BarPoint.com Announces First Quarter Results; Web Site & Wireless Launch, New Affiliates and Acquisition Highlight Continued Progress.Business Editors FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Feb. 23, 2000 BarPoint.com, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: BPNT), the company that is revolutionizing consumer use of Universal Product Codes (UPC (Universal Product Code) The standard bar code printed on retail merchandise, which is administered by GS1 US, Brussels, Belgium and Lawrenceville, NJ (www.gs1.org). ), has announced results for the first quarter ended December December: see month. 31, 1999. During the quarter, BarPoint launched its mobile Internet Refers to gaining access to the Internet using a lightweight, handheld device. See Mobile IP, PDA, smartphone and mobile TV. commerce and information service, www.barpoint.com, partnered with over one hundred new e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. affiliates and successfully tested and distributed a Beta version A pre-shipping release of hardware or software that has gone through alpha test. A beta version of software is supposed to be very close to the final product, but, in practice, it is more a way of getting users to test the software in the first place under real conditions. of the BarPoint Shopper (TM) software for the Palm VII The Palm VII product family consisted of two products, the Palm VII and the Palm VIIx Palm Pilots. These were produced by Palm, Inc., before it was split into PalmOne and PalmSource. They had antennas for wireless data communication on the Mobitex network under the now defunct Palm. Wireless Organizer from 3Com/Palm Computing computing - computer (NasdaqNM: COMS COMS 3Com Corporation (stock symbol) COMS Certified Orientation and Mobility Specialist COMS Continuous Opacity Monitoring Systems COMS City of Manchester Stadium (UK) ). Adding strength to its wireless offering, BarPoint acquired Synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. Solutions, Inc., a market-proven developer of user-friendly user-friendly - Programmer-hostile. Generally used by hackers in a critical tone, to describe systems that hold the user's hand so obsessively that they make it painful for the more experienced and knowledgeable to get any work done. applications for handheld handheld: see personal digital assistant. devices, providing BarPoint with new capabilities in software development. Revenues for the quarter were $50,325. Net loss for the quarter was $874,881. BarPoint began operations on June June: see month. 3, 1999 and, therefore, has no comparable results for the year earlier period. As of December 31, 1999, BarPoint's financial position included $4.9 million in cash and $10 million in marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . Commencing in the first quarter and continuing thereafter, the company began liquidating its shares of Socket Communications, Inc. As of February 10, 2000 the Company had sold shares in Socket amounting to over $17 million in cash and cash equivalents. BarPoint enjoyed significant achievements with regard to business development during the first quarter. The Company increased the number of its e-commerce affiliates from roughly 220 to more than 325, including agreements with Amazon.com, Wal-Mart, Barnes & Noble, Disney Stores, Staples staples U-shaped stainless steel or vitallium units with sharp points used for surgical fixation. epiphyseal staples used to staple epiphysis to metaphysis; have metal bracing at the corners. , and eToys. "With the launch of the BarPoint.com service in December, we saw our work come together as a commercially viable offering that provides consumers with all the information they need to make more informed purchasing decisions, whether in the aisle of a store or sitting at a desktop," stated Leigh Rothschild, founder 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 BarPoint.com. "We are building and strengthening our management team, hiring key executives that enhance our intellectual resources and confirm our commitment to success. We continued to add depth to www.barpoint.com through additional product information, expanding our database of consumer products to include access to 90 million out of the roughly 100 million items with UPC barcode numbers in the U.S. As we move forward, we will increase wireless access on a variety of devices and continue our existing cross-promotional and revenue-sharing partnerships." By the end of 2000, the Company plans to have more than 26 categories on its web site. Computer hardware, computer software, books, audio books, CD's, DVD's and videos are all currently available. Categories in development include consumer electronics, automotive, toys, groceries gro·cer·y n. pl. gro·cer·ies 1. A store selling foodstuffs and various household supplies. 