CHATSWORTH, Calif., Nov. 18, 2004 (PRIMEZONE) -- Go Online Networks Corporation (OTCBB:GONT) announced today that the company has filed its 3rd Quarter financials for the period ended 9-30-04. The company generated revenues of over $142,000 and showed a gross profit of $24,000 or 17% of the gross sales. Profitability for the company was over $1,285,000 based upon a one time gain of $1,367,000 from the conversion of debt to equity. The Company realized the gain on extinguishments of debt, in the amount of $1,367,720, resulting from the conversion of debt into shares of common stock.
Joe Naughton, CEO of Go Online Networks said, "Our net income during the nine months ended September 30, 2004 was $678,898 compared to a net loss of $1,063,362 for the same period in 2003. This net income does not reflect our actual operations during the period as it includes a non-recurring gain of $1,367,720 resulting from gain attributable to extinguishments of our Series 2000-A 8% Convertible Notes upon the issuance of 85,000,000 shares of our common stock."
Go Online Networks Corp. is a Southern California-based technology holding company. Currently, its major operating subsidiary Digital West Marketing Services Inc. is an emerging player in the $100 billion Electronic Manufacturing Services (EMS) sector.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expression of future goals and similar expressions reflecting something other than historical fact involve risks and uncertainties. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties.
For more information visit our Web site at www.gontinvestor.com. and www.digitalwest.com