BREA, Calif., Aug. 20, 2003 (PRIMEZONE) -- Northwest Gold Inc., DBA PoGo! Products, Inc. (OTCBB:NWGD) in the second quarter more than tripled sales while cutting losses around 40 per cent, President Jim LaVoie said today.
"This accomplishment occurred while PoGo! was developing important new consumer electronic products that will be in the marketplace this fall and winter, in time for the holiday season, setting the stage for continued record growth and establishment of the Company as an important name-brand presence on the shelves of major regional and national retailers," Mr. LaVoie said.
PoGo!, already a leader in portable digital audio (MP3) technology through its introduction of the well-received Rip-Flash(tm) Recordable Digital Audio Players and the Flipster(tm) Personal Multimedia Player, "has just launched what we believe will be our biggest seller and most important product yet, Radio YourWay(tm), the first portable, solid-state AM/FM radio recorder enabling users to record any radio broadcast such as news, sports or music and play those recordings back at a more convenient time," Mr. LaVoie added. "This time-shift capability enables radio listeners to have the same flexibility as the television viewers with VCR units and we believe it will have a dynamic influence in the marketplace."
Mr. LaVoie made the comments as PoGo! announced financial results for its second quarter and six months ended June 30, 2003.
Revenues for the three months ended June 30 were $711,913, compared with $209,123 in the corresponding period a year ago. The Company reported a net loss of $(125,310), or ($0.01) per basic average share, compared with a net loss of $(206,669), or ($0.03) per basic average share in the second quarter of 2002.
For the six-months ended June 30, 2003, revenues were $1,084,260, compared with $338,605 for the year ago period. A net loss of $(253,161), or ($0.02) per basic average share compared with a net loss of $(285,601), or ($0.04) per basic average share in the first six months of 2002.
PoGo! became a public company in June 2003 by merging with Northwest Gold, Inc., a publicly held majority-owned subsidiary of U.S. Energy Corp. (Nasdaq:USEG). As a result, the total number of issued and outstanding shares of PoGo! Products, Inc., is 16 million.
About PoGo! Products, Inc.
The Company (www.pogoproducts.com) is the developer and marketer of innovative, industry-first personal technology products, led by industry veterans who are proven leaders in the consumer electronic space. Corporate headquarters for PoGo! Products and home base for sales and customer service is located in Brea, CA, with all manufacturing of product done in Asia with engineering teams in both locations.
Safe Harbor Provision
Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the Company's filings with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information.
(TABLES FOLLOWS)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
---------- --------- ---------- ---------
Sales $ 711,913 $ 209,123 $1,084,260 $ 338,605
Net Loss $ (125,310) $(206,669) $ (253,161) $(285,601)
Net Loss Per
Common Share --
Basic and
Diluted $ (0.01) $ (0.03) $ (0.02) $ (0.04)
Common Shares Used
in Computing Per
Share Amounts --
Basic and
Diluted 11,338,636 7,246,377 10,248,069 7,246,377