HOUSTON, Nov. 25, 2002 (PRIMEZONE) -- Crescent Communications Inc. (OTCBB:CCES), a leading value added network (VAN), showed steady growth in third quarter performance, which yielded a 39.1 percent gross margin, announces Crescent Chief Executive Officer Manfred Sternberg. Year-to-date gross margin percentage is 31.6; 2001, the year Crescent began, resulted in gross margins at 9.9 percent.
For the quarter ended Sept. 30, Crescent cost of sales was $283,569, while second quarter costs were $315,992.
"To leverage our business, technological expertise and management experience, we're building our core business -- the Crescent VAN," Sternberg says. "Third quarter figures mean we're doing just that. This growth positions us well to launch our health care solution -- BLUEGATE(tm) -- in January." BLUEGATE will provide a cost-effective, efficient way for hospitals, large clinics, regional laboratories and health plans to transmit confidential patient records, documents, and other information safely across the Internet to physicians and patients. BLUEGATE was conceived to give the medical community sound, secure technology that meets emerging requirements from the Health Information Portability and Accountability Act of 1996 (HIPAA).
HIPAA, passed by U.S. Congress, mandates that the entire U.S. health care industry process all health care information, including billing and record storage, through a secure data interchange beginning on April 14, 2003.
Based in Houston, Crescent Communications provides VANs focused on small-business and enterprise-level market segments. Crescent builds industry-specific, end-to-end solutions for such vertical markets as medical, high-end graphics and printing, legal and financial. Using several regional and national carriers, Crescent offers wireless, digital subscriber line (DSL) and traditional communication technologies. Crescent delivers virtual private networks (VPNs), application and Web hosting services, as well as managed firewall services from its ATM core fiber backbone network. For more information, visit http://www.crescentb.com.
Contained within are "forward-looking statements" consistent with the meaning of Section 27a of the Securities Acts of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.
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