Chadmoore Wireless Group announces second quarter and six months results.LAS VEGAS--(BUSINESS WIRE)--August 21, 1997-- - Selects 131 markets for priority construction Chadmoore Wireless Group Inc. (OTC/BB:MOOR), a provider of Specialized Mobile Radio See SMR. (SMR (Specialized Mobile Radio) The communications services used by police, ambulances, taxicabs, trucks and other delivery vehicles. Throughout the U.S., approximately 3,000 independent operators are licensed by the FCC to offer this service, which provides always-on ) telecommunications services, announced today its results for the second quarter and six months ended June 30, 1997 and said that it has selected 131 markets for priority construction. Revenues for the quarter totaled $583,034 compared with $599,277 in the same period a year ago. For the second quarter of 1997, the company reported loss from operations of $1,094,983, compared with $1,261,061 in the second quarter of 1996. Net loss for the quarter was $8,395,182, or 42 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a net loss of $1,421,152, or 14 cents per share, in the second quarter of 1996. The second quarter loss included a $7,166,956 allowance for the reduction of management and licenses to estimated fair value. There were 19,868,119 and 10,294,494 weighted average number of common shares outstanding in the 1997 and 1996 second quarters, respectively. For the six months ended June 30 of 1997 and 1996, there were 19,511,640 and 9,700,120 weighted average number of common shares outstanding, respectively. For the six months ended June 30, 1997, revenues totaled $1,081,884 compared with revenues of $821,765 in the first six months of 1996. Loss from operations for the six months was $2,364,919, compared with $2,336,553 in the six months of 1996. Net loss for the six month period was $9,728,789, or 50 cents per share, compared with a net loss of $2,429,218, or 25 cents per share in the same period last year. The six month loss included a $7,166,956 allowance for the reduction of management and licenses to estimated fair value. The company reported total assets of $35,552,126 at June 30, 1997. The company said it anticipates that it can engineer and construct a total of 158 markets by Nov. 20, 1997, the deadline given the company by the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. , assuming financing is obtained. The company is now in negotiations to finalize this financing. Jan Zwaik, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said, "Currently, the company is very focused on the construction of our SMR stations across the nation to meet FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. mandates. Based on several key components, the company has thoroughly reviewed and prioritized its more than 200 markets, selecting 131 of these markets as first priority markets for construction. Working with GeoTrans Wireless will assist us in meeting our construction goal. The company has 17 markets which are currently operational and other markets which are currently under construction. The company hopes to commercialize the first priority markets as quickly as possible after completing the construction phase." Chadmoore Wireless Group Inc. is engaged in the business of wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. utilizing 800 MHZ SMR frequencies throughout the Midwest and Southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . SMR, one of the fastest growing types of wireless communications in the U.S., currently services over 2.3 million radio users, with annual service revenues over $525 million. Chadmoore manages over 7,000 SMR frequencies serving a population in excess of 50 million. -0- Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in 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. Although Chadmoore Wireless Group, Inc. believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projections. Such risks and uncertainties include, without limitation, fluctuations in demand, loss of subscribers, the quality and price of similar or comparable wireless communications services, regulatory delays, access to sources of capital, liquidity and the price of company stock. The company's need to renegotiate existing debt instruments, termination of proposed transactions, access to sources of capital, and general economics. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most website at www.kcsa.com
Chadmore Wireless Group, Inc.
Financial Summary
(Unaudited)
For the Three Months
Ended June 30,
1997 1996
Gross Revenues $ 583,034 $ 599,277
Loss From Operations $(1,094,983) $(1,261,061)
Net Loss(a) $(8,395,182) $(1,421,152)
Net Loss Per Share $ (0.42) $ (0.14)
Weighted Average Common
Shares Outstanding 19,868,119 10,294,494
For the Six Months
Ended June 30,
1997 1996
Gross Revenues $ 1,081,884 $ 821,765
Loss From Operations $(2,364,919) $(2,336,553)
Net Loss(a) $(9,728,789) $(2,429,218)
Net Loss Per Share $ (0.50) $ (0.25)
Weighted Average Common
Shares Outstanding 19,511,640 9,700,120
(a) Net loss for the second quarter and six months ended June 30,
1997 includes a $7,166,956 allowance for the reduction of management
and licenses to estimated fair value.
CONTACT: Chadmoore Wireless Group, Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 702/891-5255 or KCSA, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Joseph A. Mansi/Paul Holm 212/682-6300 ext. 205/201 |
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