THE
WALL STREET GROUP, INC.
32 East 57th Street (714) 671-1854
New York, New York 10022
(212) 888-4848
FOR IMMEDIATE RELEASE:
PoGo! Rapidly
Accelerating Sales, Diminished Losses
Wednesday August 20, 1:38 pm ET
Leader in MP3 Technology Expects New Products to
Pace Continuing Rapid Growth
BREA, Calif., Aug. 20, 2003 (PRIMEZONE) -- Northwest
Gold Inc., DBA PoGo!
in the second quarter more than tripled sales while
cutting losses around 40 per cent, President Jim
LaVoie said today.
``This accomplishment occurred while PoGo! was
developing important new consumer electronic products
that will be in the marketplace this fall and winter,
in time for the holiday season, setting the stage
for continued record growth and establishment of
the Company as an important name-brand presence
on the shelves of major regional and national retailers,''
Mr. LaVoie said.
PoGo!, already a leader in portable digital audio
(MP3) technology through its introduction of the
well-received Rip-Flash(tm) Recordable Digital Audio
Players and the Flipster(tm) Personal Multimedia
Player, ``has just launched what we believe will
be our biggest seller and most important product
yet, Radio YourWay(tm), the first portable, solid-state
AM/FM radio recorder enabling users to record any
radio broadcast such as news, sports or music and
play those recordings back at a more convenient
time,'' Mr. LaVoie added. ``This time-shift capability
enables radio listeners to have the same flexibility
as the television viewers with VCR units and we
believe it will have a dynamic influence in the
marketplace.''
Mr. LaVoie made the comments as PoGo! announced
financial results for its second quarter and six
months ended June 30, 2003.
Revenues for the three months ended June 30 were
$711,913, compared with $209,123 in the corresponding
period a year ago. The Company reported a net loss
of $(125,310), or ($0.01) per basic average share,
compared with a net loss of $(206,669), or ($0.03)
per basic average share in the second quarter of
2002.
For the six-months ended June 30, 2003, revenues
were $1,084,260, compared with $338,605 for the
year ago period. A net loss of $(253,161), or ($0.02)
per basic average share compared with a net loss
of $(285,601), or ($0.04) per basic average share
in the first six months of 2002.
PoGo! became a public company in June 2003 by merging
with Northwest Gold, Inc., a publicly held majority-owned
subsidiary of U.S. Energy Corp. (NasdaqNM:USEG
- News).
As a result, the total number of issued and outstanding
shares of PoGo! Products, Inc., is 16 million.
About PoGo! Electronics, Inc.
The Company (http://www.pogoelectronics.com)
is the developer and marketer of innovative, industry-first
personal technology products, led by industry veterans
who are proven leaders in the consumer electronic
space. Corporate headquarters for PoGo!
Electronics
and home base for sales and customer service is
located in La Mirada, CA, with all manufacturing of product
done in Asia with engineering teams in both locations.
Safe Harbor Provision
Certain statements in this press release constitute
forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of
1995, as amended. Additional information concerning
forward-looking statements is contained under the
heading of risk factors listed from time to time
in the Company's filings with the Securities and
Exchange Commission. We do not assume any obligation
to update the forward-looking information.
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
---------- --------- ---------- ---------
Sales $ 711,913 $ 209,123 $1,084,260 $ 338,605
Net Loss $ (125,310) $(206,669) $ (253,161) $(285,601)
Net Loss Per
Common Share --
Basic and
Diluted $ (0.01) $ (0.03) $ (0.02) $ (0.04)
Common Shares Used
in Computing Per
Share Amounts --
Basic and
Diluted 11,338,636 7,246,377 10,248,069 7,246,377
Contact:
The Wall Street Group, Inc.
Ron Stabiner
32 East 57th Street
New York, New York 10022
(212) 888-4848
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