Chattown.com Network Inc. Files 10-QSB Showing Gross Revenues Up 316%.Business Editors SARASOTA, Fla.--(BUSINESS WIRE)--Aug. 22, 2000 Chattown.com Network Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CTWN) (Company), announced today that it has filed its second quarter 10-QSB ending June 30, 2000 with the SEC on Monday August 21, 2000. The Company had revenues of $711,736 for the six months ended June 30, 2000, compared to revenues of $224,985 for the six months ended June 30, 1999, an increase of 316%. The Company had net income from operations of $533,482 for the six months ended June 30, 2000 compared to a loss from operations of $271,075 for the six months ended June 30, 1999 . The Company had net income of $317,184 for the six months ended June 30, 2000, compared to a loss of $137,953 for the comparable 1999 period. For the same six months, total assets increased $127,467 or 75%, stockholders equity increased $134,929 or 84%. Selling, general and administrative expenses decreased from $491,075 for the six months ended June 30, 1999, to $178,254 for the comparable period in 2000. The decrease in selling, administrative and general expenses in the six months ended June 30, 2000, compared to the comparable 1999 period is attributable to the different businesses of the Company in the six-month period ended June 30, 1999, compared to its business for the six months ended June 30, 2000. "While we are very pleased with our company's current revenue we certainly are not satisfied," said Thomas P. Clay, 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. . "Our young company is striving to carve out to make or get by cutting, or as if by cutting; to cut out. - Shak. See also: Carve a unique identity from that of other dot coms dot com - com . We have many exciting projects that we anticipate to have completed over the next six months where the Chattown.com Network will begin to established its own brand name recognition". About Chattown.com Network, Inc. Chattown.com Network, Inc. is the main portal used by Value Plus Marketing, Inc. (VPM VPM Vibrations Per Minute (engineering) VPM Vampire Princess Miyu (anime) VPM Video Port Manager VPM Virtual Product Management VPM Ventroposteromedial VPM Voice Processing Module Inc.), an Internet developing and spawning company. Chattown.com's primary business model is to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. and develop feature-rich web sites with unique content which will enable it to expand its global reach and overall market share. Chattown.com Network, Inc. expects to expand its holdings to nearly 40 web sites of various content by year-end 2000. The sites will offer interactive video and audio technology, sweeps, online shopping, financial content, and other e-commerce services. Some of the web sites included in the Chattown.com Network are as follows: Chattown.com - 1ChatBlvd.com - ChattownUSA.com - ChitterChatter.com - HoundDog.com - ChattersWorld.com - ChatPolitics.com - LoversOnly.com - ChatSports.com - Bell2Bell.com - PennyPicks.com - StockMarketChat.com - ZoneDK.com - ChildsGear.com. A number of statements contained in this press release are 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. . These forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance, of products and technologies, competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing. The actual results that Chattown.com Network, Inc. may achieve may differ materially from any forward-looking statements due to such risks and uncertainties. Management strongly recommends that you read this press release in conjunction with its most recent Form 10-Q Form 10-Q See 10-Q. and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , as well as its other public disclosure documents, which can be viewed at (http://www.sec.gov). |
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