R.A.N.K.I.N. TECHNOLOGIES INC. to be renamed BOOMERANG TRACKING INC. and evaluates merits of a TSE listing |
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| R.A.N.K.I.N. Technologies Inc. |
| Press Release |
| Linda Farha |
| 10/20/00 |
| MONTREAL, Quebec, October 19, 2000 -- R.A.N.K.I.N. Technologies Inc. (CDNX: BMG.A), manufacturer and distributor of the Boomerangâ Tracking System, is pleased to announce shareholders’ approval of the Company’s name change to Boomerang Tracking Inc. during its annual meeting shareholders held today and announces that they are in the process of evaluating the merits of a TSE listing. “We felt that it was extremely important to rename our company for ease in communication and brand recognition”, says Linda Farha, Director, Marketing, Communications and Investor Relations. Once the name change is official, the Company will change its web site address accordingly but will maintain its ticker symbol as BMG.A During the AGM, Peter Lashchuk, president of RANKIN, reviewed the Company’s financial highlights and accomplishments for the fiscal 2000. “I couldn’t have scripted our first full year as a public company any better.” said Mr. Lashchuk. “With the guidance of our newest board members, Mr. Pierre Laurin and Mr. Éric Péladeau, and our strong management team, I am confident that our results for fiscal 2001 will be equally exciting” says. Actual results for the Company’s first quarter of 2001 illustrate RANKIN’s ability to sustain continued exponential growth while maintaining highly profitable results. Revenues for the first quarter ending July 31, 2000 grew 272% to $ 2.75 million in last year’s comparable quarter. First quarter net earnings before taxes grew by 631% to $ 1.07. R.A.N.K.I.N.’s sales of Boomerangâ units escalated at an expansive rate of 338% for the first quarter ending July 31, 2000 to 10,130. This growth was realized while operating expenses, excluding amortization, research and development and interest, increased by only 187%, to $ 1,6 in the first quarter of 2000. R.A.N.K.I.N. Technologies Inc. continues to expand profitably. “With the attention of the Ontario market and those in the United States, we anticipate further exponential growth while maintaining positive cash flows” stated Peter Lashchuk. “In addition, our research and development team is diligently addressing consumer demand for security and peace of mind through the development to innovative wireless-based ancillary solutions to meet our current and potential customers modern-day needs” he added. About R.A.N.K.I.N. Technologies Inc. R.A.N.K.I.N. Technologies Inc. markets and distributes the BoomerangŇ, a proprietary product using technology patented by the Company. The BoomerangŇ is the central device in a cellular-based asset tracking system, capable of locating stolen automobiles, heavy equipment and valuable objects utilizing the cellular systems of major regional telecommunications companies. The Company’s proven recovery record has received endorsement by members of the Insurance Industry. Boomerangâ is a registered trademark of R.A.N.K.I.N. Technologies Inc. R.A.N.K.I.N.’s headquarters and production facilities are in Montreal, and its products are sold and distributed in Quebec, Ontario, British Columbia, and most recently, in the Dominican Republic. The shares of R.A.N.K.I.N. Technologies are currently being traded on the Canadian Venture Exchange under the symbol BMG.A. |
| Boomerang® is a registered trademark of Boomerang Tracking Inc. It's headquarters are located in Montreal, Quebec. Boomerang products are sold and distributed in the provinces of Quebec, Ontario, British Columbia and in the Dominican Republic. Boomerang Tracking Inc. shares are traded on the Toronto Stock Exchange (TSE) under the trading symbol "BMG". |