Intasys Reports 1999 Results.Business Editors, High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers MONTREAL--(BUSINESS WIRE)--April 3, 2000 (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :INTA INTA International Trademark Association INTA Instituto Nacional de Tecnología Agropecuaria (National Institute of Agricultural Technology; Argentina) INTA Instituto Nacional de Técnica Aerospacial ) Intasys Corporation (Nasdaq: INTA) today reported its financial results for the year ended December December: see month. 31, 1999. Sales for the year increased to $5,023,822 compared with $4,197,799 for the previous year. The Company reported a net loss of $7,864,673for 1999 ($0.50 per share), as compared to $2,668,950 ($0.33 per share) in 1998. All figures are reported in US dollars. The increased loss for the year is attributable to costs associated with the extensive marketing and development program undertaken by the Company's wireless billing unit, as well as expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of this unit, which included the closing of regional offices in the second half of 1999. Increased costs were also incurred in connection with the start-up Start-up The earliest stage of a new business venture. of the Company's incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the and related activities in the second half of the year, which also contributed to the increased loss. During the last half of the year, Intasys completed investments in interWAVE Communications International Ltd., which completed an Initial Public Offering of its shares in January January: see month. 2000, Mamma.Com inc. a top rated meta search engine, as well as TEC TechnologyEvaluation.Com Corporation, a sophisticated provider of web-based research and analysis on the IT industry and its products. On March 29th, 2000, Intasys announced that it has entered into an agreement to acquire a 30 percent interest in Campuslink Ltd., a U.K. based provider of networking and telecom services to university campuses. Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Saviuk, Chairman and 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. of Intasys, commented, "Intasys has undertaken a significant and successful transition of its operations in 1999. We have assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. a management and technical team with high skill sets and broad technical expertise. Through the considerable efforts of our team, we have completed the necessary steps to position our billing unit for future growth and expect to be able to make further announcements concerning this unit in the near future." About Intasys Intasys Corporation provides investment capital, incubator services and management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects to embryonic em·bry·on·ic or em·bry·on·al adj. Of, relating to, or being an embryo. Embryonic In the life cycle of the round worm, a very early life stage occurring within the uterus of the female round worm. , as well as to more established cutting-edge Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. and wireless telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. ventures. The company is also a global provider of wireless, Internet-compatible billing and customer information systems. Intasys has corporate offices in Montreal and Toronto, Canada. Further information is available at this address: Intasys Corporation, 5 Place Ville-Marie Place Ville-Marie or 1, Place Ville-Marie (previously also called Royal Bank Tower due to its principal tenant) is a cruciform office tower built in the International style in 1962, arguably the most distinctive building in Montreal, Quebec, Canada. , Suite 1234, Montreal, Quebec, H3B 2G2. Statements contained in this press release, which are not historical facts, 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. 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. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.
Intasys Corporation Consolidated Balance Sheet As at December 31,
2000 P. The condensed, consolidated balance sheets for the Company
appear below and are in accordance with the accounting principles
generally accepted in Canada. All amounts are expressed in United
States (US) dollars, except share amounts.
As at December 31
1999 1998
$ $
Assets
Current assets
Cash and cash equivalents 11,123,554 5,753,735
Accounts receivable 2,009,717 1,040,188
Prepaid expenses and other assets 1,881,685 241,481
---------------------------------
15,014,956 7,035,404
Deferred financing fees - 226,200
Note receivable 1,007,882 -
Investments 5,054,314 -
Capital assets 1,129,059 439,853
Intangible assets 22,855,499 1,769,942
---------------------------------
45,061,710 9,471,399
---------------------------------
---------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 1,888,261 883,541
Reserve for restructuring 372,260 -
---------------------------------
2,260,521 883,541
Deferred revenue 30,330 -
Convertible debt - 879,431
Minority interest 2,057,341 -
---------------------------------
4,348,192 1,762,972
---------------------------------
Contingencies and commitments
Shareholders' equity
Capital stock
Authorized
Unlimited Class "A" subordinate voting shares
50,000 Class "B" shares
Unlimited common shares
Issued and outstanding - 24,664-644
common shares (1998 - 12,093,523 ) 56,940,074 15,827,186
Additional paid-in capital 249,825 416,020
Equity component of convertible debt - 76,929
Deficit (16,476,381) (8,611,708)
---------------------------------
40,713,518 7,708,427
---------------------------------
45,061,710 9,471,399
---------------------------------
Intasys Corporation
Consolidated Statement of Operations
----------------------------------------------------------------------
The condensed, consolidated statements of operation for the
Company appear below and are in accordance with accounting principles
generally accepted in Canada. All amounts are expressed in United
States (US) dollars, except share amounts and per share amounts.
Year ended December 31
1999 1998 1997
$ $ $
Sales 5,023,822 4,197,799 1,527,221
-------------------------------------------
Expenses
Cost of goods sold, selling
and administrative 9,339,763 5,059,888 2,557,694
Research and development 1,466,663 240,303 320,214
Amortization and depreciation 1,785,715 1,349,869 763,233
Interest 30,390 216,689 -
Restructuring charges 646,192 - -
Minority interest (24,716) - -
-------------------------------------------
13,244,007 6,866,749 3,641,141
-------------------------------------------
Interest revenue 355,512 - -
-------------------------------------------
Loss for the year (7,864,673) (2,668,950) (2,113,920)
-------------------------------------------
Basic and fully diluted loss
per share (0.50) (0.33) (0.39)
-------------------------------------------
Weighted number of shares 15,890,578 8,181,192 5,434,170
-------------------------------------------
Supplemental information:
Loss for the year before
amortization of goodwill
and depreciation (6,078,958) (1,319,081) (1,350,687)
-------------------------------------------
Basic and fully diluted loss
per share before amortization
of goodwill and depreciation (0.38) (0.16) (0.25)
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