CXN/Bio-Tracking Reports on Financials.Business Editors/Automotive Writers/High-Tech Writers MONTREAL, Quebec--(BUSINESS WIRE)--May 27, 2004 CHINA XIN NETWORK MEDIA CORP.(CXIN:OTCBB OTCBB See OTC Bulletin Board (OTCBB). ) : "I have partially devoted the last 3 months in clarifying certain issues regarding the finances of our Company. 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. ). One of these issues was expenditures, reducing our costs by 84.9% from the same quarter last year. We believe that financial responsibility begins on our front door, and we fully intend to keep it that way." Mr. Michael Tremis continues: "I then proceeded to tackle the matter of debt that was on our books prior to the acquisition of BIO-TRACKING. Through delicate negotiations and perseverance, along with the help of our Board Members, we managed to practically eliminate the debt, the end result of liabilities on March 31, 2004 being $38,463 as opposed to $1,345,419 on December 31, 2003. A decrease of 97.1%. "Another area we took an interest in addressing was the value of BIO-TRACKING INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . and its technology. Based on the Interim agreement between the parties, it was concluded along with our accountants, using accepted accounting principles that the value was $5 Million, thus the increase of goodwill on our financials." "Our efforts in this area of finances although time consuming and difficult, were a required necessity in order to further distance ourselves from the past administrations of this company, and commence to instill in·still v. To pour in drop by drop. in  stil·la tion n. a sense of trust from our valued shareholders and investors.
This we believe was an important step forward for us, and for our valued
shareholders, in which now our financial statements are currently
clearer, and better represent the value and financial situation of our
company," declared Mr. Michael Tremis.
ABOUT BIO-TRACKING SECURITY INC. China Xin Network Media Corporation acquired Bio-Tracking Security Inc. of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. , 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 Noun 1. inertial navigation - a method of controlling the flight of a missile by devices that respond to inertial forces inertial guidance steering, guidance, direction - the act of setting and holding a course; "a new council was installed under the , Biometric Fingerprint Identification, Voice Communication and Spread Spectrum Communication. 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 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 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. 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. FOR INFORMATION, PRESS RELEASES AND SEC FILINGS. Website: www.bio-tracking.com |
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