FDN, Inc/ClearPoint Communications, Inc., Announces Results for First Quarter.Business Editors ORLANDO, Fla.--(BUSINESS WIRE)--May 22, 2000 FDN FDN Foundation FDN Fully Distinguished Name FDN Fixed Dialing Number (telecommunications) FDN Florida Digital Network FDN Fuerza Democratica Nicaraguense (Nicaraguan Democratic Force) , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : FDNI FDNI Flavor-Diagonal Neutrino Interactions ) an emerging provider of Pre-paid cards, Voice over IP and long distance Telephony products and services, today announced financial results for the first fiscal quarter ended March 31, 2000, highlighting bottom line improvements, 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. and future profitability. Total assets as of March 31, 2000 increased to US $6,106,974. Revenue for the quarter ended March 31, 2000 was US $308,366. The Company reported a net loss of $1,975,327 million or ($0.48) versus a net loss of $615,624 or ($0.173) in the first quarter of fiscal 1999. "Our net loss reflects the commitment this company has made toward restructuring its entire business model this first quarter to ensure future growth and profitability," said James Morrell, President, FDN/ClearPoint. "The Company has also raised an additional $2.3 million in equity financing; and recently initiated its national prepaid card campaign and shipped over 500,000 prepaid cards to approximately 30,000 retail outlets ahead of schedule. This distribution will cover eight major markets throughout the U.S. and is expected to yield $20 million in annual revenues." "Our balance sheet has shown improvement this quarter as we have reduced our note payable obligations and have less than $610,000 in payables remaining through the conversion of debt to equity," said Colin Cave, CFO See Chief Financial Officer. , FDN/ClearPoint. "We believe the Company now has turned the corner, and we are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the outlook for further revenue growth and improved bottom-line performance for the second and third quarters." FDN, Inc., ( http://www.clearpointcomm.com ), provides Voice over IP, long distance, Internet, and data services to resellers and small and medium-size businesses through a fiber-optic network. An interstate and international common carrier with headquarters in Orlando, FDNI, holds an 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. 214 license, and has been issued CIC CIC circulating immune complexes. CIC Circulating immune complexes. See Immune complexes. code 10-10-813, with regulatory approval to operate in all fifty states. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, the future press releases of FDN, Inc. FDN/ClearPoint has been recently profiled by The Stock Advisor, for more information visit http://www.thestockadvisor.com or email at fdni@thestockadvisor.com. |
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