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Post by Franko10 ™ on Sept 24, 2005 14:04:44 GMT -5
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT UNDER SECTION 13 OR 5(d) OF THE SECURITIES ACT OF 1934:
For the Quarterly Period ended March 31, 2001
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE ACT
For the transition period from __________________ to __________________
Commission file number 0-26919
CYBER MARK INTERNATIONAL CORP.
-----------------------------------
(Name of Small Business Issuer in Its Charter)
Delaware N/A
- ------------------------------- -----------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
359 Enford Road, Unit 1
Richmond Hill, Ontario, Canada L4C 3G2
- --------------------------------------- ---------------------
(Address of Principal Executive Offices) (Zip Code)
Issuer's telephone number: (905) 770-4602
---------------
Indicate by check mark whether the registrant (1) has filed has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO ___
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. YES ____ NO. ____
APPLICABLE ONLY TO CORPORATE ISSUERS
As of May 9, 2001, 22,311,039 shares of the Issuer's Common Stock were
outstanding.
CYBER MARK INTERNATIONAL CORP.
PART I. FINANCIAL INFORMATION Page No.
Item 1. Consolidated Financial Statements:
Consolidated Balance Sheets (Unaudited) as of
March 31, 2001 and December 31, 2000 3
Consolidated Statements of Operations (Unaudited)
for the Three Months Ended March 31, 2001 and 2000 4
Consolidated Statements of Cash Flows (Unaudited)
for Three Months Ended March 31, 2001 and 2000 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operation 8
PART II. OTHER - INFORMATION
Item 2 - Changes in Securities and Use of Proceeds. 10
Sales of Unregistered Securities 10
Other Issuances 10
Item 6 - Exhibits and Reports on Form 8-K 10
Cyber Mark International Corp.
Consolidated Balance Sheets
As at March 31, 2001 and December 31, 2000
- --------------------------------------------------------------------------------
March 31, December 31,
2001 2000
ASSETS (Unaudited)
Current
Cash and cash equivalents $ - $ 0
Investment tax credits receivable 29,642 90,226
Accounts receivable 0 0
Inventory 15,956 16,775
Prepaid expenses 2,539 5,919
------------ -------------
Total current assets 48,136 112,920
Property and equipment - net 23,355 24,855
------------ -------------
Total assets $ 71,492 $ 137,775
============ =============
LIABILITIES AND STOCKHOLDERS" EQUITY
(DEFICIT)
Current
Bank indebtedness $ 62,692 $ 34,877
Accounts payable and accrued
liabilities 241,718 256,026
Long-term debt - current portion 311,952 346,994
Advances from shareholder 74,476 76,051
------------ -------------
Total liabilities 690,838 713,948
------------ -------------
STOCKHOLDERS' EQUITY (DEFICIT)
Capital stock 6,915 1,315
Additional paid in capital 2,201,637 1,520,397
Cumulative translation adjustment 7,935 4,301
Deficit (2,835,833) (2,102,186)
------------ -------------
Total stockholders" equity (deficit) (619,346) (576,173)
------------ -------------
Total liabilities and stockholders"
equity $ 71,492 $ 137,775
============ =============
The accompanying notes are an integral part of these consolidated
financial statements
Cyber Mark International Corp.
Consolidated Statements of Operations and Deficit
For the Three Months Ended March 31, 2001 and 2000
(Unaudited)
- -------------------------------------------------------------------------------
2001 2000
Revenue
Sales $ - $ -
Other 1,302
-------------- --------------
- 1,302
Cost of sales - -
-------------- --------------
Gross profit 0 1,302
-------------- --------------
Expenses
Marketing 0 30,260
Research and development 0 19,047
Wages and benefits 11,785 16,070
Rent and occupancy 4,851 9,180
Professional fees 693,403 8,574
Interest 15,265 6,568
Office and general 4,609 3,589
Telephone 995 2,732
Insurance 1,239 2,000
Depreciation and amortization 1,500 10,000
-------------- --------------
733,647 108,020
-------------- --------------
Net loss $ (733,647) $ (106,718)
============== ==============
Loss per share $ (0.04) $ (0.04)
============== ==============
The accompanying notes are an integral part of these consolidated
financial statements
Cyber Mark International Corp.
Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2001 and 2000
(Unaudited)
- -------------------------------------------------------------------------------
2001 2000
Cash flows from operating activities
Net loss $ (733,647) $ (106,718)
Adjustments to reconcile net loss to
net cash used by operating activities
Depreciation and amortization 1,500 10,000
Shares issued for services 686,840 -
Changes in assets and liabilities
Investment tax credits receivable 60,584 684
Accounts receivable - (7,219)
Inventory 819 103
Prepaid expenses 3,380 21
Accounts payable and accrued
liabilities (14,308) (19,092)
------------ -------------
Net cash used by operating activities 5,169 (122,221)
------------ -------------
Cash flows from financing activities
Bank indebtedness 27,815 49,845
Long-term debt (35,042) (633)
Advances from shareholder (1,575) 53,344
----------- -------------
Net cash provided by financing activities (8,802) 102,556
----------- -------------
Effect of exchange rate changes on cash 3,633 18,144
----------- -------------
Increase (decrease) in cash and cash
equivalents - (1,521)
Cash and cash equivalents, beginning of period - 1,521
------------ -------------
Cash and cash equivalents, end of period $ - $ -
============ =============
Supplementary information:
Interest paid $ 15,265 $ 6,568
============ =============
The accompanying notes are an integral part of these consolidated
financial statements
Cyber Mark International Corp.
Notes to Consolidated Financial Statements
For the Three Months Ended March 31, 2001 and 2000
(Unaudited)
- -------------------------------------------------------------------------------
1. The financial information included herein is unaudited; however, such
information reflects all adjustments, consisting solely of normal recurring
adjustments which are, in the opinion of management, necessary for a fair
presentation of the periods indicated. Certain information and footnote
disclosures normally included in financial statements prepared in
conformity with generally accepted accounting principles have been
condensed or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission. These condensed financial statements
should be read in conjunction with the consolidated financial statements
and related notes contained in the Company's Annual Report for the twelve
months ended December 31, 2000.
The following is a summary of the significant accounting policies followed
by the Company:
Basis of Presentation
The accompanying consolidated financial statements include the accounts of
the company and its wholly-owned subsidiary. All significant intercompany
transactions and balances have been eliminated in consolidation.
Cash and cash equivalents
The company considers all highly liquid investments with a maturity of
three months or less from time of purchase to be cash equivalents.
Inventory
Inventory is valued at lower of cost or market. Cost is determined on the
first-in-first-out basis.
Property and equipment
Property and equipment are stated at cost. Depreciation is provided on a
straight-line basis over the estimated useful life of the assets, usually
five years. For leasehold improvements, depreciation is provided on
straight-line basis over five years.
Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities as of the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting periods. Actual results could differ from those
estimates and assumptions.
Cyber Mark International Corp.
Notes to Consolidated Financial Statements
For the Three Months Ended March 31, 2001 and 2000
(Unaudited)
Financial instruments
The company considers the fair value of all financial instruments to be not
materially different from their carrying value at year end.
Translation of foreign currencies
The company uses the local currency as the functional currency and
translates all assets and liabilities at year-end exchange rates, all
income and expense accounts at average rates and records adjustments
resulting from the translation in a separate component of common
shareholders' equity.
Loss per common share
Loss per common share is based on the weighted average number of common
shares (2001 - 16,569,111, 2000 - 12,128,600) outstanding during each
period. Loss per common share is the same for both basic and dilutive since
stock options would be antidilutive and therefore not included in the
calculation.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION.
Qualified Auditor's Report
On April 11, 2001, the independent auditors of the company
issued its report on the December 31, 2000 financial statements in
which it assumed the company will continue as a going concern but noted
that the company had suffered significant losses from operations, was
in breach of certain loan covenants and had deficiencies in working
capital and stockholders equity. These factors raised substantial doubt
about the company's ability to continue as a going concern.
Nothing has occurred with the company to change the
conclusions of the auditors report. The company continues to have no
revenues, is unable to fund operations and continues to incur
obligations, primarily professional fees, rent and certain other
overhead expenses. Management is exploring various options, including
terminating its operations, sale of its various assets and corporate
reorganization. No assurance can be given that any strategy will be
adopted or result in an improved financial condition for the company.
Results of Operations
The company did not have any meaningful commercial operations
because of a lack of capital and funds with which to operate. The
company believes it has certain assets that continue to have value, but
to realize commercial value on them will require substantial additional
capital to upgrade and develop them. These assets may be valuable if
sold. The company does not have any plans at this time which will
result in any continuing operating revenues. Because the company did
not have any meaningful commercial operations, it had no revenues for
the quarter ended March 31, 2001. The company only had $1,302 of
revenues for the quarter ended March 31, 2000.
The expenses of the company for the quarter ended March 31,
2001 were $733,647 as compared to $108,020 for the corresponding period
of 2000. Professional fees represented the largest portion of the
expenses. Most of the amount are charges taken for the issuance of
common stock during the quarter as compensation for services rendered.
