GRAND RAPIDS, Mich., Dec. 15 /PRNewswire-FirstCall/ -- BestNet
Communications Corp. (OTC Bulletin Board: BESC) a provider of proprietary
global communication solutions, today announces results for the year ended
August 31, 2004.
BestNet's revenues increased by 47% to $2,162,856 in fiscal 2004, from
$1,471,358 in fiscal 2003. Gross margins improved substantially to 34% in
fiscal 2004 as compared to 12% for fiscal 2003. General and Administrative
expenses decreased by 28% to 1,341,595 in fiscal 2004 from $1,868,925 in
fiscal 2003.
An impairment of asset expense of $2,980,290 was incurred because the
value of the Softalk License, which has historically been shown as an
intangible asset on BestNet's financial statements, has been reduced to zero
because of a history of losses from doing business with the licensed
technology and the low probability of achieving positive cash flow in that
business within a reasonable period of time.
The Board of Directors has elected Mr. Barry Griffith to fill a vacant
board seat. As the Western Area Director for Isoray Inc, Mr. Griffith is
responsible for all its sales and marketing for the western half of the United
States. Isoray Inc. identifies and brings to market unique isotopes to treat
cancer. From October 2000 to August 2004 Mr. Griffith was Western Area
Director of Novoste Corp. a pioneer and world leader in Vascular
Brachytherapy. Previously he held sales positions introducing new
technologies with Medtronic Inc., Schneider Inc., and Mitek Surgical Products.
Stanley Schloz, BestNet's President, said, "We are very pleased to
announce the election of Barry Griffith to our Board. He has spent a
significant part of his career introducing novel medical devices to the
medical market and will be a significant contributor in guiding the company in
exploring a new line of business."
About BestNet Communications Corp.
BestNet Communications is a global solutions provider of long distance;
conference calling, ClicktoPhone and custom application-based communication
services. BestNet's services are accessed worldwide via the Internet,
standard phones and wireless devices and are delivered using standard phone
lines and equipment. This results in a cost effective high quality service
for both businesses and consumers.
Under the brand name Bestnetcall(TM) (http://www.bestnetcall.com) the patented
services offer subscribers premium quality calls and conference calling, at
significantly lower rates. Calls and conference calls can also be launched
via a desktop application or handheld devices including Palm(TM), Pocket PC(R)
and Blackberry(TM) and used with any standard or wireless phone. In addition
the company's new ClicktoPhone(TM) service (http://www.ClicktoPhone.com) enables
clients to add secure and anonymous voice communication connectivity anywhere
in the world to web sites, web banners, pictures, electronic documents, and
customized e-mail calling buttons.
This release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the "safe harbor" created thereby. These statements
include the plans and objectives of management for future operations,
including plans and objectives. The forward-looking statements herein are
based on current expectations that involve judgments with respect to, among
other things, future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond control of the company. Although the
company believes that the assumptions underlying the forward-looking
statements are reasonable, any one of the assumptions could be inaccurate and,
therefore, can be no assurance that the forward-looking statements included in
this release will prove to be accurate.
SOURCE BestNet Communications Corp.
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Related links:
http://www.bestnetcall.com
CONTACT:
BestNet Communications Corp.,
+1-616-977-9933, investors@bestnetcom.com
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