(PR NEWSWIRE) Celerity Systems Reports Results for the Third Quarter Ended Sept mber 30 Celerity Systems Reports Results for the Third Quarter Ended September 30
-- On Track to Generate Total Revenues of $1.2 Million in 2004 --
KNOXVILLE, Tenn., Nov. 17 /PRNewswire-FirstCall/ -- Celerity Systems, Inc. (OTC Bulletin Board: CESY), a business development company focused on providing capital formation, management advice and investments in developing companies, announced today its financial results for the third quarter ended September 30, 2004.
For the nine-month period ended September 30, 2004, the Company received $955,000 in proceeds from its investment in Yorkville Advisors Management, LLC, which has been recorded as dividend income in the statement of operations. Since December 1, 2003, the Company has received a total of $1,020,000 in proceeds from its portfolio companies.
For the three-months ended September 30, 2004, Celerity reported operating income of $70,175 compared to an operating loss of $(107,644) for the three months ended September 30, 2003. Celerity reported a net loss of $68,632, or $0.00 per share, for the three months ended September 30, 2004 compared to a net loss of $432,507, or $0.00 per share, for the three months ended September 30, 2003.
In October 13, 2004, the Company's Board of Directors approved a plan to buyback up to 500 million shares of Celerity common stock on the open market over the next 12 months.
Celerity President and CEO Robert Legnosky stated, "Year-to-date we have entered into two significant business development agreements. In the third quarter, we acquired an equity position in Getting Ready Corp., a start-up that is focused on creating U.S. superstores for pre- and post-pregnancy women. All shareholders on record as of October 20, 2004 are expected to receive one share of free-trading Getting Ready stock for approximately every 1,192 shares of Celerity stock that they own based on the existing shares outstanding.
During the current quarter, we acquired a 5% ownership in Sagamore Holdings, Inc. Through a wholly owned subsidiary, Sagamore gives us an equity position in the electronic manufacturing services industry. In the future, we expect to continue to make other investments in growth-oriented businesses that could represent increased value for our shareholders."
Legnosky concluded, "We have generated positive operating income for the third consecutive quarter, and expect continued top-line growth through our existing investments in our portfolio companies. We are on track to generate total revenues of $1.2 million or more at year-end 2004."
Additional details on third quarter financial results can be found on the Company's Form 10-Q available at http://www.sec.gov.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
Company Contact: Investor Relations Contact: Robert Legnosky, President & CEO Gary Geraci Celerity Systems, Inc. OTC Financial Network 865-539-5300 781-444-6100 ext. 629 garyg@otcfn.com
SOURCE Celerity Systems, Inc. -0- 11/17/2004 /CONTACT: Robert Legnosky, President & CEO of Celerity Systems, Inc., +1-865-539-5300; or Gary Geraci of OTC Financial Network, +1-781-444-6100 ext. 629, garyg@otcfn.com/ /Web site: http://www.celerity.com/ (CESY)
CO: Celerity Systems, Inc. ST: New Jersey IN: FIN SU: ERN *** end of story ***
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