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KeyTech's Quarterly Report To Shareholders
The final year end financial results are not yet available, however preliminary indications are that Net Income will be similar to that of the previous year. The significant costs of recovery from the damage of hurricane Fabian (approximately $2.5M) have been largely offset by gains from the sale of Bank of Bermuda shares ($2.2M).
In February, KeyTech became a minority shareholder (40%) in WestTel Limited, a new telecommunications provider company in the Cayman Islands. WestTel is licensed in the Cayman Islands to provide local and long distance telephony, Internet and value added data services to both the corporate and residential markets. KeyTech's partner in this venture is West Star TV Limited, a cable and television operator in Cayman. KeyTech has a five year contract to provide technical and advisory services to the business and views this as an excellent opportunity to leverage its expertise and its U.S. Internet infrastructure.
The Board is pleased with the news that Bermuda Yellow Pages was awarded the prestigious Gold Award for its website "bermudayp.com" by Yellow Pages Integrated Media Association (YPIMA) at their annual conference in San Diego in March. This award represents a significant accomplishment of the Bermuda Yellow Pages Team since YPIMA represents most major global telecommunications companies.
The international voice calling business in Curacao - Genespidernet (GSN) was not able to increase market share to a level sufficient to support profitability and in February, operations were discontinued.
Mr. Edgar Dill has recently joined the senior management team of BTC as Chief Operating Officer. Mr. Dill is well qualified and has extensive experience in the telecommunications field, having served in various engineering and senior management positions with Cable & Wireless for over thirty years. Mr. Dill will provide leadership and management direction for Network Operations and Customer Service. BTC looks forward to the benefits of his considerable expertise.
Consistent with their mission to be customer-centric, Logic Communications Ltd. opened its Customer Care Center/Retail facility on Burnaby Street on April 2nd. The store will provide convenient access for customers as well as many other value added benefits.
The share price is now ranging between $14 and $15 per share.
Signed by:
Sheila Manderson
Chief Executive Officer