BURNABY, B.C., Aug. 14, 2001 (PRIMEZONE) -- Unity Wireless Corporation (OTCBB:UTYW), a leading provider of innovative high performance RF power amplifiers to the wireless industry, today announced second quarter 2001 financial results.
Net Sales for the second quarter ended June 30, 2001 from the RF power amplifier business were $570,559, an increase of $406,443 or 248% over the second quarter ended June 30,2000 when the Company was involved in the subsequently discontinued Unity Wireless Integration, Sonem traffic preemption and Unilinx telemetry business segments.
The Company reported a net loss for the second quarter ended June 30, 2001 of $615,804 or $0.024 per basic and fully diluted share, a continued improvement of $440,980, from a net loss of $1,056,784 for the second quarter ended June 30, 2000.
For the second quarter ended June 30,2001, the net loss of $615,804 included: (i) a $314,169 non-cash stock compensation expense from the variable plan stock options; (ii) a $165,125 realized loss on the disposition of the Unilinx business; and (iii) a $383,091 gain on the disposition of the Sonem business.
John Robertson, Chief Executive Officer, reported that, "by divesting ourselves of the Unilinx and Sonem business, we are able to focus all our resources on the RF power amplifier business and in diversifying our customer base, attracting new North American and international customers and developing new products. We feel strongly that within the next several quarters, our recent planned investments in research & development, marketing and distribution channel development, will make a significant positive impact on both our revenues and bottom line in the near future."
Roland Sartorius, Chief Financial Officer, stated, "the Company has remained focused on monitoring its general operating expenses while concentrating on investment in both R&D and marketing.
The complete Unity Wireless Corporation Second Quarter 2001 Report on Form 10-QSB can be found at www.freeedgar.com indexed under the UTYW stock symbol.
About Unity Wireless Corporation, www.unitywireless.com
Thousands of Unity Wireless's UltraTech family of high performance RF (radio frequency) power amplifiers are utilized in current wireless networks supporting cost effective, reliable end-to-end voice and data communications. We support current and next generation network technologies including Cellular, PCS (Personal Communications Services -- TDMA, CDMA, GSM), IP Gateways, Paging, WLL (Wireless Local Loop), BWA (Broadband Wireless Access) and 3G (third generation) W-CDMA frequencies. Designed, assembled, tuned and tested in our Burnaby, British Columbia facility, UltraTech amplifiers ensure maximum efficiency and performance.
This news release includes statements that constitute forward-looking statements, including statements about anticipated demand for the Company's products, future market share and new growth. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.