R.A.N.K.I.N. Technologies Inc. Shareholders Approve Name Change and Considers Merit of TSE Listing
20 October 2000
R.A.N.K.I.N. Technologies Inc. Shareholders Approve Name Change and Considers Merit of TSE Listing
MONTREAL--Oct. 20, 2000--R.A.N.K.I.N. Technologies Inc., (CDNX:BMG.A) manufacturer and distributor of the Boomerang(R) Tracking System, is pleased to announce that at its shareholders' meeting held today its shareholders approved a change of the Company's name to Boomerang(R) Tracking Inc.R.A.N.K.I.N.'s management team feels that the strategic name change is essential to establish a clear market position and for ease in associating the product with the Company. "It is extremely important to rename our company for communication and brand recognition purposes," says Linda Farha, Director, Marketing, Communications and Investor Relations. Formal implementation of the name change will take effect in the upcoming weeks.
The Annual Meeting of Shareholders offered Peter Lashchuk, the president of R.A.N.K.I.N., the opportunity to review the Company's financial highlights and accomplishments for fiscal 2000. "I couldn't have scripted our first full year as a public company any better," said Mr. Lashchuk. "With the guidance of our newest board members, Mr. Pierre Laurin and Mr. Eric Peladeau, and our strong management team, I am confident that our results for fiscal 2001 will be equally exciting."
Actual results for the Company's first quarter of 2001 illustrate R.A.N.K.I.N.'s ability to sustain continued exponential growth while maintaining highly profitable results. Revenues for the first quarter ended July 31, 2000 grew 272% compared to last year's first quarter, to reach $2.75 million. The net earnings for the period before taxes grew by 631% to $1.07 million, while the number of Boomerang(R)'s sold during this first quarter surpassed 10,130, marking an impressive 338% increase from last year's first quarter.
In light of these strong results, the Company announced to its shareholders at its annual meeting that it is currently evaluating the merits of a listing on the Toronto Stock Exchange in order to raise its profile within the financial community.
The Quebec insurance industry has come to recognize the cost-saving effectiveness of Boomerang(R). The device now enjoys the overwhelming support of 30 Quebec insurers.
With the opening of a new Toronto sales office, the Company hopes to replicate its remarkable Quebec success in the Ontario market. The Boomerang(R) is currently available in Quebec, Ontario and British Columbia, as well as in the Dominican Republic. While strengthening the Company's position in its Canadian markets, R.A.N.K.I.N. is also looking to enter the U.S. market within the current fiscal year.
R.A.N.K.I.N. Technologies Inc. markets and distributes the Boomerang(R), a proprietary product using patented technology capable of locating stolen automobiles, heavy equipment and valuable objects utilizing the cellular systems of major regional telecommunications companies. The shares of R.A.N.K.I.N. Technologies are currently being traded on the Canadian Venture Exchange under the symbol BMG.A.
The Canadian Venture Exchange (CDNX) neither approves nor disapproves of the information contained herein.