Selected Highlights: CASTLE ROCK, Colo., Nov. 14
/PRNewswire-FirstCall/ -- Integrated Management Information, Inc.
(IMI Global) (OTC:INMG) (BULLETIN BOARD: INMG) , a leading provider
of verification and Internet solutions for the
agricultural/livestock industry, today announced record revenue for
its third quarter and nine-month period ended September 30, 2006.
Third Quarter Results Revenue increased 85% to $418,805 in the
third quarter as compared with $226,175 in the same quarter last
year. This increase was attributable to strong growth from each of
the Company's three complementary revenue streams -- USVerified
verification and identification services, advertising on
CattleNetwork.com and product sales through CattleStore.com and
direct channels. Gross profit in the third quarter increased to
$173,288, up 58% from $109,382 in the same quarter last year.
USVerified services and advertising revenue were the key drivers of
higher margins. Selling, general and administrative expense
increased 51% to $569,572 from $377,737 in the third quarter due to
accelerated investments, primarily headcount, in USVerified
solutions offerings, the expansion of the Company's Internet
segments, including CattleNetwork.com and CattleStore.com; and to a
significant increase in legal and accounting expenses associated
with "going public" activities, including preparation and filing of
the Company's registration statement. In addition, the Company
incurred $31,266 in charges related to FAS 123R share-based
compensation expense. The Company reported a net loss for the third
quarter of $401,044, or $0.02 per share, versus a net loss of
$271,850, or $0.01 per share, in the same quarter last year. John
Saunders, president and CEO, said, "As evidenced by our record
revenue in both the third quarter and nine-month period, demand for
IMI Global's services and products has never been stronger. We are
a leader in providing ranchers, feed yards, packers, processors and
retailers with livestock verification and identification services
that are critical to building consumer confidence in meat products
and to achieving a premium on cattle at auction. Our patent-pending
processes are anchored by two web-based applications --
USVerified.com and SupplyVerified.com -- that help support
marketing claims domestically. Verification of such claims was key
to the recent re-openings of export markets in Japan and South
Korea, which closed their borders to US Meat following the
discovery of bovine spongiform encephalopathy (BSE), or Mad Cow
Disease, in the United States in December of 2003. Today, our
USVerified and/or SupplyVerified solutions are being used by more
than 1,500 ranchers, 100 feedyards and three of America's largest
meatpackers. "We are also achieving strong growth in advertising
revenue through our CattleNetwork.com operation, which we acquired
along with CattleStore.com in May 2005," Saunders added. "With the
integration of CattleNetwork.com and CattleStore.com now complete,
we are a truly diversified company providing a range of
complementary services and products to cattle ranchers, feeders and
packers." Saunders added that CattleNetwork.com, an online news and
information source for the livestock/agricultural industry, has
grown rapidly year to date, reporting 206,000 hits per day through
the first nine months of 2006 as compared with 96,000 hits per day
in the same period last year. CattleNetwork.com is also
experiencing strong growth in visitors, page views and visit
duration. The site generates revenue from advertisers seeking to
reach potential customers in the cattle/livestock/agricultural
space. In addition, CattleStore.com, an ecommerce site catering to
the livestock industry, is also growing steadily and now offers
hundreds of products, including animal identification, medical
equipment and veterinarian supplies. CattleStore.com's drop ship
model eliminates inventory risk and the site has strong presence
and positioning on major search engines. "We have a solid organic
growth model in place for all three of our revenue streams and have
only scratched the surface of the potential for each one," Saunders
said. "Although we have already signed up more than 1,500 cattle
rancher's as customers for our verification services, there are
more than 800,000 cattle ranches not yet using verification
services. Likewise, we currently work with only 100 of the nation's
largest feed yards, so our potential for growth in that segment is
very strong. The same applies to our CattleNetwork.com and
CattleStore.com Internet operations, which we believe have already
created exceptional value yet still have tremendous upside." Nine
Month Results Revenue through the first nine months of 2006 grew to
$1,079,833, up 94% from $557,335 in the same period of 2005. In
addition to growth in all three of its revenue streams in 2006, IMI
Global benefited from a nine full months of revenue from its
Internet operations versus five months in the same period a year
ago. Gross profit for the nine-month period increased 107% to
$531,094 from $256,287 in the same period a year ago. The Company
expects its verification solutions and advertising revenue to
continue to be the primary margin drivers. Selling, general and
administrative expense increased 58% to $1,637,284 from $1,037,106.
