Worldwide PetroMoly Reports a 200% Increase in Net Sales
2 June 1999
Worldwide PetroMoly Reports a 200% Increase in Net Sales
HOUSTON--June 2, 1999--Worldwide PetroMoly Inc. (OTC BB:MOLY) announced today that net sales for the third fiscal quarter of 1999 were up over 200 percent compared to the same quarter of 1998, at $170,000 versus $54,000 respectively. In addition to the improved net sales, the gross profit margins improved by 12 percent compared to like quarters, and 9 percent for the year. Year-to-date net sales represent a 73 percent improvement over last year's sales: $363,000 versus $209,000.The Company's 1999 third Quarter net losses were approximately $200,000, which represents about a 47 percent substantive improvement over the same quarter in 1998, notwithstanding after accounting for an issuance of 500,000 shares to a director, expensed as payment in 1998, the net losses are reflected as a 77.6 percent improvement for the 1999 third fiscal quarter. Year-to-date losses for 1999 are reported as $722,832, and $1,764,099 for 1998.
"We are very pleased that the Company's sales results are robustly moving in the right direction. We anticipate growth on a much larger scale in the foreseeable future as our retail distribution plans are successfully implemented and increased brand awareness is achieved," said Lance J.Rosmarin, president of Worldwide PetroMoly. "This increase in sales volume and our improved margins reflect a growing brand acceptance during the last two quarters. We have also implemented expense controls and streamlined our production costs, which will continue to help our margins as our volumes increase."
"Additionally, we are extremely happy with the exposure that we received at the INDY 500. The racing circuit is an incredible display for both our company's image and our technology. We will release a full statement on the 'PetroMoly Racecar' entire INDY experience later this week, but we got a lot out of it -- eighth place is very respectable, and we are very proud of Robby Unser and our product's performance." Rosmarin adds.
For a free web link to the Company's 1999 third quarter filing, please visit: http://www.sec.gov/Archives/edgar/data/928375/0001015402-99-000555.txt
Worldwide PetroMoly Inc. manufactures, markets and distributes high-performance lubricants for use in all types of motor vehicles, compressor engines and railroad locomotives. PetroMoly products incorporate a new patent-approved process technology called molytech(TM). These products contain stable and suspended molybdenum disulfide (moly), a hard and extremely low-friction metal, which fills in the micro-porous, crater-like surfaces of pistons, rings and cylinder walls. This creates a more efficient engine environment and prevents metal-to-metal contact, thereby reducing friction, heat and wear. Moly is a slick and powerful antioxidant, known to have the world's lowest coefficient for friction. Worldwide PetroMoly is a sponsor in the Pep Boys Indy Racing League. For a FREE REPORT on the company and more information on PetroMoly products and technology, visit the PetroMoly web site at http://www.petromoly.com.
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.