OTC Bulletin Board : CMNN Inc.

November 20, 2007 13:49 ET Reports Third Quarter and Year-to-Date Results

Company Raises Funds and Strengthens Senior Management Team in Q3 to Accelerate Development of Strategy to Grow Commerce and Media Assets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2007) - Inc. (OTCBB:CMNN), an Internet commerce and media company, today announced results for the three and nine months ended September 30, 2007. All results are reported in US Dollars under accounting principles generally accepted in the United States of America (US GAAP).

Geoffrey Hampson, Chairman and CEO of, stated, "When I joined the Company in June, I made attracting world class management and supplementing working capital top priorities. In the third quarter we closed a $5.1 million financing with key institutional investors and started to build an exceptional management team and board. Over the next several quarters, we will continue to strengthen the management team and board and begin to execute on a strategy that exploits our valuable domain name assets."

Select Q3 and Year-to-Date Financial Highlights and Q3 Corporate Developments Include:

- Record Q3 eCommerce revenues of $1.64 million, an increase of 5% year-over-year

- Record nine month eCommerce revenues of $4.85 million, an increase of 11% year-over-year

- Announced the appointment of Jonathan Ehrlich as President and Chief Operating Officer

- Closed a non-brokered $5.1 million private placement of common shares at $2 per share. Participants in the financing included institutional investors as well as Chairman & CEO, Geoffrey Hampson and its new President & COO, Jonathan Ehrlich

- Appointed James P. Taylor, CPA, to the Board of Directors and elected him Chairman of the Audit Committee

- Appointed Mark Benham, Managing Partner of Celerity Partners, a Bay Area Private Equity Fund, to the Board of Directors

- Registered a Stock Incentive Plan to provide incentives to attract, retain and motivate top caliber employees

For the third quarter ended September 30, 2007, gross revenues were $1,770,594 compared to $2,127,828 for the same period last year. Net loss for the third quarter period was $429,166 compared to a net income of $347,859 for the same period a year ago. For the nine months ended September 30, 2007, gross revenues were $5,118,003 compared to $5,245,104 for the same period last year. Net loss for the nine month period was $677,118 compared to a net income of $388,280 for the same period a year ago. The decrease in gross revenues and the swing from net income to a loss is primarily attributable to the fact that the Company sold no domain names during the 2007 nine month period versus domain name sales of $623,800 in the comparable period of 2006. The increase in marketing costs, general and administrative and management fees and employee salaries is attributed to an increasing investment in team and infrastructure required for growth.

Detailed information regarding's quarterly results can be found in the Company's quarterly report on Form 10-QSB, which has been filed with the SEC and is available via the investor section of's corporate website, at

Selected Income Statement Data (Unaudited):

Three Months Ended Nine Months Ended
September 30 September 30
2007 2006 2007 2006
---------- ---------- ---------- ----------
eCommerce $1,642,530 $1,555,396 $4,849,346 $4,358,228
Advertising 128,064 72,432 268,657 241,403
Domain names 0 500,000 0 623,800
Royalties 0 0 0 21,673

TOTAL SALES $1,770,594 $2,127,828 $5,118,003 $5,245,104
Gross Profit 481,059 764,174 1,286,962 1,488,820
Net (Loss) Income $ (429,166) $ 347,859 $ (677,118) $ 388,280
Basic and Diluted
Net (Loss) Income
Per Share $ (0.02) $ 0.02 $ (0.04) $ 0.02

About is building a platform for growth. Using a powerful domain name, distributed tools like widgets, social platforms, search, peer to peer networks and off-line media, each property will become the leading destination for a specific interest, audience or customer. Founded in 1994, is based in Vancouver, British Columbia with an office in Seattle, Washington and is publicly traded on the NASD OTCBB. For more information, visit

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions; it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, changes in economic conditions and other risks detailed from time to time in's filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release represent the Company's views as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statements, and readers are cautioned not to place undue reliance on these forward-looking statements.

Contact Information

  • Inc.
    Adam Rabiner
    Director, Corporate Communications
    (604) 453-4875 or 1-866-898-4354