download PDF (8 pages, 39kb)

The increase of net revenues by $68,376 or 57% to $188,707 for the three months ended January 31, 2000 from $120,331 for the three months ended January 31, 1999 was primarily due to the additional sales generated in the year and the improved efficiency of the manufacturing process. For the six months ended January 31, 2000 net revenues increased by $405,952 or 174% to $639,256 from $233,304 for the six months ended January 31, 1999.

Operating and administrative expenses increased by $400,354 or 219% to $583,447 for the three months ended January 31, 2000 from $183,093 for the three months ended January 31, 1999. For the six months ended January 31, 2000 other operating and administrative expenses increased by $498,069 or 97% to $1,010,376 from $512,307 for the six months ended January 31, 1999. This resulted in a net loss of $394,740 for the quarter. The Company emphasized research and development activities in software, hardware and OEM manufacturing departments.

In a discussion about the results Mr. Shahbazi stated, "Quarter 2 was integral to the long-range development at Info Touch. Our team is focusing on the output of products to fit the demands of our market. The software design team at Info Touch Technologies has dedicated more than work-hours to the evolution of our technology. The next-generation SurfnetTM will heighten our ability to earn".

INFO TOUCH TECHNOLOGIES CORP. CONSOLIDATED BALANCE SHEETS (Unaudited - Prepared by Management)AS AT JANUARY 31

	2000	1999
ASSETS
Current
Cash	$ 160,588	$ 35,142
Accounts receivable	699,861	185,369
Prepaid expenses and deposits	30,312	-
Inventory	452,982	10,210
	1,343,743	230,721
Capital assets	145,968	57,358
	$ 1,489,711	$ 288,079
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness	$ -	$ -
Accounts payable and accrued liabilities	656,079	615,493
Current portion of obligation under capital lease	20,601	13,166
Deposits	76,954	44,816
	753,634	673,475
Obligation under capital lease	11,245	21,165
	764,879	694,640
Shareholders' equity
Capital stock	2,028,809	280,002
Deficit	(1,303,977)	(686,563)
	724,833	(406,561)
	$ 1,489,711	$ 288,079

INFO TOUCH TECHNOLOGIES CORP. CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (Unaudited - Prepared by Management) SIX MONTH PERIOD ENDED JANUARY 31

	2000	1999
REVENUE
Kiosk systems	$ 1,963,389	$ 719,598
Software	132,861	53,807
Other	161,361	23,840
	2,257,611	797,245
DIRECT COSTS	1,618,355	563,941
	639,256	233,304
EXPENSES
Advertising	56,844	26,373
Amortization	18,196	9,132
Automobile	10,307	6,220
Bad debts	27,860	-
Bank charges and interest	27,118	14,804
Commissions	-	27,326
Insurance	11,077	1,357
Office and miscellaneous	65,193	22,039
Product warranty	49,423	-
Professional fees	16,424	17,008
Rent	76,534	30,638
Repairs and maintenance	12,057	1,449
Telephone	29,598	36,334
Travel and promotion	45,484	61,860
Utilities	1,483	2,228
Wages and benefits	562,778	255,539
	1,010,376	512,307
OTHER ITEM
Gain on forgiveness of debt
Income (Loss) for the period	(371,120)	(279,003)
Deficit, beginning of period	932,857	407,560
Deficit, end of period</td>	$ 1,303,977	$ 686,563
Loss per share	$ ( .05)	$ ( .06 )

INFO TOUCH TECHNOLOGIES CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - Prepared by Management) SIX MONTH PERIOD ENDED JANUARY 31

	2000	1999
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Income (Loss) for the period	$ (371,120)	$ (279,003)
Items not affecting cash
Amortization	18,196	9,132
Gain on forgiveness of debt	-	-
Changes in non-cash working capital items:
Increase in accounts receivable	(217,887)	(30,739)
Increase in prepaid expenses and deposits	(17,756)	2,114
Increase in inventory	(179,111)	(1,710)
Increase in accounts payable and accrued liabilities	133,737	314,167
Increase in deposits	(217,975)	44,816
Net cash used in operating activities	(851,916)	58,777
INVESTING ACTIVITIES
Purchase of capital assets	(53,045)	1,558
Insurance proceeds on capital assets	-	-
Net cash used in investing activities	(53,045)	1,558
FINANCING ACTIVITIES
Capital stock issued	945,801	-
Capital lease	3,274	(4,347)
Net cash provided by financing activities	949,075</td>	(4,347)
Change in cash position for the period	44,114	55,988
Cash position, beginning of period	116,474	(20,846)
Cash position, end of period	$ 160,588	$ 35,142

Info Touch is the clicks n' mortar provider, bringing the Internet to public domain in a secure environment. The Company has developed the world's premier kiosk security and management software package, SurfnetTM. Info Touch partners with, and provisions Fortune 1000 companies with Public Internet/Intranet access through IFT designed middleware and clicks n' mortar solutions.

As "dot coms" and brick-based companies business models gyrate toward the Internet/Intranet, Info Touch Technologies becomes the sought-after clicks n' mortar Convergence Company.

On behalf of the Board of Directors,

Hamed Shahbazi,
Chairman and CEO

For more information please contact:
Hamed Shahbazi, Chairman and CEO
E-mail: hamed@infotouch.net
Tel. (604)298-4636 ext.230
Fax: (604)298-4216

Cameron Clark, Public/Investor Relations
E-mail: investor@infotouch.net
Tel: (604)298-4636 ext.233
Fax: (604)298-4216

Info Touch Technologies Corp.
Tel: (604)298-4636
Fax: (604)298-4216
4660 Dawson Street,
Burnaby, BC
V5C 4C3
www.infotouch.net

The Canadian Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy. This is not a solicitation of securities.

back to top