Axesstel Inc. Reports Results for Third Fiscal Quarter 2002.Business Editors/High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--Nov. 21, 2002 Company Continues Momentum in Providing Leading-Edge CDMA-Based Terminals and Engineering Services to Markets Worldwide Axesstel Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AXES), a leader in developing, manufacturing and marketing high-quality, CDMA-based fixed wireless local loop (WLL See wireless local loop and PHS-WLL. ) and hybrid terminals and gateway solutions to operators worldwide, today reported results for the third quarter of fiscal year 2002. "The third quarter proved to be a significant time for Axesstel, as the company completed its reverse merger with Miracom Industries Inc., leading to Axesstel achieving full reporting status as a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. ," said Satoru Yukie, 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 Axesstel. "In addition, during the third quarter Axesstel continued to make inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ in worldwide markets, inking deals with operators and manufacturers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Asia and Latin America. We believe that as we continue to grow both segments of our business including terminal sales and engineering services, we will further our position as a global leader in the CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. wireless market." Key consolidated financial performance measures for the third fiscal quarter of 2002 were: -- Total net sales for Axesstel for the three months ended Sept. 30, 2002 were $2,772,774, an increase of $2,772,774 reported for the three months ended Sept. 30, 2001. -- Axesstel's operating income for the third quarter ended Sept. 30, 2002 was $1,087,498, an increase of $1,138,762 over the loss of $51,264 reported for the third quarter of the previous year. -- Axesstel's comprehensive income for the third quarter of 2002 was $569,905, a gain of $0.08 per common share. "We believe that Axesstel has a strong future based on a solid business model and a seasoned team of industry veterans and engineers to execute on our plans," said John Chough, chief financial officer of Axesstel. "By continuing our strong momentum in offering WLL and hybrid terminals, as well as providing high-level engineering services to our customers worldwide, we look forward to a year of sustained growth." About Axesstel Inc. Axesstel is powering the next-generation of wireless terminals and gateways based on QUALCOMM's CDMA and CDMA2000 technologies and the integration with 802.11 and emerging 3G and 4G broadband IP technologies. The company is pursuing technology and applications that will enable the current development and delivery of carrier-class subscriber-based solutions, including fixed wireless terminals, mobile hybrid handsets, modems and wireless payphones. Axesstel's products can be found in more than 15 countries worldwide through its direct sales and OEM/ODM customers. The company has headquarters in San Diego, with its research and development center in Seoul, Korea. For more information, visit the company's Web site at www.axesstel.com. "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. " Statement under 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: With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. The company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products and enhancements by competitors; the competitive nature of the markets for Axesstel's products; Axesstel's ability to gain market acceptance for its products; the company's ability to attract and retain skilled personnel; the company's reliance on third-party suppliers. |
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