TORONTO, April 4 /CNW-PRN/ - NETWORKS NORTH INC. (NASDAQ:NETN), announces that VC Advantage Fund, a newly formed investment fund for the new economy and the Internet age, has agreed to provide, subject to shareholders approval, $US3,000,000 in financing.
The financing is in the form of a convertible debenture, which is convertible into common stock of Networks North.
The financing provided by VC Advantage Fund will enable Networks North to deliver on the explosive growth potential of the Application Service Provider (ASP) industry and become the Entertainment ASP,'' said Cameron Chell, Chairman and CEO of Chell.com. Chell.com, a ``technology strategy bank'', which recently acquired a significant interest in Networks North.
Jan. 18 /CNW-PRN/ - Networks North Inc. (NASDAQ: NETN - news) announced its results for the quarter ended November 30, 1999. Including revenue of $1,836,000 from recently acquired GalaVu Entertainment Network Inc., total revenue for the quarter was $5,535,596, a 52% increase over the $3,636,117 reported a year earlier. Excluding the revenue from GalaVu, the total revenue reported for the quarter ended November 30, 1999 was 2% ahead of the amount reported in the previous year. Income before taxes and minority interest reported for the quarter ended November 30, 1999 was $556,812, 108% higher than the $268,253 reported for the previous year. Net income for the quarter was $262,607, the highest net income ever reported by the company for a quarter, which was an increase of 38% over the previous year.
Networks North, Inc. is engaged in the delivery of interactive video programming to customer sites, the rental and sale of equipment used in the reception of broadcast services, maintenance services and event programming for corporate clients.
Market Capitalization $9.46M
Shares Outstanding 2.86M
Float 1.20M
