MONTREAL, May 21, 2004 (PRIMEZONE) -- China Xin Network Media Corp. (OTCBB:CXIN): "I have partially devoted the last 3 months in clarifying certain issues regarding the finances of our Company. One of these issues was the value of BIO-TRACKING INC. and its technology," said Mr. Michael Tremis (Chairman, President And CEO) of CXIN. "Based on the Interim agreement between the parties, it was concluded along with our accountants, using accepted accounting principles that the value was $5 Million, thus the increase of goodwill on our financials."
Mr. Michael Tremis continues: "I then proceeded to tackle the matter of debt that was on our books prior to the acquisition of BIO-TRACKING. Through delicate negotiations and perseverance, along with the help of our Board Members, we managed to practically eliminate the debt, the end result of liabilities on March 31, 2004 being $38,463 as opposed to $1,345,419 on December 31, 2003. A decrease of 97.1%.
"Another area we took an interest in addressing was expenditures, reducing our costs by 84.9% from the same quarter last year. We believe that financial responsibility begins on our front door, and we fully intend to keep it that way.
"Our efforts in this area of finances although time consuming and difficult, were a required necessity in order to further distance ourselves from the past administrations of this company, and commence to instill a sense of trust from our valued shareholders and investors. This we believe was an important step forward for us, and for our valued shareholders, in which now our financial statements are currently clearer, and better represent the value and financial situation of our company," declared Mr. Michael Tremis.
ABOUT BIO-TRACKING SECURITY INC.
China Xin Network Media Corporation acquired Bio-Tracking Security Inc. of Montreal, Canada, in December 2003. Bio-Tracking designs and manufactures Vehicle/Asset Tracking and Security Technology, based on a Patent Pending, Wireless Interconnection Methods, Real-time Tracking, Driver Privilege Control, Remote Shutdown, Lock/Unlock, GPS/ Inertial Navigation, Biometric Fingerprint Identification, Voice Communication and Spread Spectrum Communication.
SAFE HARBOR STATEMENT
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements, contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risk and uncertainties including, without limitation, demand and competition for the Company's products and services, the availability to the company of adequate financing to support its anticipated activities, the ability of the Company to generate cash flow from its operations and the ability of the Company to manage its operations.