SMNC NEWS
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NC SMNC Reports Net Profit for Year End 2003; National Product Line Exceeding 2004 Sales Forecast
May 14, 2004 08:00:00 (ET)
CLEARWATER, Fla., May 14, 2004 (BUSINESS WIRE) -- Summit National Consolidation Group, Inc. (PINK SHEETS:SMNC) is pleased to announce their first year over year profit for 2003. Based on SMNC's national product launch in the first quarter of 2004, management anticipates substantial revenue growth.
For Year Ending 2003 SMNC has released unaudited financial statements. Financial statements reported a net gain of $417,518. This net gain can be compared to prior year net loss of -$232,204. Part of the net gain for 2003 can be attributed to the reduction of Operating Expenses by 30%. Operating expenses for 2003 totaled -$161,897 versus operating expenses of -$211,050 for 2002. As a means improving the Company's Balance Sheet, Mario Quenneville, President and CEO of SMNC, decreased Total Liabilities to $42,074 for 2003 versus prior year of $1,476,685. In an attempt to build SMNC and improve shareholder value, Mario Quenneville has not received a salary for two years and has not initiated a stock option plan.
For 2004, SMNC has distributed their organic cosmetic line in over 350 fashion apparel, home furnishings and cosmetic national retail stores. These stores generate over $9 Billion in annual revenues. The strong customer base of these retail stores are anticipated to drive in substantial recurring revenue through 2005.
"This is an exciting time for our company", stated Mario Quenneville, President and CEO of SMNC. Mario continued to state, "We have not only achieved our first year of profitability but we have launched our product line across the country into leading cosmetic and fashion apparel stores. We have already generated revenues from these national chains. In the coming 8 months, we anticipate continued large scale distribution into nail salons as well as additional national cosmetic stores. Commercials marketing the Superwipes product line underneath the Barielle banner are being considered."
About Summit National Consolidation Group, Inc.
SMNC conceives, designs and formulates unique cosmetic and all-purpose products from organic materials with a variety of applications including fingernail polish remover, make up remover, sneaker cleaner wipes, instant shoe shine wipes, acne treatment wipes, eye glass, cleaner and defogger, car interior leather cleaning pads, vitamin E applicators, etc. More SuperWipe products are in various stages of development and should be released through out 2004.
Please visit www.superwipe.com and the new site for health and beauty professionals at www.healthy-nails.com.
This release contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," "should" or "might" occur. Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.
SOURCE: Summit National Consolidation Group, Inc.
