DALLAS, June 30, 2006 (PRIMEZONE) -- IElement Corporation (OTCBB:IELM) (Frankfurt:SZQ1) (Frankfurt:IELM), a nationwide provider of advanced communications services and Voice over Internet Protocol (VoIP) solutions, filed its 10-KSB annual report today.
IElement's operating loss before interest, depreciation, amortization and non-cash items for the year ended March 31, 2006 was $486,802, or less than half a penny per share. This is a substantial improvement over years past and puts the company in a good position to become profitable.
IElement's overall loss from operations for the fiscal year ended March 31, 2006 was $1,842,017, but EBITDA was ($1,039,550) and non-cash items accounted for more than half of that loss. The company issued stock for services in the amount of $522,748 for the year, much of which went to consultants for advising the company in matters pertaining to its private equity placement, shifting its business model towards Voice over Internet Protocol (VoIP) technology and service, expanding its product offerings and gaining entry to smaller, less competitive markets.
The company is in an excellent position to exercise its business plan in the current year.
You can find other IElement news at www.ielement.com/news.htm.
About IElement Corporation
IElement is a facilities-based nationwide communications service provider that provides state-of-the-art telecommunications services to small and medium sized businesses ("SMBs"). IElement provides broadband data, voice and wireless services by offering integrated T-1 lines as well as a Layer 2 Private Network and VOIP solutions. These solutions provide SMBs with dedicated internet access, customizable business solutions for voice, data, wireless, internet, and secure communications channels between the SMB offices, partners, vendors, customers and employees without the use of a firewall or encryption device. IElement has a network presence in 18 major markets in the United States, including facilities in Los Angeles, Dallas and Chicago.
The IElement Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2233
This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) our limited operating history; (2) our ability to pay down existing debt; (3) the risks inherent in the investigation, involvement and acquisition of a new business opportunity; (4) unforeseen costs and expenses; (5) potential litigation with our shareholders and/or former or current investors; (6) the Company's ability to comply with federal, state and local government regulations; and (7) other factors over which we have little or no control.
For more information on IElement, please visit www.ielement.com.