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Wednesday 14 August 2002, 12:00 PM Eastern Time iCrystal, Inc. Announces Record Revenues for Second Quarter 2002 and for the Six Months Ending 6-30-2002
Surrey, Canada – (PRWeb.com) – May 28, 2002 – iCrystal, Inc. (OTC BB: ICRS.OB-news) (“iCrystal” or “Company”), a Surrey, Canada-based designer, developer, and licensor of Internet based lottery and casino gaming software announced preliminary financial results for its second quarter ended June 30, 2002 and for the six months ending June 30, 2002.
The Company had total revenues of $350,000 for second quarter of 2002 as compared to revenues of $182,500 for second quarter 2001, an increase of $167,500 or 92%.
Income for the second quarter of 2002 was $67,607, before interest, taxes, depreciation, and amortization as compared to a loss for the second quarter of 2001 of ($131,272) before interest, taxes, depreciation, and amortization, an increase of $198,879 or 151%.
The Company had total revenues of $626,046 for the six months ended June 30, 2002 as compared to revenues of $283,203 for the six months ended June 30, 2001; an increase of $342,843 or 121%.
Income for the six months ending June 30, 2002 was $76,362, before interest, taxes, depreciation, and amortization as compared to a loss of the corresponding six months ending June 30, 2001 of ($327,861) before interest, taxes, depreciation, and amortization, an increase of $404,223 or 123%.
Larry Hrabi, the Company’s CEO cites the Company’s recently released iCrystal Virtual Casino software version 4.01 and increased marketing activities for the improvement. He goes on to state, “iCrystal’s recently upgraded Virtual Casino software has attracted new software licenses, in addition, existing licensees have experienced increased revenues from the attractive, user friendly and entertaining virtual gaming sites, encouraged by the strong revenue growth, the licensees have increased their marketing activities resulting in increased revenues for the licensees and the Company. We anticipate this trend will continue for the rest of 2002.”
iCrystal, Inc. is a designer, developer, and licensor of Internet based lottery and casino gaming software. iCrystal provides its licensees with complete turn-key solutions to the Internet gaming industry. It’s casino software features integrated secure credit card processing and user friendly reporting tools. Through iCrystal’s Master Licensee, the Company can assist in providing its licensee with hosting and effective marketing strategies. The Company’s reliable and timely solutions tailored to ease of use and customized gaming variety has contributed to the ability of iCrystal’s software packages to generate immediate revenue.
This press release contains forward-looking statements based on the Company’s current expectations about its business and its industry. You can identify these forward-looking statements when you see words such as “expect”, “anticipate”, “estimate” and other similar expressions of plans or uncertainties. These forward-looking statements involve risks and uncertainties and actual results could differ materially from those anticipated in these forward-looking statements. Such risks relate to uncertainty in the internet gaming and credit card processing laws around the world, terrorism and its effect on business and the internet, consumer acceptance of and confidence in internet gaming, continued development of our software to keep abreast of current technology, competition from larger, better staffed and financed companies in the gaming industry and reliance upon our limited number of software licensees to continue operations and perform according to their agreements. The Company undertakes no obligation to publicly update any forward-looking statements for any reason, even in the event new information becomes available or other events occur in the future.
