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As Expected, iMALL Posts Loss for Second Quarter

iMALL Inc. posted revenues of $3.39 million, compared to $5.11 million in the same period a year ago. The net loss for the quarter was $2.55 million or $0.39 per share, compared to a net loss of $609,797, or $0.08 per share, a year ago.

The results, however, were apparently expected as the company changes focus.

"I am very pleased with the progress we made during the second quarter," said Richard Rosenblatt, the company's chairman and CEO in a statement. "Our revenues showed a downtick quarter-to-quarter, consistent with our shifting focus away from providing Internet training and consulting toward developing and strengthening the electronic commerce segments of our business."

"Late in the quarter, we released Bolt-on e-commerce, an innovative browser based e-commerce solution that significantly reduces the cost of doing business on the Internet for companies of all sizes," he said. "This product enables a company to inexpensively and seamlessly upgrade any existing Web site from a static 'brochure-ware' site into a fully transaction-enabled Web site, capable of listing thousands of products and taking credit card orders over the Web."

The company also is preparing for the full rollout of relationships with Verio, GEN International, Cardservice International and animalhouse.com. The sales forces at Verio and Cardservice have been trained and have begun marketing iMALL's services to their customers.

"All of these agreements feed our long-term strategy of leveraging our merchant and consumer expertise, built over the past four years with our flagship imall.com Web site--the largest independent online shopping mall--to build an extensive electronic commerce business designed to connect hundreds of thousands of merchants to consumers all over the world," Rosenblatt said.

iMall stock closed at $8.12, down $0.50.