Grand Cayman, British West Indies - Thursday, July 31, 2003--Xcelera Inc. (AMEX: XLA), a European technology
company, today announced its financial results for
the fiscal year ended January 31, 2003. Xcelera’s net income for the year increased to a
profit of $3.6 million, or $0.02 per basic and $0.01
per diluted share, compared to a loss of $96.3
million, or $(0.87) per basic and diluted share for
the previous year.
Xcelera also announced that it had converted all
$45.3 million outstanding convertible notes from
Hewlett-Packard Company by issuing 2.2 million shares
of its common stock. Xcelera recognized during the
fiscal year ended January 31, 2003, a $43.8 million
gain included in other income, net, relating to the
conversion of these notes and accrued interest.
As of June 30, 2003, Xcelera maintained a strong
financial position with approximately $80 million in
cash, cash equivalents and marketable securities.
A copy of Xcelera’s Fiscal 2003 Form 20-F is
accessible on EDGAR and will be accessible from
Xcelera’s Web site at
www.xcelera.com/investor/sec_filing.html.
About Xcelera Inc.
Xcelera Inc. is a European technology company focused
on founding, developing, operating and financing
technology companies and managing its portfolio of
assets. Xcelera’s strategy is to leverage its core
competencies in caching, content distribution,
content management, searching, security solutions,
storing and streaming by continuing to acquire
interests in technologies, products, services, people
and companies, and to manage its portfolio of assets.
Xcelera’s portfolio of technology companies includes
a controlling interest in Mirror Image Internet,
Inc., a provider of secure, outsourced e-Business
infrastructure services. For more information, visit
Xcelera on the Web at www.xcelera.com.
This press release may contain “forward-looking
statements” within the meaning of the securities
laws. The Company believes that its expectations are
reasonable and are based on reasonable assumptions.
However, risks and uncertainties relating to future
events that could cause actual results to differ
materially from our expectations include the factors
discussed in the Company’s Annual Report on Form 20-F
for Fiscal 2003, filed with the Securities and
Exchange Commission. The Company does not intend, and
assumes no obligation, to update any forward-looking
statements.
