Exhibit 99.1
News Release
October 18, 2000 Symbols: CDNX - WIZ
OTC - WIZZF
FWB - WSJ
WSI INTERACTIVE ACHIEVES FIRST YEAR REVENUE TARGET.
WSi Interactive Corporation (OTCBB: WIZZF, CDNX: WIZ, Frankfurt: WSJ) is pleased
to announce that the Company's audited results for its fiscal year ended June
30, 2000 have been released. The Company reported revenues of $6,007,375,
including revenues for its fourth quarter, ended June 30, 2000, of $1,906,969.
The Company reported a loss of $1,108,658 before amortization.
HIGHLIGHTS OF THE RECENTLY COMPLETED YEAR INCLUDE:
INFRASTRUCTURE DEVELOPMENT
The Company completed a Data Center that delivers state-of-the-art reliability,
security, and scalability to meet the escalating demands of e-business
activities. The facility will be used specifically for Internet technologies,
hosting applications, data warehousing and streaming video technologies. The
Center is capable of handling 750 million hits per day and 9,000 simultaneous
on-demand video streams. In its first year, WSi's workforce has grown from 18 to
65 dedicated employees.
STRATEGIC ALLIANCES
The Company entered into an alliance with IBM Canada (NYSE: IBM) to enhance
WSi's ability to provide one-stop solutions for business incubation. An alliance
was also forged with RG Diamond Inc. to create an Internet incubation
partnership that will develop the Diamondreplacement.com website. 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.
EQUITY INVESTMENTS
WSi acquired a 40 per cent interest in privately held Ariel Wireless
Technologies. Ariel has since changed its name to AlphaStream Wireless Inc. and
is currently being merged into Petra Resource Corp., a CDNX company, subject to
Exchange approval.
"We made tremendous progress in our first year as a public company," said Theo
Sanidas, WSi CEO. "We formed excellent strategic alliances and developed the
infrastructure necessary through our Data Center to accelerate the development
of our companies. We are now more focused than ever on profitability and
anticipate that we will become profitable by the end of our current fiscal year
through strong revenue growth and judicious expense management."
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Consolidated year-end Financial Statements will be available through the
Company's Internet Site at WWW.WS-I.COM on October 18, 2000 and mailed to
shareholders of record on the same date.
ABOUT WSI INTERACTIVE CORPORATION
WSi generates revenue by marketing and selling products and services based on
its core competencies of integrated marketing, web and business development
services and by investing in content and infrastructure of Internet businesses.
The three divisions that represent the core of WSi are direct marketing,
Internet marketing, and web development and hosting services. All three are
complementary and provide total solutions to a wide variety of client
objectives. These divisions are complemented by a dedicated team of business
development professionals who actively seek growth opportunities and investments
for WSi. WSi generates revenue from new businesses by providing development
support based on those same core competencies.
To receive information on WSi by e-mail, please forward your Internet address
to: [email protected]
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 reviews nor accepted any responsibility for
the adequacy or accuracy of the contents of this release.
