officer stated, "The cellular networks are rapidly growing but are still in the roll-out phase. Thus, the Company reported a loss applicable to common shares in the third quarter, of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.1 million or $0.08 per share, compared with a loss of approximately $1 million or $0.04 per share in the corresponding period of 1997 when there was a higher level of network construction and a substantial amount of cost being capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. ". Mr. Pastino added, "These financial results are on target with what we expected. It is important for our shareholders to understand that our networks are generating revenues and adding new subscribers. However, we do not recognize any revenues until our portion of the cash flow has been received from the joint venture. This will change as we expect to begin recognizing our portion of the net cash flow on a quarterly basis beginning in the next fiscal year. The Company amortizes its investment in these joint ventures over the life of the contract. The amortization for the quarter was $0.6 million and for the nine months ended December 31, 1998 was $1.7 million." AmTec, Inc. is a telecommunications company with operations in the People's Republic of China. AmTec is developing 10 cellular networks in Hebei Province Noun 1. Hebei province - a populous province in northeastern China Hebei, Hopeh, Hopei Cathay, China, Communist China, mainland China, People's Republic of China, PRC, Red China - a communist nation that covers a vast territory in eastern Asia; the most (population: 64 million) in partnership with China Unicom China Unicom, full name China United Telecommunications Corporation, 中国联通, HKSE: 0762 NYSE: CHU, is a telecommunication operator in the People's Republic of China. 52. (one of China's two licensed cellular telephone operators), NTT NTT Nippon Telegraph and Telephone Corporation NTT New Technology Telescope NTT National Technology Transfer, Inc NTT Name That Tune (TV game show) NTT National Tree Trust NTT Number Theoretic Transform International, Itochu Itochu Corporation (伊藤忠商事株式会社 , and the Hebei Hebei or Hopei (both: h  -bā), province (1994 est. pop. 63,660,000), 78,900 sq mi (204,404 sq km), NE China, on the Bohai, an arm of the Yellow Sea. Provincial Provincial has several meanings and may refer to:
 `nän`) [south of the lake], province (1994 est. pop. 63,050,500), c.80,000 sq mi (207,254 sq km), S central China, S of Dongting lake. Changsha is the capital. Province (population: 64 million) and, with the
closing of the GTS GTSabbr. gas turbine ship agreement, will provide data networking services throughout 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, 1998. 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 STATEMENTS OF OPERATIONS
Nine months ended Dec 31 Quarter ended Dec 31
1998 1997 1998 1997
Revenues $ -- $ -- $ -- $ --
------------------------- --------------------
Expenses:
Selling, general
and administrative 3,163,638 3,672,582 1,060,769 1,207,104
Amortization of GSM
investment 1,709,845 -- 624,048 --
------------------------- --------------------
Total expenses 4,873,483 3,672,582 1,684,817 1,207,104
------------------------- --------------------
Loss from operations (4,873,483) (3,672,582) (1,684,817) (1,207,104)
Other income (expense):
Amortization of stock
options (459,374) -- -- --
Other - net (293,812) (81,721) (542,632) 21,339
------------------------ --------------------
Total other income
(expense) (753,186) (81,721) (542,632) 21,339
------------------------ --------------------
Loss before minority
interest (5,626,669) (3,754,303) (2,227,449) (1,185,765)
Minority interest in
loss of subsidiaries (941,974) (49,330) (187,280) (272,371)
------------------------ --------------------
Net loss (4,684,695) (3,704,973) (2,040,169) (913,394)
Preferred stock
dividend 614,051 222,891 145,107 114,891
======================== ====================
Loss applicable to
common shares (5,298,746) (3,927,864) (2,185,276) (1,028,285)
======================== ====================
Basic loss per
common share (0.20) (0.13) (0.08) (0.04)
======================== ====================
Weighted average
common shares
outstanding 26,458,488 30,728,346 25,971,101 29,210,664
======================== ====================
AMTEC INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Dec. 31, 1998 Mar. 31, 1998
ASSETS:
Current assets
Cash $ 5,850,056 $ 10,442,334
Accounts Receivable 104,881 114,661
Prepaid expenses and
other current assets 228,129 356,554
----------- -------------
Total current assets 6,183,066 10,913,549
Property and equipment, net 821,265 897,265
Investment in construction of
GSM networks, net of
amortization 28,518,017 28,461,810
Other assets 63,301 113,180
Deferred expenses -- 6,916
----------- -------------
TOTAL ASSETS $ 35,585,649 $ 40,392,720
=========== =============
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities
Accounts payable $ 175,663 $ 551,705
Accrued expenses 47,491 798,376
Loans payable - shareholders -- 1,452,553
Bank loans payable within 1 year 4,000,000 --
Other current payables 9,737,721 10,234,872
----------- -------------
Total current liabilities 13,960,875 13,037,506
----------- -------------
Bank loans 17,528,747 20,028,602
Other payables 1,487,727 1,487,727
Minority interest -- 941,974
----------- -------------
TOTAL LIABILITIES 32,977,349 35,495,809
----------- -------------
STOCKHOLDERS' EQUITY
Preferred Stock: authorized
10,000,000 shares
Series E Convertible Preferred
Stock:
$.001 par value; 36.5 and 73
shares issued and outstanding in
Dec.31,1998 and March 31,1998,
respectively. 1 1
Common stock: $.001 par value,
authorized 100,000,000 shares;
30,008,426 and 26,532,502 issued
and outstanding at Dec. 31,
1998 and March 31, 1998,
respectively 30,008 26,533
Additional paid-in capital 35,000,867 33,148,529
Accumulated deficit (32,693,336) (27,394,590)
Cumulative foreign currency
exchange loss (690) 613
Non employee deferred option
cost, net -- (1,378,125)
Warrants 271,450 493,950
----------- -------------
TOTAL STOCKHOLDERS' EQUITY 2,608,300 4,896,911
----------- -------------
TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY $ 35,585,649 $ 40,392,720
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