EXHIBIT 99.1
On May 14 , 1998, the Registrant issued the following press release:
For Immediate Release
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Company Contact: Investor Relations:
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Randall Marx Millennium Holdings/Wall Street West
Richard Anderson Phone 561-988-2334/Fax 561-988-0815
Antennas America, Inc. E-mail MGHI@Bellsouth.net
Phone 303-421-4063 Fax: 303-424-5085 www.millenniumholdings.com
Email: marx@antennas.com
web page: www.antennas.com
ANTENNAS AMERICA REVENUES INCREASE 37% FOR FIRST QUARTER 1998
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ANTENNAS AMERICA APPOINTS NEW CHIEF FINANCIAL OFFICER
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Wheat Ridge, Colorado May 14, 1998 - Antennas America, Inc. (OTC: BB:ANTM) today
reported financial results for the first quarter ended March 31, 1998.
Total revenues for the quarter ended March 31, 1998 increased 37% to $842,784 as
compared to $615,376 for the same period in 1997. Net income for the quarter was
$5,869 as compared to $33,939 for the same period last year.
Randall P. Marx, Chief Executive Officer, stated, "During the first quarter we
experienced continued growth in both domestic and international sales and again
displayed our products at CEBIT, the world's largest electronics trade show in
Germany. We are pleased to report that industry interest and demand for the
Company's unique antenna solutions remains strong, particularly in the O.E.M.
systems solutions market. Net profit in this quarter was affected by the
decrease in gross margin due to the product mix, additional depreciation
expenses due to the purchase of additional production equipment, and costs
associated with the development of several new products to be introduced in the
second half of 1998. These new products reflect the Company's strategic plan to
leverage our existing product designs to further expand our manufacturing and
customer base."
During the second quarter, the Company announced the Agreement with Jasco
Products, Inc. to market the Company's local TV antennas under the Emerson(R)
brand name to mass-market retail customers. Furthermore, the Company's patent
application relating to the technique and design of the Company's Freedom(TM)
and Walldo(TM) local TV and VHF/UHF antenna solutions was allowed by the U.S.
Patent Office, increasing the Company's total number of patents to three.
Additionally, the Company is pleased to announce that Julie Grimm has been
appointed as Chief Financial Officer of the Company. Ms. Grimm, a Certified
Public Accountant, formerly with Ernst & Young, will oversee the accounting and
financial operations of the Company.
Antennas America, Inc. is a diversified company using its own technology to
design, develop and manufacture unique antenna solutions for the rapidly
expanding wireless communications industry. The company also provides custom
antenna designs and manufacturing for Original Equipment Manufacturers (O.E.M.)
and other emerging wireless communications markets. The Company has had 5
straight years of profitability.
This Release contains forward looking statements with the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Although the Company believes that the expectations reflected in the
forward-looking statements and assumptions upon which forward-looking statements
are based are reasonable it can give no assurance that such expectations and
assumptions will prove to have been correct. See the Company's Annual Report on
From 10-KSB for additional statements concerning important factors, such as
demand for products, manufacturing costs and competition, that could cause
actual results to differ materially form the Company's expectations.
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