The net loss for the quarter ended March 31, 2001 was $733,647
as compared to $106,718 for the corresponding period of 2000. The loss
was the result of no revenues and substantial expenses.
Liquidity and Capital Requirements
The company had no cash or cash equivalents at March 31, 2001.
Its assets were only $71,492 at March 31, 2001, of which $29,642 was an
investment tax credit and $15,956 was inventory. The company had a
working capital deficiency of $642,707 at March 31, 2001. At December
31, 2001 the working capital deficiency was $601,028. The deficiency is
continuing to increase.
The company is in default of certain covenants given to its
lenders. The company has received notices of default, but no formal
action has been taken at the date of this report. Because of the
default status, however, all debt is classified as current.
The company's bank debt was $174,644 at March 31, 2001.
The company has $29,642 worth of Canadian government
Investment Tax Credits which have not yet been approved. The company
anticipates no problems in collecting this amount in the near term.
The company needs capital to meet its expenses and fund its
operations. In addition, if we are to develop any of our assets in the
area of virtual reality gaming products, the company will need
substantial capital for research and development, production, marketing
and personnel expenses, among other things.
We have no sources of capital at this time. We do not expect
to develop any sources of capital in the near future.
We are reducing our operations as much as possible. What
funding we have obtained has been in the form of insider loans. We also
have issued securities to pay for various obligations of the company.
To the extent we are able, we will continue to issue securities, most
likely common stock, to pay various of our obligations. Any issuances
are expected to be substantial and will result in substantial dilution
to existing stockholders.
As noted above, there is substantial doubt as to our ability
to continue as a going concern.
Forward-Looking Statements
When used in this Form 10-QSB and in future filings by
CyberMark with the Securities and Exchange Commission, words or phrases
"will likely result", "management expects", "will continue", "is
anticipated", "plans", "believes", "estimates", "seeks", variation of
such words and similar expressions are intended to identify such
forward-looking statements within the Private Securities Litigation
Reform Act of 1995. Readers are cautioned not to place undue reliance
on any such forward-looking statements, each of which speak only as of
the date described below. Actual results may differ materially from
historical earnings and those presently anticipated of projected.
CyberMark has no obligation to publicly release the result of any
revisions, which may be made to any forward-looking statements to
reflect anticipated events or circumstances occurring after the date of
such statements.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(X) QUARTERLY REPORT UNDER SECTION 13 OR 5(d) OF THE SECURITIES ACT OF 1934:
For the Quarterly Period ended March 31, 2001
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE ACT
For the transition period from __________________ to __________________
Commission file number 0-26919
CYBER MARK INTERNATIONAL CORP.
-----------------------------------
(Name of Small Business Issuer in Its Charter)
Delaware N/A
- ------------------------------- -----------------------------------
(State or Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
359 Enford Road, Unit 1
Richmond Hill, Ontario, Canada L4C 3G2
- --------------------------------------- ---------------------
(Address of Principal Executive Offices) (Zip Code)
Issuer's telephone number: (905) 770-4602
---------------
Indicate by check mark whether the registrant (1) has filed has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO ___
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. YES ____ NO. ____
APPLICABLE ONLY TO CORPORATE ISSUERS
As of May 9, 2001, 22,311,039 shares of the Issuer's Common Stock were
outstanding.
CYBER MARK INTERNATIONAL CORP.
PART I. FINANCIAL INFORMATION Page No.
Item 1. Consolidated Financial Statements:
Consolidated Balance Sheets (Unaudited) as of
March 31, 2001 and December 31, 2000 3
Consolidated Statements of Operations (Unaudited)
for the Three Months Ended March 31, 2001 and 2000 4
Consolidated Statements of Cash Flows (Unaudited)
for Three Months Ended March 31, 2001 and 2000 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operation 8
PART II. OTHER - INFORMATION
Item 2 - Changes in Securities and Use of Proceeds. 10
Sales of Unregistered Securities 10
Other Issuances 10
Item 6 - Exhibits and Reports on Form 8-K 10
Cyber Mark International Corp.
