MORGAN HILL, Calif., Dec. 1, 2004 (PRIMEZONE) -- Maxus Technology Corporation, (OTCBB:MXUS) a leading provider of eWaste and Asset Recovery solutions, today announced that its 3rd quarter results have been released and the company is pleased to announce that gross revenue continues to increase year over year. Sales of its Global Asset Management Solutions including eWaste and Asset Recovery for the three-month period ended August 31, 2004 were $2,113,522, an increase of 171% or $1,227,926 over the same period in 2003. Gross Margins were approximately 46%, up 9% over the same period in 2003 primarily from profitable recycling activity. Increased sales and margins resulted in $656,796 in additional gross profit or an increase of 200% over the same period last year. Strengthening margins reflect the continuing shift into recycling, consignment contracts and expansion into overseas business.
For the nine-month period ended August 31, 2004 revenue was $5,016,041, up 124% over the same period last year. Gross margins were 42%, an increase of 4% from the same period last year. Increased sales and margins resulted in $1,099,688 more gross profit or an increase of 107% over the same period last year.
During the quarter, Maxus Technology welcomed a new CEO, Patrick Mulvey, whose operational focus is becoming a key asset in the future growth of the company. Maxus also experienced growth in its eWaste Solutions as well as expansion of existing accounts.
Patrick Mulvey, CEO of Maxus Technology Corporation noted, "Maxus will continue to build out its business model but in doing so will evaluate the 'best practices' and 'best processes' that will make the company a Global leader in its field." Mr. Mulvey also added, "Maxus's ability to deliver a 'ONE' stop solution and offer a full range of critical eWaste Recycling and Asset Recovery solutions will make it the company of choice for many Fortune 1000 companies who are reviewing their current eWaste and Asset Recovery programs."
About Maxus Technology Corporation
Maxus Technology Inc. was founded in 1994 as an asset recovery expert for the telecom industry and was an early pioneer in the pre-owned technology marketplace. In the last 10 years of serving customers worldwide, we have developed in-depth asset recovery and eWaste expertise, extensive supply-and sell-side networks. Maxus has an international sourcing network enabling us to secure in-demand products. Maxus customers have come to rely on us for providing low-cost, high-quality alternatives to new products. In a fragmented market crowded with small, unsophisticated operations, Maxus continues to remain a trusted and respected resource.
Maxus has its executive offices at 18300 Sutter Boulevard, Morgan Hill, CA 95037 and its telephone number is 1.408.782.2005. For additional information please contact: (416) 867-8276, Todd Heinzl, Investor Relations Officer or by emailing investors@Maxustech.com.
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SAFE HARBOR
Information in this news release or on this website may contain statements about future expectations, plans, prospects or performance of Maxus Technology Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Maxus cautions you that any forward-looking information provided by or on behalf of Maxus is not a guarantee of future performance. None of the information on this website constitutes an offer to sell securities or investment advice of any kind, and visitors should not base their investment decisions on information contained in this website. Maxus Technology Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Maxus's control, in addition to those discussed in Maxus's press releases, public filings, and statements by Maxus's management, including, but not limited to, Maxus's estimate of the sufficiency of its existing capital resources, Maxus's ability to raise additional capital to fund future operations, Maxus's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts that match Maxus's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Maxus does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.