Manaris Reports Q2 Results.MONTREAL -- Acquisitions Boost Revenue, Streamlining Efforts Continue All amounts are expressed in US dollars unless otherwise indicated. Manaris Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MANS) (FRANKFURT WKN WKN Wertpapier-Kenn-Nummer (identifying number assigned to securities traded in Germany) WKN Warrior Knowledge Network (US Army) :255471) submitted its second quarter report yesterday, one day late, due to the transition to new auditors. The Company reported increased revenues for the quarter ended December 31, 2005 of $2,241,674 compared to $548,861 last year. This increase was primarily due to operations of Avensys which we acquired in February 2005. Net losses for the quarter ended December 31, 2005 increased to $2,248,360 or $0.04 per basic and fully-diluted share compared to $598,563 or $0.01 per basic and fully diluted share for the same period last year. The increase in net losses was largely due to debenture accretion expenses In accounting, accretion expense is the expense created when updating the present value(PV) of a financial instrument. For example, if one originally recognizes the present value of a liability at $650, which has a future value (FV) of $1000, every year one must increase the and higher professional fees. Net cash used for our continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $1,895,492 for the six month period ending December 31, 2005 compared to $732,469 for the same period last year. Operations were mainly financed through the July Special Warrant Offer for total net cash proceeds of $2,576,168, and with respect to Avensys, primarily from revenue from the sales of products and services. We used $427,474 for Bank credit line payment, $621,924 for principal payment of Senior Convertible Note Series A. CONTINUED GROWTH AND FOCUS In announcing the results, John G. Fraser, President and Chief Executive Officer said, "Though year-over-year comparisons are challenging, we have shown significant improvement on a sequential basis, with our net loss narrowing from $3,314,162 in Q1 to $2,248,360 in Q2. This is a result of CSA (1) (Canadian Standards Association, Toronto, Ontario, www.csa.ca) A standards-defining organization founded in 1919. It is involved in many industries, including electronics, communications and information technology. ceasing security guard operations and our ongoing cost reduction efforts." Mr. Fraser continued: "We have also improved our corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. by implementing stronger internal controls and by adding three new Directors with proven track records to our Board. We are already benefiting from the expertise of Messrs. Bougie Bougie: see Bejaïa, Algeria. , Wintermans and Bouchard and expect to deliver improved results in 2006." FISCAL 2006 PRIORITIES The Company has several priorities for fiscal 2006 for both the holding company as well as its subsidiaries. These include reducing costs for Manaris where possible and further leveraging the success of Avensys as well as realizing C-Chip Technologies (North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. )'s potential. Overall, corporate objectives will be to focus our activities and to drive towards profitability and continued growth. CONFERENCE CALL A conference call notice will be sent out via CCN CCN Cloud Condensation Nuclei CCN Church Communication Network CCN Conseil Canadien des Normes (Standards Council of Canada) CCN Critical Care Nurse CCN Certified Clinical Nutritionist CCN Community Care Network CCN Cyclin Matthews detailing the revised date and time. About Manaris Corporation Manaris Corporation through its wholly-owned subsidiaries, offers risk mitigation solutions. C-Chip Technologies (North America) specializes in the high-tech sector of the security industry, with technology that allows business users to efficiently access, control, manage and monitor remote assets at low costs. Avensys enables businesses to monitor different types of environments, including Air, Soil, Water as well as buildings and infrastructures and produces fiber optic components and sensors. FORWARD-LOOKING-STATEMENT: Except for factual statements made herein, the information contained in this press release consists of 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. that involve risks uncertainties, including the effect of changing economic conditions, competition within the credit and security industry, customer acceptance of products and other risks and uncertainties. Such forward looking statements are not guarantees of performance, and Manaris Corporation results could differ materially from those contained in such statements. These forward-looking statements speak only as of the date of this release and Manaris Corporation undertakes no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release. Manaris Corporation (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :MANS) (FRANKFURT:WKN:255471) |
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