HOUSTON, June 24, 2003 (PRIMEZONE) -- eLinear, Inc. (OTCBB:ELIN) announced today that its wholly owned subsidiary, NetView Technologies, Inc., has landed two projects with projected revenue to exceed $400,000. These two projects include a technology refresh to a major Houston based healthcare company with more than 8,000 employees and a communications infrastructure upgrade to a Fortune 500 energy company. Both of these projects will be delivered during the third fiscal quarter ended September 30, 2003.
Kevan Casey, CEO of eLinear, stated, "These two projects demonstrate our ability to deliver IT solutions effectively. We are continuing to drive business in existing customer relationships as well as expand our customer base."
eLinear recently announced the completion of the acquisition of all of the issued and outstanding shares of NetView Technologies, Inc. on April 15, 2003. Pursuant to the transaction, eLinear issued an aggregate of 12,961,979 shares to the five shareholders of NetView. The merger was completed by NetView Acquisition Corporation, a wholly owned subsidiary of eLinear, merging with and into NetView, with NetView as the surviving corporation. As of the effective date of the transaction, NetView became a wholly owned subsidiary of eLinear and NetView Acquisition Corporation ceased its existence. About eLinear, Inc.
eLinear, Inc. is a technology consulting services firm providing strategic consulting solutions, creative web site design, web site content management software, and technical project management and development services to companies seeking to increase productivity or reduce costs through investing in technology. NetView is a proven information technology solutions provider for the commercial and institutional market. In its first year of operation it generated $7.7 million in revenue. eLinear has a customer base that includes small, medium and large corporate and institutional customers in Houston, Texas and Denver, Colorado. NetView has a customer base that includes medium to large companies primarily in Houston. Management believes there are opportunities for the cross-selling of information technology services to NetView customers.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. The potential risks and uncertainties of the NetView acquisition include, among other items, (a) the risks associated with the successful integration of NetView and eLinear and the realization of the anticipated benefits of the two transactions, and (b) risks associated with the rapidly evolving market for the products and services of NetView and eLinear. For additional information about NetView and eLinear's future business and financial results, refer to eLinear's Annual Report on Form 10-KSB for the year ended December 31, 2002, and its Quarterly Report on Form 10-QSB/A for the quarter ended March 31, 2003. eLinear undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.