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Microlytics' President and CEO Roy Haythorn states that "The Internet has emerged as a powerful platform for accessing directory content.
Haythorn, president and chief executive officer of the company said "This was a highly successful quarter-we landed significant contracts for our MicroPages engine, delivered several new MicroPages products, completed development of Internet versions, and received our first royalty payments from this exciting new business.
Haythorn, chairman, president, and CEO of the new Microlytics, said, "Based on our success in the electronic directory market, we decided to shed the SelecTronics name and restructure the company, both financially and organizationally.
We envision building additional wings on our online library, so it encompasses just about anything our SaaS customers might need in the way of courses for their training programs," added Haythorn.
Roy Haythorn, chairman and chief executive officer of the company, said, "Our significant increase in quarter over quarter revenue, a result of new contracts with directory publishers and telcos, is expected to continue during the remainder of fiscal 1996.
Haythorn, Chairman and Chief Executive Officer said, "Although our marketing efforts of electronic directory publishing, directory assistance systems, and electronic advertising on the Internet continue on course, short-term revenues and net income will fall short of previous forecasts, primarily due to delays in finalizing several domestic and international contracts," Haythorn added.
Haythorn, chairman and chief executive officer, said, "Our MicroPages technology has been embraced by several major directory publishers and we expect a more rapid roll out of product offerings by directory publishers and others as a result of our significant commitment of resources to this business.
Haythorn, chairman and CEO of the company said, "The availability of approximately $830,000 of immediate cash is intended to enable the company to continue the expansion of both our electronic directory Internet publishing and directory assistance businesses.
Haythorn, who has served as chairman of the board of directors, president and chief executive officer of the company since 1993, will be leaving the company, effective immediately.
Haythorn and Riley, have also been sued for alleged violations of federal securities laws, breach of fiduciary duty, common law fraud and misrepresentation in connection with the same investment.
He has two grown-up children with his ex-wife Joanna Haythorn, and a baby daughter with his former fiancee Eleanor Boorman.
All five Haythorn wells were successfully drilled and completed in the Codell formation.