C2i Solutions Announces Second Quarter, Six Month Results; Takes First Step to Create Nationwide ISP.SAN DIEGO--(BUSINESS WIRE)--Aug. 13, 1999-- C2i Solutions Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CTWO CTWO Center for Third World Organizing ), a provider of e-business/e-commerce solutions and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. information technology (IT) services for business and government, Friday announced results for its second quarter and first six months ended June 30, 1999. Revenues for this year's second quarter were $126,256, compared with $101,380 for the same period in the previous year. The net loss for the second quarter was $289,965, or $0.08 per share, compared with a net loss of $611,011, or loss of $0.17 per share, for the same quarter of 1998. For the first six months of 1999, revenues were $400,593, with a net loss of $961,900, or $0.27 per share, compared with revenues of $170,459 and a net loss of $1.2 million or loss of $0.39 per share for the first half of the previous year. Earlier this week, C2i announced that it entered into a binding, definitive agreement to merge with privately held American Digital Network Inc. (ADN ADN Anchorage Daily News (Alaska newspaper) ADN Yemen (international vehicle registration) ADN Ácido Desoxirribonucleico ADN Acide Désoxyribonucléique (French: DNA) ), located in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . ADN is a leading strategic 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 Services Provider that has developed an end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. proprietary e-commerce software solution and offers Internet connectivity, Web site development and maintenance, co-location, extranets and hosting services. For the year ended Dec. 31, 1998, ADN had revenues of $6.2 million, up 81 percent from 1997 revenues. C2i Chairman, President & Chief Executive Officer John A. Whalen, Jr., commented, "While both our top and bottom line showed improvement on a year-to-year basis, the real story is our action to create a nationwide Internet Services Provider (ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. ). The merger with ADN will represent the first step towards this strategic goal. With its proprietary e-commerce software, customers including Artist Direct, Ashworth Golf, General Instrument, the San Diego Convention Center The San Diego Convention Center is the main convention center for the city of San Diego, California. It is located in the Marina district of downtown San Diego near the Gaslamp Quarter, at 111 West Harbor Drive. and the U.S. Navy, and strategic relationships with such major companies as Compaq, Open Market, Microsoft, and Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , merging with ADN will allow the combined company to deliver e-business/e-commerce solutions that connect companies' new and existing IT applications to customers and suppliers via the Internet. "We are aggressively pursuing additional mergers or acquisitions," Whalen said. "Among our targets are a national backbone ISP with hubs in major metropolitan areas, and candidates providing capabilities to e-commerce-enable legacy applications." ADN is a proven provider of full-service Internet solutions targeting business and government customers. These customers currently provide over 75 percent of ADN's annual revenue in areas of electronic commerce, Internet connectivity, application hosting, and Virtual Private Networks. ADN provides a full suite of services to help ensure that the correct Internet solution is fine-tuned from data transport to the database. With its combination of proven strategies, state of the art technologies and implementation expertise, ADN delivers effective solutions, on time and within budget. For further information about ADN, visit the Web site at www.adnc.com. C2i Solutions is committed to providing complete e-business/e-commerce solutions, including professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , software, servers, routers, secure high-speed Internet See broadband. connections, virtual private networks, Internet telephony Another term for IP telephony and VoIP. In the late 1990s, some people made a distinction between Internet Telephony and VoIP: Internet telephony referred to voice over the public Internet, while VoIP referred to voice over private IP networks. and customized bridges to a client's existing IT infrastructure. C2i's Web site can be found at www.c2isolutions.com. For C2i investor information, visit the Allen & Caron Inc. Web site at www.allencaron.com. This document 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. , including, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc C2i's intended acquisition of ADN, plans for the combined company, and potential benefits from the merger that involve certain risks and uncertainties. Actual results may differ significantly from the expectations contained in the forward-looking statements. The merger may not be completed. Among the factors that may affect these forward-looking statements are availability of resources to pursue opportunities, potential difficulties in integrating the companies, and competitive conditions in the rapidly changing e-commerce marketplace. These and other significant risks are discussed in more detail in the company's 1998 Annual Report on Form 10-KSB, as filed with the Securities and Exchange Commission on March 26, 1999. Readers are cautioned not to place undue reliance on these forward-looking statements, which 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" .
C2i Solutions Inc.
(A Development Stage Company)
Consolidated Statements of Operations
(Unaudited)
Period from
Inception
Three Months Ended Six Months Ended (Sept. 17, 1996)
June 30, June 30, through
1999 1998 1999 1998 June 30, 1999
Revenues:
Services $ 126,256 $ 87,165 $ 400,593 $ 156,244 $ 1,020,643
Products -- 14,215 -- 14,215 118,848
Total Revenues 126,256 101,380 400,593 170,459 1,139,491
Cost of Revenues:
Services 118,050 42,107 255,074 72,499 522,449
Products -- -- -- -- --
Customers -- 9,300 -- 9,300 64,852
Former
stockholder -- -- -- -- 17,652
Total cost of
revenues 118,050 51,407 255,074 81,799 604,953
Gross profit 8,206 49,973 145,519 88,660 534,538
Selling, general and
administrative
expenses 310,285 719,974 1,093,537 1,268,847 5,835,602
Operating loss (302,079)(670,001) (948,018) (1,180,187) (5,301,064)
Interest and
dividend
income (17,296) (59,370) (46,846) (79,281) (267,574)
Interest
expense 359 575 812 18,367 44,338
Interest expense
to former
employees -- -- -- 2,483 3,105
Other expense
(income) 4,823 (195) 11,371 120,353 131,567
Loss realized on
sale of
short-term
investment -- -- 48,545 -- 703,306
Net loss $(289,965) $(611,011)$(961,900) $(1,242,109)$(5,915,806)
Loss per share
(basic and
diluted) $ (0.08) $ (0.17) $ (0.27) $ (0.39)
Shares used in
computing
loss per
share 3,542,171 3,542,171 3,542,171 3,182,162
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