CXN Media Releases Year-End Results.Business Editors MONTREAL--(BUSINESS WIRE)--Sept. 30, 2002 CXN CXN Checkerboard Nightmare (web comic) Media Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CXIN) today released its annual report. The company reported revenues from consolidated operations of $34,616 USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. and a loss of $788,725 USD. CXN Media reported that delays in implementing the corporate portal An internal Web site (intranet) that provides proprietary, enterprise-wide information to company employees as well as access to selected public Web sites and vertical-market Web sites (suppliers, vendors, etc.). , www.cxnmedia.com, and the time required to conclude formal agreements for distribution with the world's largest content providers such as Factiva, Lexis-Nexis and Dialog, resulted in the revenues being delayed. CXN also reported the importance of completing all negotiations and closing a $2,000,000 USD financing in order to continue its growth. The company had expected to conclude the private placement in September but negotiations have not yet been concluded and may take an additional 3 months to complete. CXN's management is very confident that it will be able to conclude the financing and is very enthusiastic as to its fiscal 2003. "We had announced on May 9, 2002 that fiscal 2003 would bring approximately $5 million in revenues, and we have not changed our expectation of revenues but due to recent events, we also foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. a profit in the last quarter," said Mr. Amyot, CXN's 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. . CXN indicates that it is proceeding with the acquisition of Smart Investor magazine of Singapore and Malaysia. Smart Investor will provide CXN with over $1.2 million USD in consolidated revenues and a platform to continue the growth in PRC as well as other Asia markets. CXN MEDIA CORPORATION is a provider of financial, economic and business information on the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. CXN's correspondents source, produce and publish the most reliable information available with the highest accuracy, integrity and speed. CXN also provides business-consulting services to companies seeking to do business in China through its wholly owned division CXN Ventures. To find out more about China Xin xin (tsēn), n faithfulness and sincerity, one of five virtues in Chinese medicine, for which yi is responsible. See also yi. Network Media Corporation (OTCBB:CXIN), visit our website at www.cxnonline.com, and our portal at www.cxnmedia.com. The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections or future performance of the company, the occurrence of which involves certain risks and uncertainties that could cause the company's actual results to differ materially from expected results. Such risks include the timing of implementation and the scope and success of the program described herein. |
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