MONTREAL, May 26, 2004 (PRIMEZONE) -- CHINA XIN NETWORK MEDIA CORP. (OTCBB:CXIN) the leading provider of Biometric Security and Tracking Technology, today commented on the reported swing to over $5 million of shareholder equity posted in its financial results for the most recent quarter ended March 31, 2004.
On December 2, 2003, the company concluded the acquisition of 100% of the outstanding shares of Bio-Tracking Security of Montreal, Canada in exchange for 100,000,000 restricted common shares of CXN. The stock was trading above $0.05 U.S. and a 52-week range of between $0.011 and $0.12 US on the NASDAQ OTC Bulletin Board.
The preparation of the company's financial statements was done in accordance with Generally Accepted Accounting Principles (GAAP) in the United States of America. As of March 31, 2004 we boast over $5 million of shareholder equity following the acquisition of our wholly owned Bio-Tracking subsidiary.
"Management has exerted considerable care and judgment in determining the estimated fair value of the company's equity. We believe that the stated $5 million amounts firmly and accurately reflects the value of our business," said Mr. Michael Tremis, Chairman, President, and CEO of CXN/Bio-Tracking.
To supplement our financial statements Bio-Tracking provides investors with additional information, which allows them to have a clearer picture of the company's operations. Management believes that these financial measures enhance the investors' overall understanding of our performance. Investors are urged to review the financial information included as part of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and quarterly earnings releases.
Mr. Michael Tremis added, "Our team has made significant progress by achieving a strong, virtually debt-free balance sheet. We are pleased with our results, which provide a foundation for continued growth well into the future."
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.