Return Assured Reports 2nd Quarter Results
LOS ANGELES, April 25 --
Return Assured Incorporated, (Nasdaq: RTRN), today announced results for the
second quarter ended February 28, 2001. Net loss for the Quarter ended
February 28, 2001 was $1,132,074, a decrease from a net loss of $2,433,949 for
the first quarter ended November 30, 2000. The loss for the six months ended
February 28 was 3,566,023. Net loss per share for the Quarter ended
February 28, 2001 was $0.15 compared to a loss of $0.41 in the first quarter
ended November 30, 2000. The per share loss for the six months ended
February 28, 2001 was $0.52 per share.
The second quarter results are consolidated to reflect the results of the
reverse triangular merger completed on October 13, 2000 and the business of
the former Hertz Technology Group (from October 13 to February 28, 2000). The
loss for the first quarter was $2,433,949, or $0.41 per share, reflecting the
significant costs of the merger and related $5 million equity financing. As
of February 28 2001, the company had cash resources of approximately
$3.7 million and working capital of approximately $4.2 million.
The Company has embarked in a new direction pursuing development of the
Return Assured "Return Seal of Approval". Return Assured`s operations have
been financed to date through equity capital, and the $5 million financing
which closed at the time of the merger. The initial results of the Return
Assured Seal of Approval program have not enjoyed wide market acceptance and
Management has been pursuing variations of the concept in order to provide
alternative potential sources of Revenue. "We are building on solid
infrastructure to power our Return Seal offering," said Matt Sebal, President
and Chairman of Return Assured Incorporated. "We have allocated our resources
carefully to focus on enhancing our service package and marketing strategy.
Also, in the last several months, we have started to review potential
acquisitions to provide a stable revenue stream and to enhance the potential
of the redefined Return Assured revenue model. The Company has reduced staff
and overhead in order to preserve capital."
About Return Assured
Return Assured Incorporated, has developed a proprietary B2C and B2B
value-added "Return Seal of Approval" for the electronic retail community that
vets retailers with high standards and then indemnifies the consumer with a
"no-hassle" guarantee in support of that particular retailer`s return and
customer service policy.
The Company is pursuing variations of the concept all in the area of
providing customer assurance and enhancing customer satisfaction.
For more information of Return Assured Incorporated and its exclusive
Return Seal of Approval, please visit the company`s web site at
http://www.returnassured.com.
This news release contains forward-looking statements. Forward-looking
statements include statements concerning plans, objectives, goals, strategies,
future events or performance and underlying assumptions and other statements,
which are other than statements of historical facts. These statements are
subject to uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic conditions, the
impact of competition and pricing, and government regulation and approvals.
All such forward-looking statements, whether written or oral, and whether made
by, or on behalf of Return Assured Incorporated, are expressly qualified by
these cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. In addition, Return Assured
Incorporated disclaims any obligation to update any forward-looking statements
to reflect events or circumstances after the date hereof. The information
contained on any web site referenced in this press release is not a part of
this press release.
CONTACT:
Matt Sebal, President
Return Assured Inc.
877-807-4664
matt@returnassured.com
Back...
