MONTREAL, QUEBEC--R.A.N.K.I.N. Technologies Inc. today announced its results for its fiscal year ended April 30, 1999 and its first quarter ended July 31, 1999. Prior to May 1, 1999, the Company was a Junior Capital Pool Company. Effective May 1, 1999, the Company completed its Major Transaction and acquired all of the shares of R.A.N.K.I.N. Research Corporation, which was effectively merged into the Company on May 1, 1999. For its fiscal year ended April 30, 1999, the Company had revenues of $17,665 compared to no revenue in its prior fiscal year and posted a net loss of $18,994 ($0.003 per share) compared to a net loss of 19,660 ($0.005 per share) in its previous fiscal year. The deficit rose from $86,968 in fiscal 1998 to $105,962 in fiscal 1999. Effective May 1 1999, the Company acquired all of the shares of R.A.N.K.I.N. Research Corporation in its Major Transaction, which is being accounted for as a reverse takeover. The Company's current fiscal year's results are accordingly compared to the results of R.A.N.K.I.N. Research Corporation for its fiscal year ended April 30, 1999. Revenues for the Company's first quarter ended July 31, 1999 were $739,235 - an increase of 115 percent compared to first quarter revenues last year of $343,973. Net income was $156,754 ($0.007 per share) compared to a loss of $2078 in the first quarter of last year. Sales of the Company's Boomerang(R) units rose by 148 percent to 1,762 units from 710 units in the comparable period last year. "We are extremely pleased with the progress of the Company," said Mr. Peter Lashchuk, the Company's President. "With the expansion of our cellular service provider network to British Columbia, we are confident that we will continue to generate significant unit sales increases in each of our coming quarters." R.A.N.K.I.N. Technologies Inc. markets and distributes the "Boomerang", a proprietary product utilizing technology patented by the Company. The Boomerang 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 Boomerang is capable of functioning indoors, underground, inside metal freight containers and in many other previously inaccessible locations.
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