Exhibit 99.1
News Release
October 5, 2000 Symbols: CDNX - WIZ
OTC - WIZZF
FWB - WSJ
WSI INTERACTIVE ACHIEVES FIRST YEAR REVENUE TARGET.
WSi Interactive Corporation is pleased to announce it has achieved its first
year revenue target. Revenue for the year ended June 30, 2000 totaled
$6,007,375. In the 4th quarter revenue totaled $1,906,969. The year's net loss
was $1,810,783, of which $702,125 was amortization of capital assets. Assets
grew to $9,160,200 by June 30, 2000. WSi is focusing on achieving profitability
by the end of fiscal 2001.
June 30 $000's
For the year For the Quarter
2000 1999 2000
----------------- ---------------
Revenue 6,007 *Note 1,907
Net Loss 1,811 1,593
Loss Before Amortization 1,109 1,291
At June 30
2000 1999
-----------------
Cash 1,314 1,707
Working Capital 2,562 1,795
Total Assets 9,160 2,271
Shareholders Equity 7,445 1,952
*Note: The operating information was for a prior, inactive business in 1999 and
is not comparable.
WSi generates revenue by marketing and selling products and services based on
its core competencies of integrated marketing, web and business development
services and its investments in content and infrastructure Internet businesses.
The first year under the new company structure has been extremely active; WSi
has achieved rapid growth and gained a wealth of valuable experience. By
identifying and investing in strategically complementary businesses, WSi has
levered its core strengths to build a network of businesses that are either
wholly owned subsidiaries or held in partnership.
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WSi has been streamlining the organization to improve communication, increase
efficiency and reduce expenses. Currently WSi has a workforce of sixty-three
people committed to the company's success.
The following summarizes fourth quarter activities. In April, WSi began working
with IBM to create a dynamic Internet business incubation partnership. WSi
signed an agreement to launch an Internet business through a strategic alliance
with RG Diamond Inc., of Chicago, Illinois. The parties are currently in the
early stage of development of two sites, Diamondreplacement.com and
Diamonforum.com. WSi launched DNS Media, a full service media streaming
solutions company, which services the broadcast markets in the United States and
Canada. WSi also invested in Nurv Media, a private corporation in California,
that designs multimedia marketing campaigns. WSi took a 40 per cent interest in
private wireless company Ariel Wireless Technologies. Ariel has since changed
its name to AlphaStream Wireless Inc. and is currently being vended into Petra
Resource Corp., a CDNX company, subject to Exchange approval. WSi formed a
business alliance with eReservation and is assisting in its acquisition by
Techgroup Ventures, an existing capital pool company on the CDNX, subject to
Exchange approval. During the 4th quarter WSi raised $1.3 million in the form of
a non-brokered private placement.
Significant investment has been made in building a technology data centre. The
data centre delivers state-of-the-art reliability, ironclad security, and
scalable capacity to meet the escalating demands of e-business activities. The
facility will be used specifically for Web technologies, Web hosting
applications, data warehousing and the latest in streaming video technologies.
This data centre/ISP is capable of handling 750 million hits per day and 9,000
simultaneous on-demand video streams. Due to the immense, scalable capabilities
of the data centre, WSi is actively seeking partners to fully utilize this
resource.
WSi's objective for fiscal 2000-2001 is to increase revenues by focusing the
company's efforts on core business sales with its increased sales force.
Reducing general and administrative costs will also be a priority for the year.
WSi is aggressively seeking opportunities to acquire undervalued competitors
that will complement and enhance its core divisions.
WSi President Theo Sanidas will be appearing on a Webcast to discuss the
year-end results on Thursday October 5, 2000 at CEOcast.com.
Consolidated year-end Financial Statements will be available on our corporate
web site WWW.WS-I.COM on October 18, 2000 and mailed to shareholders of record
on the same date.
THE BUSINESS OF WSI
WSi Interactive Corporation is an innovative business development and marketing
firm whose objective is to capitalize on content and infrastructure
opportunities on the Internet. WSi builds, manages and markets online businesses
in the financial, e-tail and e-commerce, entertainment, and e-advertising
sectors.
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WSi focuses on early-stage companies where it can add significant value to the
investment through a network of relationships and strategic alliances, using its
experience to help Internet companies to build traffic, develop brands, and
capitalize on a variety of revenue streams.
To receive information on WSi by e-mail or fax, please forward your Internet
address or fax # to [email protected] / fax: 1-877-499-5806.
Investor Relations Toll Free: 1-888-388-4636
Website: WWW.WS-I.COM
ON BEHALF OF THE COMPANY
"Theo Sanidas"
Theo Sanidas, President
This news release may contain forward-looking statements that involve risks and
uncertainties, including the impact of competitive products and pricing and
general economic conditions as they affect the Company's clients. Actual results
and developments may therefore differ materially from those described in this
release. No regulatory authority has reviewed nor accepted any responsibility
for the adequacy or accuracy of the contents of this release.
