News

Info Touch reports profitable quarter

December 30, 2003

BURNABY, B.C. -- Info Touch Technologies Corp. yesterday reported a small profit in its latest quarter as the company generated higher revenues from its network of financial services kiosks.

According to a report on Yahoo News, the Vancouver-area company said it earned $64,941 for the three months ended Oct. 31, the first quarter of the fiscal 2004 fiscal year. That compared with a loss of $62,485 for the same period last year. Per-share figures were not disclosed.

Info Touch (TSXV:IFT) reported its revenue rose 125 percent to just over $1.5 million from $684,822 last year, the report said.

Info Touch provides software services and payment options through a network of 214 kiosks that allow consumers to pay bills, transfer money and buy lottery tickets.

"These financial results reinforce the traction we established in fiscal 2003," said Hamed Shahbazi, chairman and chief executive of Info Touch, in a news release.

"The company is utilizing every software sale as a distribution opportunity for its (personal financial services) applications. Our terminals are being sought by a large demographic of under-banked consumers who want access to conveniently located, self-serve and cash based services."

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