KELOWNA, BRITISH COLUMBIA, Canada - October 17, 1996 - The Bridges Initiatives Inc. (ASE:BIT), one of Canada's foremost providers of career and life skills information via the Internet, today reported revenues of $134,885 and deferred revenues of $200,799 for the nine months ended August 31, 1996. The Company reported a net loss of $662,075 ($0.09 cents per share) during the nine-month period.
The traditional third-quarter slowdown in school purchasing enabled the Company to focus its energies on three prime areas: acquiring new distribution partners in the U.S., product development and the training of new and existing education dealers in the use of Bridges' software products.
The quarter saw a number of positive strategic developments at Bridges:
EdNET Award Nomination
Bridges was proud to be nominated for the 1996 EdNET Rookie of the Year Award in August. As the only Canadian software company to be chosen as a finalist for this year's award, Bridges received much appreciated recognition as one of three companies with the greatest potential to become a major force within the educational technology and telecommunications industry.
Career Explorer '97
The Company continued to prepare for the upcoming launch of Career Explorer '97 over the summer. Career Explorer '97 features a new streamlined interface providing for effortless navigation and ease of use. Planned for launch during the fourth quarter, a demonstration of the new Career Explorer Online is available for viewing at http://careerexplorer.com.
Successful U.S. Pilot Project Completed
Bridges successfully began its U.S. pilot project in a number of high schools in the states of Florida, California and Washington. In line with the continued development of Career Explorer '97, Bridges has been working with a number of American schools for testing and implementation purposes. Feedback drawn from the U.S. pilot schools has proven invaluable in the development of Career Explorer '97. The net result is a North American-based service that will meet the career development needs of students in both Canada and the United States.
American Distribution Alliances Formed
Sales, marketing and distribution alliances were formed with prominent companies in the American computer industry. Bridges' new partners are Learning Services, Education Technology Inc., Advanced Data Support Systems, Finamore & Associates, Ogden & Associates and Dataflex Corporation. Each company has signed on to sell and market Bridges' online service, Career Explorer, to key education markets in the United States.
Aggressive Customer Acquisition Primary Target for Fourth Quarter
Expansion into the United States school market was the Company's stated focus for the third quarter. Having achieved that goal, Bridges now looks to sharpen its focus and emphasize more aggressive sales and marketing initiatives. The Company will continue signing distribution partners in the U.S., seeking broad market coverage by the end of the fourth quarter. Through increased direct sales and education dealer partner sales, Bridges is looking forward to strong growth over the next fiscal year.
About Career Explorer
The Career Explorer Online service was released in September, 1995 and has been well received by the education market place. Available to subscribers through the Internet (World Wide Web), Career Explorer features up-to-date career resources created to help young people and adults in transition prepare for their career futures. The online educational information service is updated daily, featuring new articles focused on career information, skill development and the changing labor markets. The Career Explorer service provides current information about emerging employment opportunities and the necessary skills required to access those opportunities.
About The Bridges Initiatives Inc.
Founded in 1994, The Bridges Initiatives Inc. is quickly developing into one of Canada's foremost providers of interactive career and life skills information via the World Wide Web (Internet). Through its online services and educational software products, Bridges offers a number of dynamic educational resources that aid users in researching career and personal development opportunities. For more information about the Company, contact The Bridges Initiatives, Inc. at 250-869-4200.
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