ColorMax Achieves Break-Even in Operations, Records $598,071 in Revenue for the Second Quarter of 2000.Business Editors/Health and Medical Writers TUSTIN, Calif.--(BUSINESS WIRE)--Aug. 9, 2000 ColorMax Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CXTE) announced that it achieved a net income of $2,731 -- during its second quarter of operations -- on revenue of $557,259. The beneficial conversion of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. in accordance with the company's March 6, 2000, financing resulted in a non-cash non-recurring preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $917,689 which decreases net income available for dividends to common shareholders and does not reflect upon operations. "We're proud that we've reached break even so rapidly," commented Richard R. Milewski, 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. . "We began the year with only five doctors ready to prescribe ColorMax(R) lenses. In just six months, we enrolled 143 eye care professionals, set up a laboratory to ship test kits and lenses, and established a research department to develop the lines we intend to introduce. Now, with an expanding base of practitioners, we can build from a foundation of performance. "We're beginning the third quarter with a network of distributing doctors already in place. Every shipment of lenses we deliver generates enthusiastic patient responses. Our accelerating growth to date demonstrates that we've initiated our strategy, that we're on pace toward establishing and leading a significant new market." ColorMax Technologies Inc. (OTCBB:CXTE) is the nation's leading color vision aid company. The firm has been working with eye care professionals worldwide, serving as an advocate and helping colorblind col·or·blind or col·or-blind adj. Partially or totally unable to distinguish certain colors. individuals to better identify color. ColorMax is promoting greater awareness of colorblindness on both the social and scientific levels, and is applying high-tech engineering to color vision aid products. This release contains forwarding-looking statements with respect to the results of operations and business of ColorMax Technologies, Inc., that involves risks and uncertainties. The company's actual future results could materially differ from those discussed herein. Risks and uncertainties of the company will be detailed from time to time in the company's periodic reports. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements, be subject to "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. " provisions of 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. |
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