IRVINE, Calif., Nov. 3, 2003 (PRIMEZONE) -- eSynch Corporation (Pink Sheets:ESYN) today announced a reduction in net operating loss of 67% for the quarter ended September 30, 2003, as compared with the same period for the previous year. The operating loss for the three months and nine months ended September 30, 2003 was $679,930 and $2,035,000 as compared with $2,036,021 and $3,426,762 for the same period in the previous year. The loss for the three months and nine months ended September 30, 2003 included amounts attributed to stock issued for compensation and services in the amount of $609,500 and $1,924,500.
The proposed distribution of eSynch subsidiaries, Oxford Media Corp and Kiss Software Corporation to its shareholders is in process and will be finalized by November 21, 2003. The result will be that all eSynch shareholders will receive shares in the spun off subsidiaries in the same quantity as their current holdings in eSynch. As previously announced, eSynch's Board of Directors authorized the spin offs as part of the Company's strategy to pursue new market opportunities, growth and increased shareholder values.
According to Tom Hemingway, Chairman and CEO, "The Company has reduced its cash operating losses by 67%, while at the same time, undergoing a series of transactions intended to transform the Company and to strategically move forward with new market opportunities that can better enhance shareholder value of eSynch Corporation."
Further, Mr. Hemingway stated, "We see this move as extremely positive for the company and its investors and shareholders, and believe that once the spin offs are completed, the financial position of the company, due to further reductions of costs and increased revenues, will improve dramatically."
Safe Harbor
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, the ability to negotiate outstanding prior debts of acquired companies; properly identify acquisition partners; adequately perform due diligence; manage and integrate acquired businesses; react to quarterly fluctuations in results; raise working capital and secure other financing; respond to competition and rapidly changing technology; deal with market and stock price fluctuations; and other risks. These are and will be detailed, from time to time, in eSynch's Securities and Exchange Commission filings, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from management's expectations.
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CONTACT: eSynch
Robin Cruse
(949) 753-0590
(949) 753-0594 Fax
rcruse@esynch.com
http://www.esynch.com