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TORONTO,
May 13, 2003
- NTG Clarity
Networks Inc.
(TSX-Ven:
NCI), a leader
in delivering
network, IT
and infrastructure
solutions,
today announced
revenues of
$12,464,467
for 2002,
a decrease
of 12% from
the same period
last year.
(All amounts
in Canadian
dollars).
The Company
reported a
loss for the
full year
ended December
31, 2002 of
$2,653,421
compared to
a net loss
of $2,871,055
for the comparable
period year
prior.
During the
year, the
telecommunication
industry that
represents
a significant
part of NTG
Clarity Networks
Inc.s business
continued
to defer spending
on new capital
projects.
This has resulted
in lower sales.
"We
have undertaken
significant
management
changes in
a continuing
effort towards
reducing costs
and positioning
ourselves
for future
opportunities
which has
resulted in
a profit in
the first
quarter of
2003. Significant
progress has
been made
in diversifying
towards the
enterprise
space in both
the network
and products
area that
are in high
demand and
where the
profit margins
are better.
During the
year, we entered
the international
marketplace,
which we see
as an area
of substantial
growth."
"The
focus is on
finding new
avenues, increasing
the customer
base and realigning
the targets
and strategies.
NTG's team
is committed
to the objective
to become
one of the
leading names
in the business
and is geared
to meet future
challenges",
said Ashraf
Zaghloul,
Chairman,
President
and CEO.
FORWARD
LOOKING INFORMATION
Certain
statements
in this release,
other than
statements
of historical
fact, are
forward looking
information
that involves
various risks
and uncertainties.
Such statements
relating to,
among other
things, the
prospects
for the company
to enhance
operating
results, are
necessarily
subject to
risks and
uncertainties,
some of which
are significant
in scope and
nature.
These uncertainties
may cause
actual results
to differ
from information
contained
herein. There
can be no
assurance
that such
statements
will prove
to be accurate.
Actual results
and future
events could
differ materially
from those
anticipated
in such statements.
These and
all subsequent
written and
oral forward
looking statements
are based
on the estimates
and opinions
of the management
on the dates
they are made
and expressly
qualified
in their entirety
by this notice.
The Company
assumes no
obligation
to update
forward looking
statements
should circumstances
or management's
estimates
or opinions
change. |
