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 January 12, 2001
Eiger Technology, Inc.
330 Bay St. Suite 602
Toronto, ON
M5H 2S8
[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: January 12, 2001 Mr. Gerry A. Racicot
President
<PAGE>
EIGER TECHNOLOGY, INC. UPDATES FIRST QUARTER OUTLOOK
Toronto, ON January 12, 2001 - Eiger Technology, Inc. (Eiger) a vendor of
computer products and peripherals sold through OEM customers, today announced
that it expects to report lower revenues for its first quarter of fiscal year
2001 ending December 30, 2000 as compared to the same period in 1999, and a loss
per share greater than Bay Street expectations.
The company expects to report net revenues for the first quarter of fiscal 2001
in the range of $8 to $10 million and a loss per share ranging from $0.04 to
$0.07 for the quarter. This revenue reflects weakness in the overall economy, a
significant decrease in consumer demand for personal computers, a general slow
down in retail sales, and a channel-wide over supply of personal computer
inventory.
Data from retailers and market research firms suggest that current softness in
the PC sector is a function of increases PC inventories at a time of reduced
retail spending. Accordingly, OEMs have significantly reduced their purchasing
of computer components and peripherals. This purchasing slowdown is evident in
the recent slate of downgrades to EMS companies by the investment industry.
Eiger is of the opinion that the current retraction in PC sector is nothing more
than a temporary inventory problem that will be resolved over time. The PC
market may not, however, recover until late 2001 due to current inventories and
economic uncertainties that could further affect consumer spending. Although
Eiger is confident that its OEM manufacturing revenues will rebound to prior
levels as the PC marketplace and overall economy rebound, Eiger will experience
softness in its OEM manufacturing revenue for the balance of fiscal 2001.
Eiger Technology, Inc. is headquartered in Toronto, Ontario. Through its
facilities in South Korea, New Jersey and California, Eiger manufactures and
distributes electronic and computer peripherals such as 56K fax/modems, MP3
players and DSL modems to OEM and consumer markets worldwide. Eiger also owns
25% of Nixxo Technologies. Nixxo is a GSM chipset and operating system design
company based in California. The GSM cellular market represents 65% of the world
cellular phone market with growth rates of over 30% a year. Eiger is a publicly
traded company listed on the Toronto Stock Exchange (symbol: AXA). Visit Eiger
Technology, Inc.'s web site at www.eigertechnology.com
For More Information, Please Contact:
Roland P. Austrup, Vice President
Eiger Technology, Inc.
416-216-8659
The management of the company, who take full responsibility for its content,
prepared this press release. The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this release.
