PLRP - Yesterday afternoon PR. Didn't see it mentioned so here it is...............
( BW)(VA-PACEL)(PLRP) PACEL Corp. Reports Second Straight Quarter of Revenue Increases Over 250%
Business Editors/Hi-Tech Writers
MANASSAS, Va.--(BUSINESS WIRE)--July 25, 2001--PACEL Corp. (OTC BB: PLRP) announced today that for the three months ended June 30, 2001, sales were $226,000 for a total of $429,000 for the six months ended June 30, 2001, compared to $58,000 for the second quarter of 2000 and a total of $116,000 for the six months ended June 30, 2000, an increase of $313,000 or 270%.
The increase in revenues is directly attributed to the sales generated from existing NATO contracts of Fairfax Communications Limited and from EBStor.com's increased business in consulting and Web development.
The Company intends to continue to focus its efforts on the marketing of the ChildWatch(TM) family of products and e-Centurion anti-virus software. Only limited revenues from the ChildWatch software have been realized to date due to marketing delays.
The Company's marketing delays stem from the inability to obtain financing through the second quarter, a difficulty that the Company is working to address.
David Calkins, president and CEO of PACEL Corp., said, "As a result of our efforts to obtain continued sources of financing, we have entered into an equity line of credit arrangement and also issued some convertible debentures. As part of these financings, registration rights were provided to the security holders.
"A registration statement was filed on April 25, 2001 with the SEC to register the shares that may be issued under the equity line of credit arrangement. This registration statement was subsequently withdrawn on July 10, 2001 to address certain regulatory issues. We anticipate filing a new registration statement with the SEC covering the common stock under these arrangements.
"Once the registration statement is declared effective by the SEC, we intend to use a portion of the proceeds from the equity line of credit to help fund our marketing plans. In an effort to continue the promotion and marketing rollout of ChildWatch and e-Centurion, PACEL Corp. has engaged various services in exchange for stock.
"While this has caused some dilution, we are confident that our stock value will increase in conjunction with continued increases in sales."
The "Pacesetter" in Internet security, PACEL Corp. is a software development company headquartered in Manassas, Virginia, a suburb of Washington, D.C. Two subsidiary companies, EBStor.com and Fairfax Communications, Limited, provide Web and e-commerce solutions and goods and services to NATO, respectively.
Further information about PACEL and its products will be found at www.pacel.com and at www.childwatch.com.
FORWARD-LOOKING STATEMENTS
When used in this document and in our filings with the Securities and Exchange Commission, in our press releases, or other public or shareholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from our historical results and those we presently anticipate or project. You should not place undue reliance on any forward-looking statements, which speak only as of the date made.
Various factors could affect our financial performance and cause our actual results to differ materially from any opinions or statements we express with respect to future periods in any current statements.
These factors include, but are not limited to, the following: increases in our operating expenses outpacing our revenues; our inability to expand our sales and distribution channels, the failure of strategic relationships to implement and protect our software products, the failure of third parties to develop software components necessary for the integration of applications using our software; and the use of our intellectual property by others.
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