BEVsystems Announces Filing of Its Form 10-QSB for the Quarter Ended September 27, 2003.Business Editors MIAMI--(BUSINESS WIRE)--Oct. 15, 2003 BEVsystems International, Inc. (Pink Sheets:BEVI BEVI Baboon M7 Virus Integration Site ) announced today that it has filed its Form 10-QSB for the quarter ended September September: see month. 27, 2003. As a result of this filing, the Company is current with all of its reports due under the Securities Exchange Act of 1934. The Company reported revenues of $18,680 for the three months ending September 27, 2003 as compared to revenues of $230,298 for the three months ending September 28, 2002. The comprehensive loss and the basic net loss per weighted average share were $1,524,041 and $(.04), respectively, for the three months ended September 27, 2003, as compared to $14,361,138 and $(56.42) respectively, for the three months ended September 28, 2002. The decreases in revenues and the comprehensive loss from operations from the prior period primarily resulted from the closing of the manufacturing plant in Clearwater, Florida Clearwater is a city located in central Pinellas County, Florida, USA, nearly due west of Tampa. As of the 2000 census, the city had a total population of 108,787; however, according to the 2005 U.S. Census Bureau's estimates, the city's population fell slightly to 108,687. and the transitioning from a direct sales organization to an organization that provides licensees of its products on a National and International basis. The Company also reported that subsequent to the end of the three months ending September 27, 2003, the Company had converted over $600,000 in Convertible Debentures 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. and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. into shares of common stock. As a result of the recent conversions, the total amount of liabilities of the Company that have been converted since January 2003 is now in excess of $1.8 million. About BEVsystems International, Inc. Miami-based BEVsystems International, Inc. (Pink Sheets:BEVI) is a provider of premium performance water. With sales in 22 countries, the success of its flagship Life 02 SuperOxygenated Water brand, infused with up to 1,500 percent more oxygen via patented process and technology innovations, underscores BEVsystems' commitment to research and technology to deliver superior quality beverage products. A recently published peer review study in The European Journal European Journal is a weekly Deutsche Welle (DW) news program produced in English. It is broadcast from Brussels, Belgium and primarily covers political and economic developments across the European Union and the rest of Europe, as well as issues of particular concern to of Medical Research details the medical benefits of oxygen-enriched water. Visit http://www.bevsystems.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 This press release contains 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. that involve risks and uncertainties. The statements in this Release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions. |
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