2. groceries Commodities sold by a grocer. , pet supplies, health and beauty, office supplies Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). and more. In December, the company launched the Beta version of the BarPoint Shopper (TM) software for the Palm VII, the first of many wireless devices to be BarPoint-enabled, allowing consumers to access comprehensive product information, anytime, anywhere. Last week, BarPoint announced that its service will be a pre-configured shopping option on Motorola's web-enabled cell phones. Rothschild concluded, "BarPoint is exploring other strategic acquisitions that will further add to our core capabilities and contribute to our establishment of market leadership. We are also actively pursuing other opportunities to raise additional capital to add to our healthy cash position. Over the course of 2000, we plan to increase revenues from licensing fees, e-commerce commissions and sponsorship and advertising as consumers take advantage of BarPoint's patent-pending search technology and database." About BarPoint.com BarPoint.com is the single, authoritative source for mobile Internet commerce; bridging the gap between the broad selection of products offered online with the confidence and satisfaction of retail shopping. Using BarPoint's comprehensive 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 database and a handheld device, consumers can instantly obtain comparative pricing, product and manufacturer information, etc. for millions of items, using a product's unique barcode. BarPoint has previously announced strategic alliances with companies such as Go America, JP Systems, Konover Property Trust (NYSE NYSE See: New York Stock Exchange : KPT KPT Kai's Power Tools KPT Karachi Port Trust (Pakistan) KPT Konover Property Trust, Inc. KPT Kidney-Pancreas Transplantation KPT Kia Pride Tuning (Philippines) ) and Symbol Technologies (NYSE: SBL SBL Society of Biblical Literature SBL Symbol Technologies, Inc. (NYSE symbol) SBL Spamhaus Block List SBL Space-Based Laser SBL Securities Borrowing and Lending SBL Supreme Beings of Leisure (band) ) and recently acquired Synergy Solutions, which is now a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BarPoint.com. Whether using a handheld device to scan or manually enter the product's UPC or even accessing BarPoint's website from a desktop computer, BarPoint.com is the most direct route to better, more informed purchasing decisions anytime, anywhere. BarPoint.com is located at: One East Broward Boulevard, Suite 410, Fort Lauderdale, FL 33301. For information, contact BarPoint.com at: (954) 745-7500 or via the web: www.barpoint.com. 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. within the meaning of 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, regarding the Company s business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company s expectations or future events. BarPoint and BarPoint.com are trademarks of BarPoint.com, Inc. BarPoint Technology is patent pending. All other registered trademarks are the property of their respective owners.
BARPOINT.COM, INC.
Condensed Consolidated Statements of Income
Three months From Inception
ended 6/3/99-
12/31/99 12/31/99
---------------- ----------------
Revenues
Total revenues $50,325 $50,325
Cost of Sales 1,767 1,767
---------------- ----------------
Gross Profit 48,558 48,558
---------------- ----------------
Operating Expenses
Selling, general and administrative 1,676,588 2,508,878
Research and development 254,204 332,116
---------------- ----------------
Total Operating Expenses 1,930,792 2,840,994
---------------- ----------------
Loss from Operations (1,882,234) (2,792,436)
---------------- ----------------
Other Income
Interest Income 65,906 129,513
Gain on Sale of Marketable Sec.
and Other Assets 370,447 370,447
---------------- ----------------
Total Other Income 436,353 499,960
Loss before income tax benefit (1,445,881) (2,292,476)
Income tax benefit 571,000 979,000
--------------- ----------------
Net Loss $(874,881) (1,313,476)
=============== ================
Loss per Common Share -
Basic and Diluted $(0.06) $(0.12)
=============== ================
Weighted Average Common Shares
Outstanding 14,083,732 11,378,490
=============== ================
BARPOINT.COM, INC.
Condensed Consolidated Balance Sheets
12/31/99
-------------
Assets
Cash and cash equivalents $4,918,452
Marketable securities 10,095,559
Account receivable 15,734
Inventory 43,895
Loans receivable 210,436
Other assets 161,824
-------------
Total Current Assets 15,445,900
-------------
Property-land -
Equipment - net of accumulated depreciation
of $7,999 125,476
-------------
125,476
Other Assets
Goodwill 498,285
Software development - net 247,621
-------------
745,906
-------------
Total Assets 16,317,282
=============
Liabilities and shareholders' equity
Current Liabilities
Accounts payable and accrued expenses $767,744
-------------
Total Current Liabilities 767,744
-------------
Other Liabilities
Deferred taxes payable 2,429,832
-------------
2,429,832
-------------
Total liabilities 3,197,576
-------------
Stockholders' Equity
Preferred stock -
Common stock 15,350
Paid-in-capital 12,016,668
Subscription receivable (750,000)
Accumulated Deficit-Development Company (1,313,476)
Comprehensive Income 3,151,164
-------------
Total Stockholders' Equity 13,119,706
-------------
Total Liabilities and Stockholders' Equity $16,317,282
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