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Additionally, MediaTechnics Corporation has begun taking definitive steps that it anticipates will ensure a continuing and profitable future. Rick Wilson, CEO of MediaTechnics Corporation, stated, "While 2008 was a difficult year for most every company, the changes in the business environment have forced us to make several very important changes to the way we do business. First and foremost, we have scaled back our East Coast operations and reduced budgets and staffing wherever possible, while maintaining or increasing our previous level of sales."
He continued, "As a result of these actions, operating overhead has been decreased by over 70% while sales remain consistent with or are improving over last year. Consequently, we anticipate coming very close to breaking even in the first quarter and we expect to return to profitability during the second quarter."
He concluded, "We are actively working towards converting almost all of our outstanding liabilities to equity and anticipate completing the process within weeks, as tentative agreements have been reached with most of our largest creditors. As a result of these changes, MediaTechnics should emerge a much leaner, mostly debt free, company with positive shareholder equity and strong and increasing revenues during 2009 and beyond."
About MediaTechnics Corporation
MediaTechnics Corporation (www.MediaTechnicsCorporation.com) is the parent company of, and operates through, MediaTechnics Systems Inc. (www.MediaTechnics.com).
Notes about forward-looking statements
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties.
Certain Statements contained in this release that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied.
Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "may," "should" and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date when they are made.
Investor Relations Contact: 732-475-2437
SOURCE: MediaTechnics Corporation
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