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Update - The Jackson Rivers Company, Inc. Releases Audited Financials for Wholly Owned Subsidiary, Diverse Networks, Inc. 2/23/06
SAN DIEGO, Feb 23, 2006 /PRNewswire-FirstCall via COMTEX/ -- The Jackson Rivers Company (OTC Bulletin Board: JKRI) would like to correct some statements that were made in the press release of February 21, 2006. The audited financial statements reported in the amendment to Form 8-K filed with the Securities and Exchange Commission on February 17, 2005 indicate that Diverse recognized gross revenues of $6,589,736 and $6,919,641 in 2004 and 2003, respectively. Diverse recognized a net loss of $527,133 in 2004 and net income of $92,828 in 2003. Complete details of the merger and audit can be reviewed in our Current Report on Form 8-K filed with the Securities and Exchange Commission on December 7, 2005 and our amendment thereto filed on February 17, 2006.
Our amended Current Report on Form 8-K also provided unaudited historical financial information for Diverse for the nine month period ending September 30, 2005 indicating that the company achieved $1,731,387 in gross revenues for the first nine months of 2005 compared to $5,408,692 for the first nine months of 2004. Net losses for the periods stated in the previous sentence were $42,874 and $154,384 respectively.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of JKRI and Diverse officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future JKRI and Diverse actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and JKRI has no specific intention to update these statements.
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