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EXHIBIT 99.1
Financial information in the following press release is in Canadian dollars
unless otherwise noted.
LASERMEDIA COMMUNICATIONS CORP.
PRESS RELEASE
FOR IMMEDIATE RELEASE Press Release #0
Xxxxxxx, Xxxxxxx May 22, 1998
CONSOLIDATED FINANCIAL STATEMENTS
LaserMedia Communications Corp. (CDN:LMCD)
Issued and Outstanding - 13,222,040 Common Shares
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
YEAR ENDED DECEMBER 31 1997 1996
Revenue $2,539 $383
Net income (loss) $271 $(81)
Earnings (loss) per share $0.02 $(0.01)
Cash and cash equivalents $725 $16
Total assets $3,718 $229
Shareholders' equity (deficit) $3,025 ($93)
Number of common shareholders 1,123 2
Toronto:
LaserMedia Communications Corp. reported its audited results for the year ended
December 31, 1997. The Company's revenue increased by 563% from the same
period last year. Revenue growth was mainly attributable to LaserMedia's
ability to sign distribution contracts with major retail distributors in the
3rd and 4th quarters of 1997 and the sale of the software technology used to
develop the Active Trainer Family of products, specifically; Active Trainer(TM)
and Active Body Blast(TM).
Operating expenses increased 388% from the previous year. The increase in
costs was the result
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of the growth in the number of people and computer systems necessary to support
overall increases in the scope of the Company's operations; and the active
selling in the 3rd and 4th quarters of 1997, resulting in the hiring of sales
and marketing personal, and the significant marketing funds spent within the
distribution channels.
Net earnings for the Year ended December 31, 1997 were $270,989 ($0.02 earnings
per share) compared to a net loss of $81,277 ($0.01 loss per share) for the
same period, an increase of 433%.
LaserMedia's major focus is in the production, acquisition and publication of
health and fitness interactive multimedia software on CD-ROM and related
services over the Internet. In May 1997 LaserMedia acquired Verisim Inc.
Verisim will provide entertainment services over the fast growth computer
communication networks in the form of highly interactive multi-player games.
The acquisition was made to diversify the company from its health and fitness
focus while at the same time allowing the company access to the leading edge
technologies being developed by Verisim. In addition, in late 1997 the Company
acquired LaserSet Graphics Inc. The company acquired LaserSet because of its
focus on website design, development and hosting. This is an area which will
be strategic to LaserMedia's future growth plans.
LaserMedia's head office is located in Xxxxxxx, Xxxxxxx.
For further information, contact:
For further information, contact:
Xxxxx Xxxxxx or Xxxx Xxxx
Investor Relations, RT Equity Inc.
(000) 000-0000
The information herein has not been approved or disapproved by regulatory
authorities.
