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C-ME.com ANNOUNCES YEAR-END FINANCIAL RESULTS AND DETAILS GROWTH STRATEGY ALHAMBRA, Calif., October 14, 1999 -- C-ME.com (OTC-BB: CMEE), a business to business service provider to the retail industry, today announced the financial results for its fiscal year ending June 30, 1999 and outlined its growth strategy for the upcoming year. For the year ending June 30, 1999, C-ME.com’s revenue was $47,810 versus revenue of $65,722 for the year ending June 30, 1998. Net loss for the year was $695,454, compared with a loss of $571,360 for the year ending June 30, 1998. The changes in income and revenue reflect a change in business strategy, and an increase in expenses related to the completion in June, 1999 of the Company’s initial public offering in order to implement the business strategy. "This past year we primarily spent time securing funds to implement our business model," said Frank Yuan, chairman and CEO of C-ME.com. "With the money raised during our initial public offering we are focusing on fulfilling our mission of becoming the retail industry’s solution for global merchandise sourcing activities. In line with our plan, we have developed a growth strategy to market our existing services and expand service offerings for our customers. "We’ve identified our objectives for establishing C-ME.com as the retailer’s sourcing solution," continued Yuan. "We are working to secure new retail partners and gain a critical mass of vendors by aggressively marketing our Internet Sourcing Network services. We’re also working to secure additional vendors for our U.S.-based retail partners by working with foreign intermediaries, primarily in the Pacific Rim countries, that have strong vendor relationships in their countries. "In addition, we’re expanding our services to help our subscribing vendors achieve their e-commerce goals," said Yuan. "In the Spring of 2000, C-ME.com plans to launch the Wholesale Auction Center, which will provide a vertical marketplace for subscribing vendors to liquidate odd lots and closeouts in bulk quantity." "We are also developing and planning to launch the Factory Outlet Mall next spring. The Factory Outlet Mall is a complete e-commerce package consisting of secure credit card transactions, shopping cart functions, and automatic calculation of sales tax and freight charges that will allow our subscribing vendors to sell directly to consumers without substantial additional cost. Our belief is that both the Wholesale Auction Center and the Factory Outlet Mall will attract vendors to our retail partners’ private Internet Sourcing Networks and to the Virtual Trade Show. Finally and most importantly, we recognize that people will be the deciding factor in how well we implement this strategy," said Yuan. "In order to establish C-ME.com as the retail merchandise sourcing solution, we’ve added and will continue to add to our senior-level management team to support and direct our aggressive growth strategy." Formed in 1996, C-ME.com’s (www.c-me.com) mission is to create the retail industry’s solution for global merchandise sourcing activities. The Company builds and maintains Internet Sourcing Networks ("ISN"), private extranets that enable retail buyers to streamline front-end merchandise sourcing activities from their desktops. C-ME.com’s current retail partners include Factory 2-U Stores (NASDAQ: FTUS) and Burlington Coat Factory (NYSE: BCF). The Company also provides its subscribing vendors custom web design and hosting and the Virtual Trade Show ("VTS"), a vertical marketplace for vendors to display their product in an open environment. 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 the company's prospectus. |
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