MediaG3 Increases Revenue by 62% in 2008
Tuesday February 10, 9:00 am ET
SAN JOSE, Calif.--(BUSINESS WIRE)--MediaG3, Inc. (OTCBB: MDGC - News), a leading developer for broadband wireless product and interactive rich-media content delivery applications, today released preliminary financial statements showing significant growth in revenue for the year ended December 31,2008.
In 2008 the company’s annual revenue was $1,016,525 compared to $628,749 in 2007, a 62% year–over-year increase. This is attributed to the launching of a broadband wireless project in China and improving performance by both subsidiaries in China. The estimated operating loss in 2008 was $1,448,125, down from $1,598,325 in 2007, due to cost cutting and improvement in the efficiency of operations. Company will release the year-end audited financials as soon as they become available.
2008
2007
Revenue $ 1,016,525 $ 628,749
Gross Profit $ 869,045 $ 348,745
Total Expenses
$
2,318,170
$ 1,947,070
Income (loss) ($1,448,125) ($1,598,325)
“We are pleased to report a much improved result for 2008 even under very challenging global market conditions,” said William Yuan, MediaG3’s Chairman and CEO. “We are very encouraged to see our strategies in China and other Asian markets beginning to produce tangible financial results. We are confident that we will continue to see further improvement as our business development gathers momentum in 2009,” continued Yuan.
MediaG3 has signed a $10 million broadband wireless product supply contract, and has launched its China Pilot Project, which has been approved by Chinese Ministry of Commerce and State Administration of Radio, Film and Television, and funded by the US Trade and Development Agency. With signed contracts and additional business in negotiation, the company is expected to reach over $20M in revenue within 24 months.
About MediaG3, Inc.
MediaG3, Inc. develops and markets broadband wireless technology products and online applications that empower interactive content delivery to today's fixed and mobile consumers. With a well-defined business model of "U.S. Technologies, China Market," MediaG3 is developing its integrated business and product lines to offer the best solutions for broadband wireless infrastructures, online and mobile rich-media content delivery. MediaG3 is based in Santa Clara, California and has two wholly owned subsidiaries in China with operations in Shanghai and Shenzhen. For more information on the company, please visit
www.mediag3.com.
Forward-looking Statements:
Forward-looking statements such as “confident”, "believe," "expect," "May," "plan," "intend," “project”, etc., contained herein are within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are based on the Company's beliefs and assumptions it made using information currently available to it and which reflect current views concerning those future events. Actual results could differ materially. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the volatility of trading markets, the Company’s limited operating history, the inability to obtain additional capital, the Company’s unproven business model, the risks of doing business in China, and other factors discussed in filings made by the Company with the Securities and Exchange Commission.
Contact:
Investor Relations:
Adam Friedman Associates
Adam Friedman, 212-981-2529 ext.18
adam@adam-friedman.com