Consolidated Balance Sheets
As at March 31, 2001 and December 31, 2000
- --------------------------------------------------------------------------------
March 31, December 31,
2001 2000
ASSETS (Unaudited)
Current
Cash and cash equivalents $ - $ 0
Investment tax credits receivable 29,642 90,226
Accounts receivable 0 0
Inventory 15,956 16,775
Prepaid expenses 2,539 5,919
------------ -------------
Total current assets 48,136 112,920
Property and equipment - net 23,355 24,855
------------ -------------
Total assets $ 71,492 $ 137,775
============ =============
LIABILITIES AND STOCKHOLDERS" EQUITY
(DEFICIT)
Current
Bank indebtedness $ 62,692 $ 34,877
Accounts payable and accrued
liabilities 241,718 256,026
Long-term debt - current portion 311,952 346,994
Advances from shareholder 74,476 76,051
------------ -------------
Total liabilities 690,838 713,948
------------ -------------
STOCKHOLDERS' EQUITY (DEFICIT)
Capital stock 6,915 1,315
Additional paid in capital 2,201,637 1,520,397
Cumulative translation adjustment 7,935 4,301
Deficit (2,835,833) (2,102,186)
------------ -------------
Total stockholders" equity (deficit) (619,346) (576,173)
------------ -------------
Total liabilities and stockholders"
equity $ 71,492 $ 137,775
============ =============
The accompanying notes are an integral part of these consolidated
financial statements
Cyber Mark International Corp.
Consolidated Statements of Operations and Deficit
For the Three Months Ended March 31, 2001 and 2000
(Unaudited)
- -------------------------------------------------------------------------------
2001 2000
Revenue
Sales $ - $ -
Other 1,302
-------------- --------------
- 1,302
Cost of sales - -
-------------- --------------
Gross profit 0 1,302
-------------- --------------
Expenses
Marketing 0 30,260
Research and development 0 19,047
Wages and benefits 11,785 16,070
Rent and occupancy 4,851 9,180
Professional fees 693,403 8,574
Interest 15,265 6,568
Office and general 4,609 3,589
Telephone 995 2,732
Insurance 1,239 2,000
Depreciation and amortization 1,500 10,000
-------------- --------------
733,647 108,020
-------------- --------------
Net loss $ (733,647) $ (106,718)
============== ==============
Loss per share $ (0.04) $ (0.04)
============== ==============
The accompanying notes are an integral part of these consolidated
financial statements
Cyber Mark International Corp.
Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2001 and 2000
(Unaudited)
- -------------------------------------------------------------------------------
2001 2000
Cash flows from operating activities
Net loss $ (733,647) $ (106,718)
Adjustments to reconcile net loss to
net cash used by operating activities
Depreciation and amortization 1,500 10,000
Shares issued for services 686,840 -
Changes in assets and liabilities
Investment tax credits receivable 60,584 684
Accounts receivable - (7,219)
Inventory 819 103
Prepaid expenses 3,380 21
Accounts payable and accrued
liabilities (14,308) (19,092)
------------ -------------
Net cash used by operating activities 5,169 (122,221)
------------ -------------
Cash flows from financing activities
Bank indebtedness 27,815 49,845
Long-term debt (35,042) (633)
Advances from shareholder (1,575) 53,344
----------- -------------
Net cash provided by financing activities (8,802) 102,556
----------- -------------
Effect of exchange rate changes on cash 3,633 18,144
----------- -------------
Increase (decrease) in cash and cash
equivalents - (1,521)
Cash and cash equivalents, beginning of period - 1,521
------------ -------------
Cash and cash equivalents, end of period $ - $ -
============ =============
Supplementary information:
Interest paid $ 15,265 $ 6,568
============ =============
The accompanying notes are an integral part of these consolidated
financial statements
Cyber Mark International Corp.
Notes to Consolidated Financial Statements
For the Three Months Ended March 31, 2001 and 2000
(Unaudited)
- -------------------------------------------------------------------------------
1. The financial information included herein is unaudited; however, such
information reflects all adjustments, consisting solely of normal recurring
adjustments which are, in the opinion of management, necessary for a fair
presentation of the periods indicated. Certain information and footnote
disclosures normally included in financial statements prepared in
conformity with generally accepted accounting principles have been
condensed or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission. These condensed financial statements
should be read in conjunction with the consolidated financial statements
and related notes contained in the Company's Annual Report for the twelve
months ended December 31, 2000.
The following is a summary of the significant accounting policies followed
by the Company:
Basis of Presentation
The accompanying consolidated financial statements include the accounts of
the company and its wholly-owned subsidiary. All significant intercompany
transactions and balances have been eliminated in consolidation.
Cash and cash equivalents
The company considers all highly liquid investments with a maturity of
three months or less from time of purchase to be cash equivalents.
Inventory
Inventory is valued at lower of cost or market. Cost is determined on the
first-in-first-out basis.
Property and equipment
Property and equipment are stated at cost. Depreciation is provided on a
straight-line basis over the estimated useful life of the assets, usually
five years. For leasehold improvements, depreciation is provided on
straight-line basis over five years.
Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities as of the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting periods. Actual results could differ from those
estimates and assumptions.
