NANOTECH
ENTERTAINMENT (OTCPINK:
NTEK) announced today that it has released its Annual Financials for
the period ending June 30, 2013. The report shows the most recent
quarterly revenues are up 10% over projections and that the company has
sustained its first quarter of profits.
Jeff Foley, CEO of NanoTech, stated, “We are extremely excited about the
increase in revenue over our projections. We have been expanding in both
the gaming and media industries, and we anticipate revenues to continue
increase in the next quarter.” Foley said the report is a positive
indicator to the investment community about the direction of the
company. “We expect to continue to grow as we increase the number of
streaming television channels that we offer, featuring both original and
licensed content. We are also excited about the upcoming release of new
products from each of our divisions.” The new products combined with the
recent acquisitions are paving the path for continued expansion of
NanoTech.
Director Ted Campbell added “We are very optimistic about our future
strength as we continue to improve the balance sheet combined with our
reduction in share overhead. We believe that we have entered a new phase
for NanoTech, strengthening the company and putting it firmly on solid
ground.”
Total revenue for the fiscal fourth quarter was $818,185, which compares
with $257,551 in the previous quarter. Liabilities for the fiscal fourth
quarter were reduced to $115,931, down from $1,435,590 in the previous
quarter. Net income for the quarter was $172,644, showing the companies
first quarter of profits. NanoTech Entertainment annual financial
statements for the year ending June 30, 2013 are available at www.otcmarkets.com/stock/NTEK/filings.
About NanoTech Entertainment
Headquartered in San Jose, CA, NanoTech Entertainment is a technology
company that focuses on all aspects of the entertainment industry. With
five technology business units, focusing on 3D, Gaming, Media & IPTV,
Mobile Apps, and Manufacturing, the company has a unique business model.
The company has a diverse portfolio of products and technology. NanoTech
Gaming Labs operates as a virtual manufacturer, developing its
technology and games, and licensing them to third parties for
manufacturing and distribution in order to keep its overhead extremely
low and operations efficient in the new global manufacturing economy.
NanoTech Media develops proprietary technology which it licenses to
publishers for use in their products as well as creating and publishing
unique content. NanoTech Communications develops and sells proprietary
apps and technology in the Mobile and Consumer space. Clear Memories is
the global leader in 3D ice carving and manufacturing technology.
NanoTech is redefining the role of developers and manufacturers in the
global market. More information about NanoTech Entertainment and its
products can be found on the web at www.NanoTechEnt.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform
Act of 1995: The statements in the press release that relate to the
company's expectations with regard to the future impact on the company's
results from new products in development are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act of
1995. Since this information may contain statements that involve risk
and uncertainties and are subject to change at any time, the company's
actual results may differ materially from expected results.
The NanoTech Entertainment logo is a trademark of NanoTech
Entertainment, Inc. NanoFlix, NanoTales, NanoBooks, Nuvola NP-1,
Nuvola NP-C, Nuvola GP-1, Nuvola RF-10 are trademarks of NanoTech Media
Corporation. All rights reserved. All other marks are the
property of their respective owners. “The Future of Television” is a
service mark of NanoTech Entertainment, Inc., All Rights Reserved
Copyright Business Wire 2013