NEW YORK, April 5, 2000 (PRIMEZONE) -- Voicenet, Inc. (OTCBB:VNET) reported results for the year ended December 31, 1999. The net loss from operations was reduced by over $906,000 to $1,053,236 in the latest fiscal year as compared to a net loss of $2,117,866 for the year ended December 31, 1998. Net loss per share was also reduced to $.14 per share as compared to $.32 per share in 1998. (Per share amounts are based on weighted average shares outstanding of 7,290,575 shares in 1999 as compared to 6,656,324 shares in 1998 and have been reported based on the two for one stock split effective on March 17, 2000).
Frank Carr, Chairman of the Company stated: " Our ability to reduce our costs while continuing to look for opportunities to use and prepare to market our technology licensed by our parent company speaks to our long term objectives in the United States and global market place, as a whole. During the past year the strides made in the further development and potential applications of our technology, as well as the enhanced financial strength of the Company as a result of our $3,000,000 private placement has allowed the Company to be in the strongest financial position since its inception. We will address in short order many of the opportunities that are available to us in an effort to continue to maximize shareholder value."
This press release contains forward-looking statements, which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions including without limitation such words as: "expects", "believes", "seeks" and "anticipates", reflecting something other than historical facts are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, and other factors. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.