Jetcom Inc.

Jetcom Inc.

March 09, 2005 13:22 ET

Jetcom Inc. Announces Re-Filing of its Consolidated Annual Financial Statements for the Periods Ending December 31, 2003 and December 31, 2002


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: JETCOM INC.

TSX VENTURE SYMBOL: JTM

MARCH 9, 2005 - 13:22 ET

Jetcom Inc. Announces Re-Filing of its Consolidated
Annual Financial Statements for the Periods Ending
December 31, 2003 and December 31, 2002

TORONTO, ONTARIO--(CCNMatthews - March 9, 2005) - Jetcom Inc. (TSX
VENTURE:JTM) announces it has re-filed its audited consolidated
financial statements for the periods December 31, 2003 and December 31,
2002.

The re-filing of the financial statements was undertaken because the
Corporation's auditors, Stamatopoulos & Scholz LLP, had an application
pending with, but were not yet participants in, the Canadian Public
Accountability Board's oversight program (the "CPAB Program"), a new
program which took affect on March 30, 2004. The Company posted its
statements March 31, 2004. Stamatopoulos & Scholz LLP are now in
compliance with the CPAB Program and with National Instrument 52-108
Auditor Oversight.

Several accounting policies have been revised in accordance with
Canadian Generally Accepted

Accounting Principles and the financial statements have been revised to
reflect the changes.

Revenue recognition has been expanded to more adequately describe the
company's revenue recognition policy. Note 2

Share Purchase Loans - These loans were allocated to previous management
to directly purchase unissued shares of the corporation. Current
management has written these loans off in the current year as they were
deemed not collectable. Note 3

Licensing Agreement - In 2002 former management of the Company signed a
global non-exclusive ten-year renewable license agreement with Online
Hearing Inc. Although current management believes that in the long term,
benefits from the license will accrue to the company, it has decided to
write-off the license in the current year because the anticipated
shorter-term benefit will not accrue in the immediate future. Note 4

Star Programming - The customer base, formerly classified as goodwill is
now classified as an intangible asset and is being amortized on a
straight-line basis over 10 years. Note 6

The loss from operations was originally reported as $104,077 has been
revised to $121,102. As a result of the write offs of $374,250, the loss
is revised to $495,352. The write offs are a non cash charge and will
have no financial effect on current operations of the company.

Shares Outstanding: 30,525,971

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Jetcom Inc.
    A. G. Dragone
    President
    (416) 447-4884
    (416) 447-8868 (FAX)
    The TSX Venture Exchange has neither approved nor disapproved the
    contents of this press release.