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NWBD(.06)-- IP Gear Announces First Quarter Financial Results Thursday May 24, 5:43 pm ET
EUGENE, Ore.--(BUSINESS WIRE)--New World Brands, Inc. (OTCBB:NWBD - News; dba "IP Gear") today announced its financial results for the first quarter ended March 31, 2007.
Revenues for the quarter were $4.6 million, a decrease of 10.3% from $5.2 million recorded in the same period in 2006, due primarily to decreased sales of third-party products in our U.S.-based VAR division. Notwithstanding the reduction in revenues, gross profit increased to approximately $715,000 from $593,000 in 2006, reflecting an improvement in gross margins to 15% from 11% for the same period in 2006. This derived primarily from an increase in gross margin of the Company's IP Gear Connect wholesale VoIP division.
Operating expenses and capital expenditures for the first quarter of 2007 rose slightly compared to the first quarter of 2006, but are down significantly on an annualized basis in comparison to the full year 2006 due primarily to efforts to control operating costs and aged AR, and reduced major transaction costs.
Net loss for the first quarter of 2007 totaled slightly over $1 million, compared with a net loss of $0.9 million, in the prior-year quarter. This represents an improvement on an annualized basis as compared to a net loss of nearly $5.5 million recorded in fiscal 2006.
Mr. David Kamrat, CEO of New World Brands, commented, "These results demonstrate the initial success of our new strategy, which is focused on the sale of higher margin products and services while better controlling overhead and expenses. In the year ahead, we hope to continue ramping up the sales of our higher-margin Claro product line, and to complete several key R&D projects that will further enhance the business proposition of all IP Gear's products. We are confident that this will enable us to improve our financial results substantially in 2007."
Full financial results for the quarter are available on the Company's Quarterly Report on Form 10-QSB filed with the SEC on May 21, 2007. Information related to the Company's 2006 financial results is available on the Company's Form 10-KSB filed with the SEC on April 17, 2007.
About New World Brands (IP Gear)
New World Brands (dba IP Gear) provides easy-to-deploy VoIP gateway solutions for SMEs (small and medium sized enterprises) transitioning to next-generation converged networks. The Company is also a value added reseller (VAR) of telecommunications equipment with a range of mid-level carrier and VoIP service provider customers, and a provider of direct call routing services.
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DCBI(.10) Provides TV Listings for Its Sponsored Show, "Race Central" Thursday May 24, 6:00 pm ET
DENVER, CO--(MARKET WIRE)--May 24, 2007 -- Since kicking off DC Brands International's (Other OTC:DCBI.PK - News) sponsorship of TV show "Race Central," Turn Left has been featured in numerous on-air promotions and product placement screen shots. Hosted by Kurt Hansen, former Winged Midgets and Champ Car Atlantic racecar driver, "Race Central" is broadcast to a wide national audience and covers the world of motor sports.
DC Brands provided the following listings so those interested may catch Turn Left-sponsored "Race Central":
Nationally, the show is featured on Altitude Sports & Entertainment and is on channel 644 for DirecTV subscribers and channel 410 for Dish Network subscribers. On Altitude, the show is on every Thursday at 5:30pm (MTN), Friday at 10:00am and 2:30am (MTN). On Saturdays, the show follows live NASCAR programming, which is available at different times throughout the country. Additional "Race Central" programming is scheduled on Thursday and Friday nights based on shifting segments. DirecTV and Dish Network subscribers will also find "Race Central" programming available in their regional sports package.
"Race Central" also airs on the LeSea Network in Colorado at 4:30pm (MTN), and viewers should check with their cable provider for timing and channel information.
For any questions regarding "Race Central" programming, DC Brands urges you to please check your local listings or contact your cable provider, as TV schedules constantly shift.
For more information on DC Brands International, visit their website at www.TurnLeftEnergy.com and DickensEnergyCider.com
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News for 'EFGO' - (Espirit Financial Group and Credit Card Solutions form prepaid card alliance)
May 25, 2007 (Datamonitor via COMTEX) -- Esprit Financial Group has announcedthatit has retained the services and will be joining forces with Credit Card Solutions UK as part of a strategic alliance to offer foreign denominated debitandprepaid credit cards, as well as advanced electronic funds transfers, to financial institutions in Asia, South America and Africa.Under the terms of the agreement, Espirit will pay an initial set-up and administration fee of $75,000 in cash to the UK company for provision of theback-endservices. Looking forward, Credit Card Solutions will then manage the processing services and payment system infrastructure for the financial servicesbeingoffered in these markets.
Esprit CEO Garr Winters commented: "We are continuing to bring operationalcapabilitiesonline within the AEFM division. This specific alliance will allow Esprit to execute contracts for these services within our targeted geographicandindustry target markets. It brings the division significantly closer to generating revenue streams from these particular financial services."URL: http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,isexpressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereonCopyright (C) 2007 Datamonitor. All rights reserved
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ETIM(.0055) Audit Update May 25, 2007 3:11:00 PM Copyright Business Wire 2007 FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--
Eternal Image, Inc. (OTC:ETIM.PK), a public company engaged in the design, manufacturing and marketing of licensed image brand name caskets and urns, today announced that the company expects the results of its first formal audit soon.
According to Jim Parliament, CFO of Eternal Image, the company has received word from its accounting firm Harelik, Shapiro, Wolgin & Fine PC of Farmington Hills, Michigan that it is nearing completion of its tasks and should be ready to hand off the final financial package to the auditing firm Demetrius & Company, L.L.C., for their completion of audit procedures and issuance of their report. Jim Parliament says that "we are working very closely with our CPA firm on a daily basis to ready the financial package for the auditors." Jim also adds that "we have worked diligently to have the entire project completed by the end of May; however, there were a number of tasks that needed to be completed that were out of our direct control."
Once he has the financial package in hand, John Demetrius, president of Demetrius & Company L.L.C., expects "our completion should not take longer than one week to 10 days."
Eternal Image plans to announce the results of the audit by news release and post documentation on its website, www.eternalimage.net, within 24 hours of receipt.
About Eternal Image
Eternal Image, founded in 2002, is headquartered in Farmington Hills, MI. The company is the first and leading manufacturer and marketer of licensed image funerary products. Currently, the company offers urns and caskets that feature licensed images from Major League Baseball(TM), Precious Moments(R) and the Vatican Library Collection(TM), as well as pet urns featuring the American Kennel Club(TM) and the Cat Fanciers' Association(TM). For more information about EI, visit www.eternalimage.net or call 1-888-6-CASKET.
SAFE HARBOR STATEMENT
Statements in this news release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may", "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential" or "continue" or similar terms or the negative of these terms.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Source: Eternal Image, Inc.
---------------------------------------------- Investor Relations Contact: Cambridge Investor Relations Tony Fazio 781-214-9038 or Media Relations: a.s.a.p.r. Robbie Tarpley Raffish 410-883-2000
-------------------- The difference between genius and stupidity is that genius has its limits
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