MONTREAL, Sept. 6, 2002 (PRIMEZONE) -- ISee3D Inc. (TSX Venture Exchange:YEY) today announced its results for the second quarter ended June 30, 2002. For the quarter, with all figures in Canadian Dollars, a Net Loss of $569,948 or less than $0.01 per share was recorded compared with a Net Loss of $229,149 or $0.01 per share for the quarter ended June 30, 2001.
ISee3D Inc. had $74,141 (CDN) in cash at June 30, 2002 as compared to $678,299 (CDN) in cash at the end of the second quarter in 2001.
During the second quarter of 2002, gross expenditures incurred amounted to the sum of $577,274 of which $51,764 was incurred as depreciation and $14,332 as write-down of capital assets, making our total operating expense after depreciation, amortization and write-downs $511,178.
FINANCIAL STATEMENT HIGHLIGHTS (in Cdn$)
Three months ended June 30
2002 2001
Sales $ 13,124 $ 64,210
General and administrative expense $446,326 $150,315
Research and development expense $ 62,917 $ 0
Amortization expense $ 51,764 $123,801
Write-Down of Capital Assets $ 14,332 $ 0
Net loss $569,948 $229,129
Loss per share $ 0.01 $ 0.01
Weighted average common
shares outstanding 68,260,108 67,760,110
Cash $ 74,141 $678,299
Capital assets $240,368 $701,903
Stockholders' equity (deficit) ($ 42,687) $1,204,989
Isee3d Inc. would also like to announce that its next Annual General Meeting will take place at the Intercontinental Hotel, located at 360 St. Antoine St. West, Montreal, Quebec on Friday, October 18, 2002 at 11:00am. Shareholders will be asked, amongst other things, to approve the pending reverse takeover transaction between Isee3d Inc. and the combined entity of Interactive Classified Corporation and QuikView Inc.
About Isee3d Inc.
Isee3d Inc. is in the process of a reverse takeover transaction of Interactive Classified Corp. of Montreal, Quebec and QuikView, Inc. of Cupertino, California. The merged Corporation of Isee3d Inc., to undergo a name change to InstantLive Technologies Inc., will be positioned as a provider of turnkey telephony and web-based solutions for various classified applications. For more information, contact the company at 759 Square Victoria, Suite 200, Montreal, Quebec, Canada, H2Y-2J7, tel: (514) 908-2233, fax: (514) 289-8609, or visit the corporate web site at www.isee3d.com.
Disclaimer
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.