NanoTech Entertainment (NTEK) Reports Record Quarterly and Annual Revenue
Strong Execution of Plan and Expansion through Acquisitions Drive FYQ4 Profits
SAN JOSE, Calif.--(BUSINESS WIRE)-- NANOTECH ENTERTAINMENT (OTCPINK: NTEK) announced today that it has released its Annual Financials for the period ending June 30, 2013. The report shows the most recent quarterly revenues are up 10% over projections and that the company has sustained its first quarter of profits.
Jeff Foley, CEO of NanoTech, stated, "We are extremely excited about the increase in revenue over our projections. We have been expanding in both the gaming and media industries, and we anticipate revenues to continue increase in the next quarter." Foley said the report is a positive indicator to the investment community about the direction of the company. "We expect to continue to grow as we increase the number of streaming television channels that we offer, featuring both original and licensed content. We are also excited about the upcoming release of new products from each of our divisions." The new products combined with the recent acquisitions are paving the path for continued expansion of NanoTech.
Director Ted Campbell added "We are very optimistic about our future strength as we continue to improve the balance sheet combined with our reduction in share overhead. We believe that we have entered a new phase for NanoTech, strengthening the company and putting it firmly on solid ground."
Total revenue for the fiscal fourth quarter was $818,185, which compares with $257,551 in the previous quarter. Liabilities for the fiscal fourth quarter were reduced to $115,931, down from $1,435,590 in the previous quarter. Net income for the quarter was $172,644, showing the companies first quarter of profits. NanoTech Entertainment annual financial statements for the year ending June 30, 2013 are available at www.otcmarkets.com/stock/NTEK/filings.
About NanoTech Entertainment
Headquartered in San Jose, CA, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With five technology business units, focusing on 3D, Gaming, Media & IPTV, Mobile Apps, and Manufacturing, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming Labs operates as a virtual manufacturer, developing its technology and games, and licensing them to third parties for manufacturing and distribution in order to keep its overhead extremely low and operations efficient in the new global manufacturing economy. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. Clear Memories is the global leader in 3D ice carving and manufacturing technology. NanoTech is redefining the role of developers and manufacturers in the global market. More information about NanoTech Entertainment and its products can be found on the web at www.NanoTechEnt.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
The NanoTech Entertainment logo is a trademark of NanoTech Entertainment, Inc. NanoFlix, NanoTales, NanoBooks, NuvolaNP-1, Nuvola NP-C, Nuvola GP-1, Nuvola RF-10 are trademarks of NanoTech Media Corporation. All rights reserved. Allother marks are the property of their respective owners. "The Future of Television" is a service mark of NanoTechEntertainment, Inc., All Rights Reserved
Christian Hansen, 858-381-4677
KEYWORDS: United States North America California
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