Voxcom Holdings, Inc. Releases Year End Results
October 01, 1999 11:13
Voxcom Holdings, Inc. Releases Year End Results
DALLAS--(BUSINESS WIRE)--Oct. 1, 1999--Voxcom Holdings, Inc., dba MAX Internet Communications, Inc., (OTC BB:MXIP) released figures for the year ending June 30, 1999. Total Assets were $10,665,647 compared to $3,583,002 from the year ending June 30, 1998. Cash and cash equivalents increased $6,362,494 in the year ended June 30, 1999, to $8,136,585 for the current year end versus $1,774,091 in fiscal year ending June 30, 1998.
Additionally, Net Sales from continuing operations for year ended June 30, 1999, were $397,989 compared to $7,736 for the prior year. The technology was acquired in April 1998, and therefore the company had no significant sales during fiscal year 1998 as it was in the early stages of designing its sales and marketing plan. Selling, general and administrative expenses increased 190% for the year ended June 30, 1999, over the prior year due to advertising, marketing and selling expenses related to the MAX i.c.Live product, amortization of payments made for noncompetition agreements, purchased technology and consulting agreements, and the overhead structure which has been put into place in anticipation of future increases in net sales. As a result, there was a net loss for the fiscal year ended June 30, 1999 of $.60 per share, which consisted of a $.16 loss from discontinued operations from the sales of two former subsidiaries, and a $.44 loss from continuing operations.
"After tremendous dedication and work by our staff, the company's MAX i.c.Live technology is now positioned to become the industry standard for video processing over the Internet," said Larry Biggs, CEO of MAX Internet Communications, Inc., "We are extremely encouraged by the early acceptance of the product. We are only in the beginning stages of launching our marketing campaign and have already generated significant sales opportunities. In the first fiscal quarter of the year, MAX Internet has already sold over 7,000 units which equates to over $2 million in sales. In the second quarter, I expect the company will turn profitable with strong sales growth anticipated."
Mr. Biggs also addressed the challenges the company has faced saying "Our challenges have never been competition, they have been limited resources to get the message out to the market. However, our recent capital infusion, in addition to our rapidly growing sales, now provides the resources to get the message out. In the next year I expect to provide great value to our shareholders. We are projecting to be growing sales rapidly by mid to late summer in 2000, establishing us as the worldwide leader for processing video over the Internet."
Mr. Biggs concluded, "At this time we do not know of any competitive product that can offer the full spectrum of capabilities we are providing. The company will continue to grow in sales, employees and profitability. One-way and two-way video over the Internet is quickly emerging as the standard for communications. MAX Internet is perfectly positioned to become the industry standard that all others will need to meet."
About MAX Internet Communications
MAX Internet Communications Inc., located in Dallas, is a publicly traded and reporting technology company (OTC BB:MXIP) which exclusively manufactures and markets the MAX i.c. Live product. The MAX i.c.Live hardware and software technology is a Media Processor solution, currently available as an add-in peripheral integrated within a PC or emerging Information Appliance enabling a total video communications solution for home or business. The product is designed with the power to conduct true motion synchronized video & audio communications and high-quality synchronized video & audio streaming over a broadband Internet connection. The MAX i.c.Live Media Processor also integrates full DVD and AC3 sound for the most complete video communication and entertainment solution available on the market today. As Internet usage explodes households and businesses alike are taking advantage of the convergence of widening bandwidth, broadband services and multimedia communications.
Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this report, words such as "anticipate," "believe," "estimate," "expect," "intend," "should," and similar expressions, as they relate to the company or its management, identify forward-looking statements. These forward-looking statements reflect assumptions and are subject to certain risks and uncertainties which may affect Voxcom Holdings, Inc.'s business and prospects and cause actual results to differ materially from these forward-looking statements.
For more information about MAX Internet Communications or to obtain investment information, visit the company's Web site at www.maxic.com or contact Investor Relations at 214/691-0055.
CONTACT: Voxcom Holdings, Inc.
Investor Relations, 214/691-0055
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