Info Touch Samples Success
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[Burnaby, BRITISH COLUMBIA] Info Touch Technologies announced strong revenue growth for the fiscal year ended July 31, 2000. Revenues increased 87% to $4.3 million (CDN) from $2.3 million in the previous year. The loss for the period was $1.7 million, up from $0.5 million for the same period last year.
Info Touch manufactures and markets state-of-the-art kiosks that allow the public to access the Internet. Info Touch developed Surfnet Premiere, a leading kiosk and secure e-commerce software package.
The decrease in net income is attributable to the company's recent strategic initiative to co-capitalize the sale of its Internet-enabled kiosks for the purpose of retaining an equity stream in the future e-commerce and advertising revenues and develop its infrastructure to provide a vertical integration of its kiosk products and services.
As in previous quarters, the company continued its marketing program and the development of business relations with prospective clients in the retail industry. In addition, the company has continued to develop its kiosk management and logistic services to enhance future revenue streams and develop its network of kiosks as inventory for its advertising division.
Four days ago, Info Touch announced the brokered private placement with Canaccord Capital for up to 1,363,000 units. Closed last week were 730,000 units at $1.10 per unit for gross proceeds of $803,000.
The company plans to use the proceeds to continue its rapid market penetration strategy to increase top-line revenue growth and market share. This strategy includes the co-capitalization of kiosk networks with strategic partners to share in recurring revenue streams generated from e-commerce initiatives. In a recent study the kiosk co-venture with Chapters Inc. bookstores was cited by industry observers as one of the most successful integrations of retailing and e-tailing in North America.
Earlier in December, nject, (formerly Healthnet International Inc.), announced that it entered into partnership with Info Touch to upgrade Info Touch's corporate Web site, their Surfnet Premiere portal site and their kiosk-management.com portal. nject, a Web design and marketing firm, also entered into an agreement with Info Touch to co-develop 'bricks and clicks' initiatives. nject is also in the process of developing new Web sites for new clients iDEVCO and HealthChek.