CXN/Bio-Tracking Slashes Expenses by 85%.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). ).The leading provider of biometric security and tracking technology, reported expenses of $50,000 for the third quarter ended March 31, 2004 compared to $300,000 for the corresponding period last year. An impressive reduction of 85% or $250,000, achieving the goals set out by management in prior reports. "Our management strategically has come to fruition dramatically enhancing the financial position of the company. Highlights include a core reduction in the company's burn rate, the elimination of $1.3 MILLION in liabilities, and the realization of over $5 MILLION in shareholder equity," reported Mr. Michael Tremis, Chairman, President, & 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 Montreal based Bio-Tracking Security. "Following BIO-TRACKING'S state of the art third generation vehicle/asset tracking technology with the introduction of the WARLOCK MODELS l, ll, & lll, management approves the production phase and the execution of our supreme business model." The company is currently considering alternatives for a proposed $4 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . Shares of the company are listed 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 OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB stock exchange trading under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CXIN. For additional information regarding Bio-Tracking Security, including recent financial statements, please visit our company web site at www.bio-tracking.com/. ABOUT BIO-TRACKING SECURITY INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . 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 Privledge 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. FOR INFORMATION, PRESS RELEASES AND SEC FILINGS. Website:www.bio-tracking.com |
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