latest news releases from the newsroom
Cybersurf Corp. Announces Results for Three Months and Six Months Ended December 31, 2002
CALGARY, Alberta, Canada, Feb. 28, 2003 (PRIMEZONE) -- Cybersurf Corp. ("Cybersurf") (TSX Venture Exchange:CY), one of Canada's leading Internet technology companies, today reported financial results for the three months and six months ended December 31, 2002. The company, which develops Internet-related software products and services and operates one of Canada's leading Internet services, generated $1,633,538 in operating revenue for the three months ended December 31, 2002 compared to $1,728,219 for the same period of the prior fiscal year. This 5% decline in operating revenue for the current quarter was due to an extremely high conversion rate of free Internet users to the new fee-based 3webXS service in the prior year, followed by a brief but unusually high cancellation rate. These conversion anomalies were immediately rectified and user cancellation rates had returned to industry standards upon completion of the user conversion. Despite this, the Corporation was poised to record its best quarterly operating results since launching its 3web Internet service, however due to higher general and administrative expenses as a result of the contested shareholder meeting and the subsequent court challenge of the Chairman's rulings, initiated by the dissident shareholder, Mercury Partners and Company Inc., this result was not achieved. Following a positive court ruling, Cybersurf is seeking to recover some of these costs. Cybersurf's balance sheet remained strong with working capital of $ 6.6 million, and no debt, at December 31, 2002.
Emerson Poynter LLP
Emerson Poynter LLP Announces Class Action Lawsuit Against Veritas Software Corporation -- VRTS
LITTLE ROCK, Ark., Feb. 28, 2003 (PRIMEZONE) -- Emerson Poynter LLP, a securities class action trial law firm, announced today that a class action has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Veritas Software Corporation ("Veritas" or the "Company") (Nasdaq:VRTS) common stock during the period between January 24, 2001 and January 16, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the Firm by calling toll-free.
KMG Chemicals, Inc.
KMG Chemicals, Inc. Declares Semi-Annual Cash Dividend
HOUSTON, Feb. 28, 2003 (PRIMEZONE) -- KMG Chemicals, Inc. (Nasdaq:KMGB), a global provider of specialty chemicals in carefully focused markets, announced that its Board of Directors has declared a semi-annual cash dividend of $0.03 per common share. It is payable on March 28, 2003 to shareholders of record as of March 14, 2003. As of January 31, 2003, there were approximately 7.5 million common shares outstanding.