IHGR - Interact Holdings Group Releases 1st Quarter 2007 Financials; Revenues More Than Double Over 1st Q 2006
Wednesday May 16, 9:22 am ET
HOUSTON, May 16 /PRNewswire-FirstCall/ -- Interact Holdings Group, Inc. (OTC Bulletin Board: IHGR - News) today released the company's quarterly financials for the first quarter of 2007. For the period of January 1, 2007 to March 31, 2007, the company posted revenues of $1,053,135 as compared to $468,714 for the same period in 2006. This reflects a net increase in revenues of 125%. The increase was primarily due to the acquisition of UTSI International which took place in May of 2006. The company also posted a smaller net loss for the 1st quarter of 2007, $628,154, as compared to the same period in 2006, which saw a loss of $747,109.
IHGR provides high technology tools and services that help companies, governments and institutions manage their industrial infrastructure and economic assets more effectively. The company currently provides products and services to several selected major industry segments, including: oil and gas, electric utility, and telecommunications.
Stated James Nelson, President of Interact Holdings Group Inc., "These financial results clearly indicate that UTSI was a strong acquisition for Interact Holdings Group as UTSI has brought us strong revenue producing contracts, experienced management and Fortune 500 clients. We believe UTSI will continue to demonstrate this solid performance in the years to come."
Complete company financial information is available in the Company's Form 10 Q filed with the Securities and Exchange Commission. More information on the company can be found at www.interactholdings.com. More information on UTSI International can be found at www.utsi.com.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of IHGR are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future IHGR, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and IHGR has no specific intention to update these statements.
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Source: Interact Holdings Group, Inc.
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