Aquatic Cellulose Announces 1st Quarter Results.Business Editors VERNON, B.C.--(BUSINESS WIRE)--Oct. 20, 2000 Aquatic Cellulose (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AQCI), a leader in the emerging aquatic timber harvesting industry, today reported financial results for the three months ended August 31, 2000. All revenues for the quarter represented log sales in Brazil. Increased cost of sales reflected start up costs associated with the company's milling operation in Brazil. "Over the past two quarters we have fine tuned our Brazilian operation to enable us to target the U.S. market," stated Gary Ackles, Aquatic 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. . He added, "Our transition from selling logs in the Brazilian market to selling dimensional lumber in the U.S. was a logical and natural evolution of our business plan. While it has taken us longer than anticipated to make our transition, I am nonetheless pleased that we have now arrived. As a result, I believe we have established a much stronger foundation for our future growth. Things are unfolding nicely in Brazil." Aquatic believes its strategy involving targeting the lucrative U.S. market and custom manufacturing its products will yield significantly higher margins. Frank Van Vranken, Head of International Operations confirmed, "We were receiving on average $40 per cubic meter for our logs in the Brazilian market. By converting our logs into dimensional lumber in Brazil and shipping it to the U.S., we are able to increase our product margins significantly. That is exciting." In discussing details of today's quarterly report, in particular about the convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. , Mr. Ackles stated, "Our financial team in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of has demonstrated a sincere commitment to the prosperity of our company, as evidenced by their activity regarding share conversion. While they have the ability to fully convert, they have not done so. I am pleased by their cooperation, as it is further evidence of their commitment to our financial success." When asked about account receivables, Mr. Ackles stated, "Our existing receivables are being paid down as we speak. We anticipate that they will become a small part of our financial picture." "Over the past year, our company has achieved many exciting milestones," stated Mr. Ackles. He added, "As for our future, our growth will be steady and our foundation will remain strong. I am confident that, with the existing AQCI team and with the alliances we have now formed in the U.S., as well as the alliances we will form in the future, AQCI will become recognized as an influential and dynamic multinational company in our industry. About the Company Aquatic Cellulose International Corp. (AQCI) is a growth stage, technology based company retrieving what was once considered a lost natural resource. That resource is aquatic timber. Gary Ackles, CEO of AQCI, has patented a revolutionary robotic harvesting technology, granting exclusive rights to AQCI for use in the forest industry. With this technology, AQCI is pioneering the worlds first robotic Aquatic Timber Harvester harvester, farm machine that mechanically harvests a crop. Small-grain harvesting has been mechanized to a certain extent since early times. In the modern period the first harvester to gain general acceptance was made by Cyrus McCormick in 1831 (see reaper). (ATH). The ATH performs a series of underwater cutting and retrieving tasks once only performed by teams of divers. By eliminating divers, the ATH dramatically increases both output and efficiency, enabling commercial operations of equal scale to land based logging companies. This technological breakthrough is effectively transforming aquatic timber harvesting into a multibillion dollar global industry. In November, 1999, AQCI began it's first commercial operation at Tucurui Lake in Northern Brazil. Covering over 450,000 acres of inundated in·un·date tr.v. in·un·dat·ed, in·un·dat·ing, in·un·dates 1. To cover with water, especially floodwaters. 2. Amazon rain forest, the estimated time for completion of this multiphase Mul´ti`phase a. 1. (Elec.) Having many phases; Adj. 1. multiphase - of an electrical system that uses or generates two or more alternating voltages of the same frequency but differing in phase angle project is twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. . In addition to this project, AQCI has plans to further expand it's reach into Brazil, as well as to develop other projects worldwide. From its Tucurui Lake harvesting project, AQCI has introduced a unique product line of "water cured" tropical hardwoods called Amazon Line. Uncompromisingly beautiful, durable and above all ecological, Amazon Line is being marketed in the U.S. as a leading environmental timber alternative. AQCI has secured the Internet domain name An organization's unique name on the Internet. The chosen name combined with a top level domain (TLD), such as .com or .org, also called a "domain extension," makes up the Internet domain name. For example, computerlanguage.com is the domain name for the publisher of this Encyclopedia. www.AmazonLine.com with plans to launch the website for e commerce later this fall. Counting over 40,000 dams worldwide, not to mention endless lakes, rivers and tributaries, there are seemingly unlimited global opportunities for expanding AQCI's operations. To learn more about this fascinating company, please visit AQCI's website: www.AquaticCellulose.com and join the company's growing e-mail list. This press release contains statements that constitute forward statements, as defined in 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. Forward looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, the Company's dependence on one customer, seasonality of the Company's retrieval business and risk of future losses from operations. Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other risk factors identified. The NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). has neither approved nor disapproved of the information contained herein. |
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