SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a- 16 or 15d-16 of the
Securities Exchange Act of 1934
Press Release dated February 14, 2000
Eiger Technology, Inc.
818 Erie St.
Stratford, ON
N4Z 1A2
[Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40- F]
Form 20-F....X...Form 40-F.........
[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information by the
Commission pursuant to Rule 12g3-2(b) under the Securities Act of 1934.]
Yes....X...No.......
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Eiger Technology, Inc.
Date: February 14, 2000 Mr. Gerry A. Racicot
President
PRESS RELEASE
February 14, 2000
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TSE:AXA
OTC BB:ETIFF
EIGER TECHNOLOGY REPORTS `DRAMATIC RISE' IN 1ST QUARTER REVENUES WITH `
INTERNET STRATEGY'.
STRATFORD, ONTARIO, CANADA, FEBRUARY 14, 2000 - Eiger Technology, a
leading Internet and computer products manufacturer (TSE: AXA, OTCBB: ETIFF)
announced today first quarter results showing a 658 per cent increase in
revenues and a 711 per cent rise in net income.
Revenues in the last quarter of 1999 were $18.6 million (US$13,020,000)
compared to $2,453,000 (US$1.717,000) in the same period in 1998 and net income
of $620,000 (US$434,000) compared to a loss of $91,000 (US$63,000). E.P.S. was
.03 (US.02) vis a vis 0 last year.
The year-end is September 30 and the first quarter ends on December 30.
(Conversion rate times point 7 CAD to US dollars).
Year-end results for 1999 compared to 1998, showed revenues were nearly
halved at $11,713,000 (US$8,199,000), compared to $22,734,000 (US$15,913,800)
with E.P.S. at 0.
Gerry Racicot, President and CEO, said, "The latter part of 1998 and most
of 1999, were a period of dynamic restructuring, acquisition and focusing on our
new target markets - the Internet, computer and telecommunications industries.
"Because of these factors and the temporary closure and re-organisation of
Lexatec VR Systems, 1999 year end revenues dipped, but, as can be seen from our
first quarter 2000 which started October 1, 1999, we have experienced a dramatic
rise in revenues from $2,453,000 (US$1,717,000) to $18,600,000 (US$13,020,000) -
an increase of 658 per cent. Net income rose from a negative $91,000 (US$63,000)
to $620,000 (US$434,000) a 711 per cent gain.
"We achieved this principally through our acquisition from the 64 per cent
ownership of Eiger Labs Group, a Californian distribution company and its sister
company Point Multimedia Systems, Inc, a high technology leading edge Korean
manufacturer and designer of MP3 players, modems and DSL modem technology.
"We also achieved indirectly, through Point Multimedia, a controlling
interest in a highly recognised design and research and development company Top
Electronics, Inc."
"Our OEM products are going from strength to strength with new
customers and business per customer increasing. The increase in OEM business
reflects the leading edge design and manufacturing expertise of our Point
Multimedia facility."
Y.K.Kim, President of Eiger Lab Group, Inc. said, "The second generation
EigerMan 2000 was well received at the recent consumer electronics show in Las
Vegas with trade interest extremely high. This fully featured MP3 player is
exciting to the marketplace, making it possible for Eiger to maintain a market
dominant position.
"Furthermore, Eiger's Digital Subscriber Line (DSL) modem has been
specified with major US and worldwide consumers for delivery in June 2000. As a
result of our new manufacturing facility in Seoul, Eiger has increased its in
house capacity by 150 per cent to a monthly unit sales rate of 250,000.
DIRECTORS OF EIGER TECHNOLOGY, INC.:
G.A. Racicot
Chief Executive Officer
THE MANAGEMENT OF THE COMPANY WHO TAKE FULL RESPONSIBILITY FOR ITS CONTENTS
PREPARED THIS PRESS RELEASE. THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND
DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
