InnoMat Solutions Corp. corrects...CORRECTION FROM SOURCE Innomat Announces Third Quarter Results.TORONTO--(BUSINESS WIRE)--Nov. 17, 1997--Innomat Solutions Corp. (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :INAT INAT Institut National Agronomique de Tunisie (Tunisia) INAT Network Architecture for Intelligent Routing .) CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. FROM SOURCE: In the news release transmitted on November November: see month. 14, 1997 for INNOMAT SOLUTIONS CORP., an error occurred. In the Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Operations See Income statement. , the third and fourth columns should read "Nine months September September: see month. 30, 1997" and "Nine months September 30, 1996" respectively. The complete and correct release follows: INNOMAT SOLUTIONS CORP. (formerly Stackpal International Inc.) reported unaudited results today for the quarter ended September 30, 1997. As outlined at the Annual General Meeting, the Company has a three point strategy to build a significant foundation for growth and dramatically increase share value. - Build the existing sales business by concentrating on delivering profitable, unique materials handling Materials handling The loading, moving, and unloading of materials. The hundreds of different ways of handling materials are generally classified according to the type of equipment used. and protective packaging solutions to major accounts in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . - Become more vertically integrated by acquiring an appropriate plastics manufacturer to improve margins, develop more engineering, modeling and prototyping (1) Creating a demo of a new system. Prototyping is essential for clarifying information requirements. The design of a system (functional specs) must be finalized before the system can be built. capability and leverage additional market presence. - Pursue technology that will provide significant growth, market differentiation differentiation, in biology, series of changes that occur in cells and tissues during development, resulting in their specialization. This, in turn, permits a greater variety of organisms. , complement our orientation orientation, in architecture, the disposition of the parts of a building with reference to the points of the compass. From remote antiquity the traditional belief in the efficacy of religious ceremonials performed at dawn toward the rising sun has influenced the to helping the environment and open new markets beyond the material handling segment. Activities for the third quarter were focused primarily on the second and third points. Revenues of $524,036 for the third quarter continue to show strong performance as compared with the same period last year of $58,615. This brings YTD See Year-to-date. YTD See year to date (YTD). revenues for the nine months ended September 30, 1997 to $1,847,979, a 1,380 percent increase over 1996. While revenue growth is always important to our Company, we have begun a program over the past few months to be more selective in the type of business we will accept. This has positively impacted our gross margin trend. Gross margins have improved from 6.7 percent in the first quarter and 13.3 percent in the second quarter to 14.7 percent in the third quarter. As the Company attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. the margin growth, it also decreased operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the third quarter decreased by 5.5 percent from the operating loss of the second quarter, before non-recurring items. The Company is pleased to report that as part of the overall rebuilding program during the third quarter, we have made some rather significant improvements to our balance sheet. Long term debt has been eliminated through a conversion of debt to equity, resulting in a positive impact on the Company's future cash flow. The fourth quarter promises to be very exciting for the Company. Continued growth from the materials handling solutions sales with improved margin performance, plus the addition of potential acquisitions on both the manufacturing and technology front, will make 1997 a milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. year for the Company. The recent announcement of the approval by the shareholders to change the name of our Company from Stackpal International Inc. to InnoMat Solutions Corp., reflects not only the beginning of a new era, but also depicts our growth in the past year from a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. "stackable pallet" company to an innovative materials company with a heavy emphasis on providing unique environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] solutions. As at November 10, 1997, the Company has 26,322,357 common shares issued and outstanding. InnoMat is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. quoted on the Canadian Dealing Network under the trading symbol Trading symbol See: Ticker symbol INAT. Pursuant to the Securities Exchange Commission exemption exemption n. 1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. , InnoMat Solutions Corp. 12g(3)-2b exemption is 82-4264. -0-
INNOMAT SOLUTIONS CORP.
