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EXHIBIT 99.1
CT CONTACT: STEVEN B. SOLOMON, CEO
214.521.3443
PRESS CONTACT: DIAN GRIESEL, PH.D.
INVESTOR RELATIONS GROUP
212.736.2650
CT HOLDINGS ANNOUNCES THE CHANGE OF ITS FISCAL YEAR TO DECEMBER 31
DALLAS, TX, October 13, 2000 - CT Holdings, Inc. (NASDAQ: CITN), an incubator of
Internet and Internet telephony services companies, today announced that its
Board of Directors has approved a resolution to change the Company's fiscal
year-end from February 28/29 to a calendar year-end of December 31. Accordingly,
CT Holdings' quarterly reporting periods will end on March 31, June 30 and
September 30.
The Company will file quarterly reports on Form 10-QSB for each of
the three month periods ending August 31, 2000 and September 30, 2000, which
latter period corresponds with the interim reporting periods applicable to the
Company's new fiscal year-end. In addition, the Company will file a Transition
Report on Form 10-KSB for the 10 month period from March 1, 2000 through
December 31, 2000.
"Moving CT Holdings' fiscal year to a calendar basis will move the Company into
alignment with our incubator ventures, including Parago" said Steven B. Solomon,
CEO of CT Holdings. "By having our financial reporting periods consistent on a
calendar basis, we will streamline our accounting and SEC reporting processes
and save substantial financial resources and management time. In addition, we
plan to release our financial results and file our Form 10-QSB for the fiscal
quarter ended August 31, 2000, on Monday, October 16, as well as preliminary
results for our Parago subsidiary which include consecutive record revenues for
its third quarter.
About CT Holdings, Inc.
CT Holdings, Inc. is an incubator for early stage Internet and telephony
companies (www.ct-holdings.com). CT Holdings' incubator ventures include Parago
and River Logic.
Forward-Looking Statements: This news release contains forward-looking
statements, which involve risks and uncertainties. Accordingly, no assurance can
be given that the actual events and results will not be materially different
than the anticipated results described in the forward-looking statement. There
are a number of important factors that could cause actual results to differ
materially from those expressed in any forward-looking statements. These factors
include the risks and uncertainties discussed in documents filed with the
Securities and Exchange Commission by CT Holdings.
CT Holdings does not undertake any obligation to publicly release the result of
any revisions to these forward-looking statements, which may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