Cyber Mark International Corp.
Notes to Consolidated Financial Statements
For the Three Months Ended March 31, 2001 and 2000
(Unaudited)
Financial instruments
The company considers the fair value of all financial instruments to be not
materially different from their carrying value at year end.
Translation of foreign currencies
The company uses the local currency as the functional currency and
translates all assets and liabilities at year-end exchange rates, all
income and expense accounts at average rates and records adjustments
resulting from the translation in a separate component of common
shareholders' equity.
Loss per common share
Loss per common share is based on the weighted average number of common
shares (2001 - 16,569,111, 2000 - 12,128,600) outstanding during each
period. Loss per common share is the same for both basic and dilutive since
stock options would be antidilutive and therefore not included in the
calculation.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION.
Qualified Auditor's Report
On April 11, 2001, the independent auditors of the company
issued its report on the December 31, 2000 financial statements in
which it assumed the company will continue as a going concern but noted
that the company had suffered significant losses from operations, was
in breach of certain loan covenants and had deficiencies in working
capital and stockholders equity. These factors raised substantial doubt
about the company's ability to continue as a going concern.
Nothing has occurred with the company to change the
conclusions of the auditors report. The company continues to have no
revenues, is unable to fund operations and continues to incur
obligations, primarily professional fees, rent and certain other
overhead expenses. Management is exploring various options, including
terminating its operations, sale of its various assets and corporate
reorganization. No assurance can be given that any strategy will be
adopted or result in an improved financial condition for the company.
Results of Operations
The company did not have any meaningful commercial operations
because of a lack of capital and funds with which to operate. The
company believes it has certain assets that continue to have value, but
to realize commercial value on them will require substantial additional
capital to upgrade and develop them. These assets may be valuable if
sold. The company does not have any plans at this time which will
result in any continuing operating revenues. Because the company did
not have any meaningful commercial operations, it had no revenues for
the quarter ended March 31, 2001. The company only had $1,302 of
revenues for the quarter ended March 31, 2000.
The expenses of the company for the quarter ended March 31,
2001 were $733,647 as compared to $108,020 for the corresponding period
of 2000. Professional fees represented the largest portion of the
expenses. Most of the amount are charges taken for the issuance of
common stock during the quarter as compensation for services rendered.
The net loss for the quarter ended March 31, 2001 was $733,647
as compared to $106,718 for the corresponding period of 2000. The loss
was the result of no revenues and substantial expenses.
Liquidity and Capital Requirements
The company had no cash or cash equivalents at March 31, 2001.
Its assets were only $71,492 at March 31, 2001, of which $29,642 was an
investment tax credit and $15,956 was inventory. The company had a
working capital deficiency of $642,707 at March 31, 2001. At December
31, 2001 the working capital deficiency was $601,028. The deficiency is
continuing to increase.
The company is in default of certain covenants given to its
lenders. The company has received notices of default, but no formal
action has been taken at the date of this report. Because of the
default status, however, all debt is classified as current.
The company's bank debt was $174,644 at March 31, 2001.
The company has $29,642 worth of Canadian government
Investment Tax Credits which have not yet been approved. The company
anticipates no problems in collecting this amount in the near term.
The company needs capital to meet its expenses and fund its
operations. In addition, if we are to develop any of our assets in the
area of virtual reality gaming products, the company will need
substantial capital for research and development, production, marketing
and personnel expenses, among other things.
We have no sources of capital at this time. We do not expect
to develop any sources of capital in the near future.
We are reducing our operations as much as possible. What
funding we have obtained has been in the form of insider loans. We also
have issued securities to pay for various obligations of the company.
To the extent we are able, we will continue to issue securities, most
likely common stock, to pay various of our obligations. Any issuances
are expected to be substantial and will result in substantial dilution
to existing stockholders.
As noted above, there is substantial doubt as to our ability
to continue as a going concern.
Forward-Looking Statements
When used in this Form 10-QSB and in future filings by
CyberMark with the Securities and Exchange Commission, words or phrases
"will likely result", "management expects", "will continue", "is
anticipated", "plans", "believes", "estimates", "seeks", variation of
such words and similar expressions are intended to identify such
forward-looking statements within the Private Securities Litigation
Reform Act of 1995. Readers are cautioned not to place undue reliance
on any such forward-looking statements, each of which speak only as of
the date described below. Actual results may differ materially from
historical earnings and those presently anticipated of projected.
CyberMark has no obligation to publicly release the result of any
revisions, which may be made to any forward-looking statements to
reflect anticipated events or circumstances occurring after the date of
such statements.
