News

Info Touch announces strong financials

November 12, 2004

VANCOUVER, B.C. -- Info Touch Technologies announced strong operating results for the year ended July 31, 2003. The company continued its trend of profitable growth in the fourth quarter, resulting in record annual gross revenue of $6.8 million.

Net earnings for the year were $917,000 or 7 cents per share, versus a loss of 16 cents per share on revenue of $3.5 million, one year ago, according to a news release.

The company is attaining an international reputation as a successful and leading innovator in the market for kiosk-based electronic services, the release stated. "These financial results confirm the success of our business model," said Hamed Shahbazi, chairman and chief executive officer of Info Touch.

"Today we see our future growth in the continued execution of developing, deploying and managing these economically sustainable terminals in areas where we can create streams of recurring revenue. Our terminals are now being recognized as destination points by consumers who want access to conveniently located, self-serve and cash-based bill payment, money transfer, lottery tickets or prepaid products such as phone, wireless and mobile content."

The company's focus for the year ahead will be to build out its network of terminals while continuing to increase traffic and add revenue to the operators of large convenience store chains, according to the release.

Info Touch terminals function as points of collection for mass billers and sales channels for companies selling products and financial services that want access to high traffic, convenient retail locations. The company continues to work with both private equity and lease-based financiers to accelerate the rollout of kiosks, according to the release.

The company closed the year with cash and cash equivalents of $1 million and no significant long-term debt. Info Touch also announced that both Steven Stone and Nicolaos Cacos left the board in the previous quarter.

[Editor's note: Info Touch Technologies became Tio Networks in April 2006.]