CONSOLIDATED STATEMENT OF OPERATIONS
for the periods ended September 30, 1997 and 1996 unaudited
Three months Three months Nine months Nine months
September 30, September 30, September 30, September 30,
--------- --------- --------- ---------
1997 1996 1997 1996
--------- --------- --------- ---------
Sales $524,036 $ 58,615 $ 1,847,979 $ 124,896
Cost of Sales 447,026 71,612 1,642,663 125,324
--------- --------- --------- ---------
Gross Margin 77,010 (12,997) 205,316 (428)
Expenses
Selling and
Marketing 66,422 62,261 203,674 186,099
Admin.
and Gen. 177,246 378,969 484,585 705,116
Amortization 16,802 53,261 53,362 161,403
Interest and
Bank Charges
- net 15,791 39,386 52,983 107,936
--------- --------- --------- ---------
Total Operating
Costs 276,161 533,877 794,604 1,160,554
--------- --------- --------- ---------
Income/(Loss)
from
Operations (199,151) (546,874) (589,288) (1,160,982)
--------- --------- --------- ---------
Non-recurring
items (16,874) - 1,020,436 -
--------- --------- --------- ---------
Net loss for
the Period (216,025) (546,874) 431,148 $(1,160,982)
Deficit
- Beginning
of Period (3,838,317) (1,893,147) (4,485,490) (1,279,039)
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Deficit
- End of
Period $(4,054,342) $(2,440,021) $(4,054,342) $(2,440,021)
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Loss per Share
before Non
-recurring
items $(0.01) $(0.03) $(0.03) $(0.07)
--------- --------- --------- ---------
--------- --------- --------- ---------
Gain (Loss)
Per Share $(0.01) $(0.03) $0.02 $(0.07)
INNOMAT SOLUTIONS CORP.
CONSOLIDATED BALANCE SHEET
as at September 30, 1997 and 1996
unaudited
1997 1996
---- ----
ASSETS
Current Assets $ 432,763 $ 162,233
Capital Assets 445,308 2,155,271
Goodwill 57,721 60,938
----------- -----------
TOTAL ASSETS $ 935,792 $ 2,378,442
----------- -----------
----------- -----------
LIABILITIES
Current Liabilities 489,304 440,983
Long-Term Liabilities - 1,196,687
Capital lease obligations 44,903 -
----------- -----------
TOTAL LIABILITIES 534,207 1,637,670
----------- -----------
SHAREHOLDERS' EQUITY
Capital Stock 4,356,881 3,081,747
Contributed Surplus 99,046 99,046
Deficit (4,054,342) (2,440,021)
----------- -----------
TOTAL EQUITY 401,585 740,772
----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 935,792 $ 2,378,442
----------- -----------
----------- -----------
INNOMAT SOLUTIONS CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
for the periods ended September 30, 1997 and 1996
unaudited
1997 1996
---- ----
Cash provided by (used for):
Operations
Net Income (Loss) for the period $ 431,148 $(1,160,982)
Items not affecting cash -
Amortization 53,362 385,238
----------- -----------
484,510 (775,744)
Changes in non-cash
operating working capital items 107,671 206,513
----------- -----------
376,839 (569,231)
Investment activities
Purchase of capital assets (10,194) (309,841)
Financing activities
Issuance of common share,
options and warrants 1,260,674 564,224
Contribution of capital - -
(Decrease) Increase
in long term debt (1,237,310) 71,407
(Decrease) Increase
in capital lease obligation (12,525) -
(Decrease) Increase
in bank indebtedness (4,110) -
(Decrease) Increase
in loan payable (300,000) -
----------- -----------
(293,271) 635,631
----------- -----------
Change in cash and short
term investments
for the period 73,374 (243,441)
Cash and short term investments
- beginning of period 11,701 77,684
----------- -----------
Cash and short term investments
- end of period $ 85,075 $ 165,757
----------- -----------
The information provided herein has not been approved or disapproved by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . CONTACT: InnoMat Solutions Corp. Mr. John Varghese, 905/206-9900 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion