CXN/BIO-TRACKING Reports Over $5 MILLION of Shareholder Equity.Business Editors MONTREAL--(BUSINESS WIRE)--May 27, 2004 CHINA XIN NETWORK MEDIA CORP. (CXIN :OTCBB OTCBB See OTC Bulletin Board (OTCBB). ) the leading provider of Biometric Security and Tracking Technology, today commented on the reported swing to over $5 MILLION of shareholder equity posted in its financial results for the most recent quarter ended March 31, 2004. On December 2, 2003, the company concluded the acquisition of 100% of the outstanding shares of Bio-Tracking Security of Montreal, Canada in exchange for 100,000,000 restricted common shares of CXN CXN Checkerboard Nightmare (web comic) . The stock was trading above $0.05 US and a 52-week range of between $0.011 and $0.12 US on the 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 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. . The preparation of the company's financial statements was done in accordance with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . As of March 31, 2004 we boast over $5 MILLION of shareholder equity following the acquisition of our wholly-owned Bio-Tracking subsidiary. "Management has exerted considerable care and judgment in determining the estimated fair value of the company's equity. We believe that the stated $5 MILLION amounts firmly and accurately reflects the value of our business", said Mr. Michael Tremis, Chairman, 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 CXN/Bio-Tracking.. To supplement our financial statements Bio-Tracking provides investors with additional information, which allows them to have a clearer picture of the company's operations. Management believes that these financial measures enhance the investors' overall understanding of our performance. Investors are urged to review the financial information included as part of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and quarterly earnings releases. Mr. Michael Tremis added, "Our team has made significant progress by achieving a strong, virtually debt-free balance sheet. We are please with our results, which provide a foundation for continued growth well into the future. ABOUT BIO-TRACKING SECURITY INC. CHINA XIN NETWORK MEDIA CORPORATION acquired BIO-TRACKING SECURITY INC. of Montreal, Canada, in December 2003. Bio-Tracking designs and manufactures Vehicle/Asset Tracking and Security Technology, based on a Patent Pending, Wireless Interconnection Methods, Real-time Tracking, Driver Privilege Control, Remote Shutdown, Lock/Unlock, GPS / Inertial Navigation, Biometric Fingerprint Identification, Voice Communication and Spread Spectrum Communication. SAFE HARBOR STATEMENT Safe Harbor 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: The statements, contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risk and uncertainties including, without limitation, demand and competition for the Company's products and services, the availability to the company of adequate financing to support its anticipated activities, the ability of the Company to generate cash flow from its operations and the ability of the Company to manage its operations. |
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