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| Educational Video Conferencing, Inc. |
| 35 East Grassy Sprain Road, Suite 504, Yonkers, NY 10710 * (914) 395-3501 |
| Business Description | We deliver educational courses and programs to employees of major corporations via interactive video conferencing systems. |
| Offering Information Company has | |||
| Trading As | EVCI (AMEX) | Industry | Service (SIC 8299) |
| Type of Stock Offered | Common Shares | Filing Date | 10/23/1998 |
| Domestic Shares Offered | 1,200,000 | Offer Date | 02/22/1999 |
| Foreign Shares Offered | 0 | Filing Range | $11.00 - $13.00 |
| Company Shares | 1,200,000 | Offer Price | $12.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.840 |
| Gross Proceeds | $14,400,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 5,017,495 | Employees | 17 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Prime Charter Ltd. | Lead Manager | (212) 977-0620 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 09/30/1997 | 09/30/1998 | ||||
| Revenues | - | - | - | - | 0.000 | 0.000 | 0.214 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | - | - | -0.722 | -0.165 | -1.860 |
| E.P.S | - | - | - | - | -0.190 | -0.040 | -0.370 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -0.18 | -0.14 | -2.11 | ||||
| Cash Flow - Inv. | -0.70 | - | -0.17 | ||||
| Cash Flow - Fin. | 1.00 | 0.15 | 4.34 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 09/30/1998 | Financial Ratios | ||||
| Total Assets | 3.79 | Current Assets | 2.42 | Current Ratio | 7.87 |
| Total Liab. | 0.31 | Current Liab. | 0.31 | Debt Ratio | 8.12% |
| Total Equity | 3.48 | Working Cap. | 2.12 | Debt to Equity Ratio | 0.09 |
| Cash | 2.18 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for purchase of equipment, marketing, hiring additional personnel and working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Fischbein Badillo Wagner Itzler |
| Bank's Law Firm | Proskauer Rose Goetz & Mendelsohn |
| Auditor | Goldstein Golub Kessler & Company |
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| Industry Competition |
We face substantial competition from other providers of higher education. Two and four year colleges offering traditional classroom instruction are our most significant competition. In addition, alternative methods of delivering courses are proliferating rapidly. Since there are no significant barriers to entry into our market, we face increasing competition from other distance learning companies that offer a variety of other products and delivery services, including one-way and limited two-way satellite video conferencing, self-paced correspondence courses, videos, audio cassettes, CD-roms and Internet-based instruction. If our IVC Systems educational delivery method is successful, we expect a significant increase in direct competition from colleges and universities and from large corporations in businesses such as publishing and telecommunications. Most of our competitors and potential competitors are much larger and have greater development, marketing and financial resources, making it more difficult for us to establish name recognition in the marketplace and compete effectively. |