Again, this increased was attributable to accelerated investments,
primarily headcount, in USVerified solutions offerings, the
expansion of the Company's Internet operations, a significant
increase in legal and accounting expenses associated with "going
public" activities, and share-based compensation expense. The
Company reported a net loss for the nine-month period of
$1,117,240, or $0.06 per share, versus a net loss of $814,025, or
$0.04 per share, in the same period last year. Included in the net
loss are non-cash charges for share-based compensation of $183,374
and $30,000, respectively, for 2006 and 2005. About IMI Global
Founded in 1995, IMI Global is a leading provider of verification
and Internet solutions for the agricultural/livestock industry. Go
to http://www.imiglobal.com/ for additional information. IMI has
worked with some of the largest agricultural organizations in the
United States, providing web-based applications for verification
and identification as well as a range of consulting services
tailored to meet each customer's needs. IMI operations include
CattleNetwork.com, an online service offering market information
and industry news to the cattle industry, and CattleStore.com, an
online source for livestock supplies, such as animal
identification, medical equipment and veterinarian supplies.
Additional IMI web sites include USVerified.com,
SupplyVerified.com, and AgNetwork.com. CAUTIONARY STATEMENT This
news release contains "forward-looking statements" within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, based on current expectations, estimates and projections that
are subject to risk. Forward-looking statements are inherently
uncertain, and actual events could differ materially from the
Company's predictions. Important factors that could cause actual
events to vary from predictions include those discussed in our SEC
filings. Specifically, statements in this news release about
growth, profitability, potential, leadership, building value, the
impact and efficacy of the Company's products and services on the
marketplace, are forward-looking statements that are subject to a
variety of factors, including availability of capital, personnel
and other resources; competition, governmental regulation of the
beef industry, the market for beef and other factors. In addition,
financial results for the three and nine-month periods are not
necessarily indicative of future results. Readers should not place
undue reliance on these forward-looking statements. The Company
assumes no obligation to update its forward-looking statements to
reflect new information or developments. For a more extensive
discussion of the Company's business, please refer to the Company's
SEC filings at http://www.sec.gov/. IMI Global, Inc. Condensed
Statements of Operations (Unaudited) Three months ended Nine months
ended September 30 September 30 2006 2005 2006 2005 Revenues
$418,805 $226,175 $1,079,833 $557,335 Cost of sales 245,517 116,793
548,739 301,048 Gross profit 173,288 109,382 531,094 256,287
Selling, general and administrative expense 569,572 377,737
1,637,284 1,037,106 Loss from operations (396,284) (268,355)
(1,106,190) (780,819) Other income (expense): Interest income 930
1,405 6,207 1,925 Interest expense (5,690) (4,900) (17,257)
(35,131) Net other expense (4,760) (3,495) (11,050) (33,206) Loss
before income taxes (401,044) (271,850) (1,117,240) (814,025)
Income taxes -- -- -- -- Net loss $(401,044) $(271,850)
$(1,117,240) $(814,025) Loss per share $(0.02) $(0.01) $(0.06)
$(0.04) Average shares outstanding 17,867,515 23,739,404 19,123,765
22,775,844 IMI Global, Inc. Condensed Balance Sheets (Unaudited)
September 30 December 31 2006 2005 ASSETS Current Assets: Cash and
cash equivalents $17,362 $684,833 Accounts receivable, net 136,358
241,304 Inventory 27,782 9,771 Prepaid expenses 9,043 -- Total
current assets 190,545 935,908 Restricted cash Cash restricted for
purchase of treasury stock -- 421,664 Cash restricted for payment
of line of credit 50,000 50,000 Total restricted cash 50,000
471,664 Property and equipment: Equipment and furniture 112,550
99,514 Accumulated depreciation (78,674) (65,739) Property and
equipment, net 33,876 33,775 Other assets: Intangible assets, net
51,459 67,564 Goodwill 418,208 418,208 Total other assets 469,667
485,772 Total assets $744,088 $1,927,119 LIABILITIES AND
SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Notes payable
$72,040 $100,000 Accounts payable 291,126 178,847 Accrued expenses
44,835 11,183 Deferred revenues 15,200 46,556 Total current
liabilities 423,201 336,586 Notes payable 350,000 350,000
Stockholders' equity (deficit): Common stock 26,118 25,405
Additional paid-in capital 3,574,981 2,243,100 Treasury stock
(1,485,000) -- Retained (deficit) (2,145,212) (1,027,972) Total
shareholders' equity (deficit) (29,113) 1,240,533 Total liabilities
and shareholders' equity (deficit) $744,088 $1,927,119 DATASOURCE:
Integrated Management Information, Inc. CONTACT: John Saunders,
Chief Executive Officer of Integrated Management Information, Inc.,
+1-303-895-3002; or Jay Pfeiffer of Pfeiffer High Investor
Relations, Inc., +1-303-393-7044, for Integrated Management
Information, Inc. Web site: http://www.imiglobal.com/
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