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FOR IMMEDIATE
RELEASE
C-Me Announces 2nd Quarter Financial Results and Unveil of
ASAP Show
PASADENA, CA
– February 15, 2002 – Cyber Merchants
Exchange, (“C-Me”) (OTC-BB: CMEE) announced its financial results for
its second quarter and six month periods, ending December 31, 2001.
For the
three months ended December 31, 2001, the Company had transaction sales totaling
$576,350, which is 100% increase compared to the same period in 2000.
The Company reported a net loss of $175,581 or $(0.02) per share for the
three months ended December 31, 2001 as compared to a net loss of $985,016 or
$(0.13) per share for the same period in the previous year.
The decrease in net loss is due primarily to an increase in revenue; a
decrease in general and administrative expenses; professional fees, IR/PR and
traveling expenses.
For the six
months ended December 31, 2001, the Company had transaction sales totaling
$1,076,623, which is 100% increase compared to the same period in 2000.
The Company reported a net loss of $554,251 or $(0.07) per share for the
six months ended December 31, 2001 as compared to a net loss of $1,625,123 or
$(0.21) per share for the same period in the previous year.
The decrease in net loss is due primarily to an increase in revenue; a
decrease in general and administrative expenses; and professional fees.
Frank Yuan,
C-Me’s Chairman and CEO, commented, “I am ecstaticdelighted
to report that for the first time, our Company has finally broken-even.
This quarter, if we deduct all non-cash items such as: non-cash stock
based compensations, equity in losses on investments in overseas joint ventures,
and depreciations, we are in black.” Yuan,
further commented, “Our first ASAP trade show is being unveiled February 18th
– 21st, 2002 at the Mirage Hotel in Las Vegas.
The success of the ASAP Show will bring trading opportunities and
revenues for C-Me, besides being a perfect branding marketing tool.”
About Cyber
Merchants Exchange, Inc.
C-Me (http://www.C-Me.com)
is an international B2B electronic trading company that creates efficiencies for
retailers to source and finance international purchases.
C-Me builds private extranets - Internet Sourcing Networks, a closed
marketplace, for its retail partners. C-Me’s
patent pending Global Financial Platform allows US retailers to purchase
overseas merchandise without the need of issuing a Letter of Credit.
The Company also provides vendors with a Virtual Trade Show, a vertical
marketplace for vendors to display their products in an open environment
accessible to buyers around the world. C-Me
also produces the Apparel Sourcing Association Pavilion (“ASAP”) trade show
twice a year. ASAP will be held in
Las Vegas, Nevada in conjunction with the world’s largest apparel trade show
week. ASAP’s mission is to
establish a premiere venue for leading international textile & garment
manufacturers to conduct business under one roof with global buyers.
The Company presently has offices located throughout Asia and Turkey.
C-Me has strong strategic partnerships with CIT Commercial Services
(NYSE: CIT), Bank SinoPac, Rical Logistics and Fritz, a UPS Company.
The Company’s current retail partners included among others are:
Factory 2-U Stores, Inc. (NASDAQ: FTUS), Burlington Coat Factory (NYSE: BCF),
Susie’s Deals, and Bermo Enterprises.
Certain
of the statements made herein constitute forward-looking statements
that involve risks and uncertainties.
In such instances, actual results could differ materially as a
result of a variety of factors including the risks associated with the
effect of changing economic conditions at home and abroad, variations
in cash flow, reliance on collaborative retail customers, reliance on
intellectual property legislation, use of proprietary un-patented
technology, dependence on the Internet and on new product development,
variations in new product and service development, risks associated
with rapid technological change, and potential of introduced or
undetected flaws and defects in products and services and other risk
factors detailed in forms filed with the Securities and Exchange
Commission from time to time.
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