Y3K Secure Entp Sftw (NASDAQ:YTHK)
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Y3K Secure Enterprise Software Reports Financial Results for its
Third Fiscal Quarter, ended March 31, 2004
Revenue of $1.65 Million Produces Profitable Quarter for Telecommunications
Subsidiary, Ecuity Advanced Communications
BELLEVUE, WA, May 20 /PRNewswire-FirstCall/ -- Y3K Secure Enterprise Software
Inc. (OTC BB: YTHK.OB), an end-to-end unified communications and technologies
company serving the small to medium business and residential markets, today
reported its financial results for the third quarter of its 2004 fiscal year,
ended March 31.
Revenue for the quarter rose to $1.65 million from $1,783 in the same period a
year ago. Gross profit was $802,302 in the quarter, up from $1,783 in the year
earlier period. The net loss was $1.4 million, or $0.02 a share, for the period
versus $81,091, or nil cents per share, in the prior period.
The revenue resulted from the operations of its wholly owned subsidiary Ecuity
Advanced Communications (formerly Fox Communications), which supplies
telecommunications services to more than 18,000 businesses and residences. The
subsidiary reported a profit of $29,126.
"Ecuity Advanced Communications exceeded our top-line revenue expectations and
achieved a positive net gain," said King Cole, president of Y3K Secure
Enterprises Software. "We expect to continue this momentum as we execute our
plan to grow into an industry leader in next-generation voice services and
drive the convergence of voice communications and data technology. We continue
to enhance our products and services in anticipation of the needs of our
customers. It is gratifying to see our investments leading to the growth of the
company. This continues to give us heightened confidence about our future."
Since the close of the quarter on March 31, the Company announced several
significant developments. It named a new Board of Directors to reflect the
growth and vision of the company. The new members include: Shane Smith,
Chairman of the Board and executive vice president of Business Development for
Y3K; Frank Maros, president of Ecuity Advanced Communications, who joined the
company from Fox Communications; King Cole, president of Y3K Steve Forbes,
original founder of Y3K. Shannon Smith, James Stephens and David Cannon stepped
down from Board membership.
The Company announced its intention to acquire Pacific Communication Systems,
Inc., a Silicon Valley-based company which provides ISP services, wireless
technologies including WiFi services to commercial buildings, government
applications, retail locations, small businesses and residential complexes. The
acquisition will bring proprietary technologies for enhanced security in the
delivery of WiFi services and a growing customer base. Terms of the acquisition
were not revealed.
It announced that its strategic partner, Consumer First LLC, has launched
ConsumerFirstShopping.com an online shopping club. Consumer First licenses a
custom, server-based, transaction management software package from Y3K. The
enterprise software provides powerful network infrastructures for data
management and manipulation, site search and navigation, affiliate tracking and
communication requirements. Through the licensing agreement, Y3K receives a
percentage of the commissions paid by the merchants in the affiliate program
and a percentage of the merchant sign up fee. Currently,
ConsumerFirstShopping.com has over 100 merchants, and is expected to grow
through the 7,000 member national sales force of Consumer First.
It also announced an agreement with Level 3, an international communications
and information services company that operates one of the largest Internet
backbones in the world. Y3K will utilize Level 3's (3) VoIP MARKETPLACE(TM) to
economically deliver advanced VoIP services to business and residential
customers. This agreement gives Y3K unequalled depth and breadth of coverage.
During the third fiscal quarter, ended March 31, 2004, the Company acquired the
material assets of Fox Communications, a 17 year old telecommunications company
which supplies 18,000 businesses and residences with long distance, Internet
and next generation voice services, for a combination of stock, cash and debt
valued at $4.8 million. With the acquired assets, Y3K formed a
telecommunication subsidiary, named Ecuity Advanced Communications, Inc. for
the delivery of complete communications services including VoIP. Y3K also
agreed to acquire the underlying technology for its ICS Secure Collaborative
Communication platform from Karunga Technologies Corp., the developer of the
ICS platform, for stock and other securities as well as the assumption of debt.
This allows for the integration of the complete, secure, end-to-end
communications platform. The purchase agreement is awaiting the approval of the
Karunga Technologies shareholders.
About Y3K Secure Enterprise Software, Inc. (http://www.ythk.com/)
Y3K Secure Enterprise Software is a provider of end-to-end unified
communication technologies for the small- to medium-business market. Y3K uses
secure next-generation voice services, instant messaging, data transfer,
internet, conference calling and enterprise software to create solutions that
meet the communication needs of today's business world.
Through the integration of web-based telecommunications and cutting edge
software technology, Y3K economically delivers secure unified communication
solutions that break down distance, time and media barriers to allow people to
communicate anywhere, anytime and across multiple mediums. Y3K has offices in
Bellevue and Seattle, Washington.
About Ecuity Advanced Communications, Inc. (http://www.ecuityinc.com/)
A subsidiary of Y3K, Ecuity Advanced Communications (formerly Fox
Communications) is a leading provider of complete communication solutions for
businesses and residential users. Since 1987, Ecuity Advanced Communications
has combined a passion for working closely with customers along with an
intensely practical approach to innovations that give them new freedom to
communicate. Every day, business and families count on Ecuity Advanced
Communications to stay in touch with their world - anytime, anywhere. From
long-distance plans, Internet services, conference calling, instant messaging
and data transfer to next-generation voice services, Ecuity Advanced
Communications crafts the perfect communications package for each customer's
needs-even as they evolve.
This report includes "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934. The information in this news release includes
certain forward-looking statements that are based upon assumptions that in the
future may prove not to have been accurate and are subject to significant risks
and uncertainties, including statements as to the future performance of the
company. Although the company believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no assurance that such
expectations or any of its forward-looking statements will prove to be correct.
Factors that could cause results to differ include, but are not limited to,
successful performance of internal plans, product development acceptance, and
the impact of competitive services and pricing and general economic risks and
uncertainties.
DATASOURCE: Y3K Secure Enterprise Software, Inc.
CONTACT: Jennifer Stephens, Investor Relations, Telephone:
(206) 210-5033,