Selected Highlights: CASTLE ROCK, Colo., Nov. 14 /PRNewswire-FirstCall/ -- Integrated Management Information, Inc. (IMI Global) (OTC:INMG) (BULLETIN BOARD: INMG) , a leading provider of verification and Internet solutions for the agricultural/livestock industry, today announced record revenue for its third quarter and nine-month period ended September 30, 2006. Third Quarter Results Revenue increased 85% to $418,805 in the third quarter as compared with $226,175 in the same quarter last year. This increase was attributable to strong growth from each of the Company's three complementary revenue streams -- USVerified verification and identification services, advertising on CattleNetwork.com and product sales through CattleStore.com and direct channels. Gross profit in the third quarter increased to $173,288, up 58% from $109,382 in the same quarter last year. USVerified services and advertising revenue were the key drivers of higher margins. Selling, general and administrative expense increased 51% to $569,572 from $377,737 in the third quarter due to accelerated investments, primarily headcount, in USVerified solutions offerings, the expansion of the Company's Internet segments, including CattleNetwork.com and CattleStore.com; and to a significant increase in legal and accounting expenses associated with "going public" activities, including preparation and filing of the Company's registration statement. In addition, the Company incurred $31,266 in charges related to FAS 123R share-based compensation expense. The Company reported a net loss for the third quarter of $401,044, or $0.02 per share, versus a net loss of $271,850, or $0.01 per share, in the same quarter last year. John Saunders, president and CEO, said, "As evidenced by our record revenue in both the third quarter and nine-month period, demand for IMI Global's services and products has never been stronger. We are a leader in providing ranchers, feed yards, packers, processors and retailers with livestock verification and identification services that are critical to building consumer confidence in meat products and to achieving a premium on cattle at auction. Our patent-pending processes are anchored by two web-based applications -- USVerified.com and SupplyVerified.com -- that help support marketing claims domestically. Verification of such claims was key to the recent re-openings of export markets in Japan and South Korea, which closed their borders to US Meat following the discovery of bovine spongiform encephalopathy (BSE), or Mad Cow Disease, in the United States in December of 2003. Today, our USVerified and/or SupplyVerified solutions are being used by more than 1,500 ranchers, 100 feedyards and three of America's largest meatpackers. "We are also achieving strong growth in advertising revenue through our CattleNetwork.com operation, which we acquired along with CattleStore.com in May 2005," Saunders added. "With the integration of CattleNetwork.com and CattleStore.com now complete, we are a truly diversified company providing a range of complementary services and products to cattle ranchers, feeders and packers." Saunders added that CattleNetwork.com, an online news and information source for the livestock/agricultural industry, has grown rapidly year to date, reporting 206,000 hits per day through the first nine months of 2006 as compared with 96,000 hits per day in the same period last year. CattleNetwork.com is also experiencing strong growth in visitors, page views and visit duration. The site generates revenue from advertisers seeking to reach potential customers in the cattle/livestock/agricultural space. In addition, CattleStore.com, an ecommerce site catering to the livestock industry, is also growing steadily and now offers hundreds of products, including animal identification, medical equipment and veterinarian supplies. CattleStore.com's drop ship model eliminates inventory risk and the site has strong presence and positioning on major search engines. "We have a solid organic growth model in place for all three of our revenue streams and have only scratched the surface of the potential for each one," Saunders said. "Although we have already signed up more than 1,500 cattle rancher's as customers for our verification services, there are more than 800,000 cattle ranches not yet using verification services. Likewise, we currently work with only 100 of the nation's largest feed yards, so our potential for growth in that segment is very strong. The same applies to our CattleNetwork.com and CattleStore.com Internet operations, which we believe have already created exceptional value yet still have tremendous upside." Nine Month Results Revenue through the first nine months of 2006 grew to $1,079,833, up 94% from $557,335 in the same period of 2005. In addition to growth in all three of its revenue streams in 2006, IMI Global benefited from a nine full months of revenue from its Internet operations versus five months in the same period a year ago. Gross profit for the nine-month period increased 107% to $531,094 from $256,287 in the same period a year ago. The Company expects its verification solutions and advertising revenue to continue to be the primary margin drivers. Selling, general and administrative expense increased 58% to $1,637,284 from $1,037,106. Again, this increased was attributable to accelerated investments, primarily headcount, in USVerified solutions offerings, the expansion of the Company's Internet operations, a significant increase in legal and accounting expenses associated with "going public" activities, and share-based compensation expense. The Company reported a net loss for the nine-month period of $1,117,240, or $0.06 per share, versus a net loss of $814,025, or $0.04 per share, in the same period last year. Included in the net loss are non-cash charges for share-based compensation of $183,374 and $30,000, respectively, for 2006 and 2005. About IMI Global Founded in 1995, IMI Global is a leading provider of verification and Internet solutions for the agricultural/livestock industry. Go to http://www.imiglobal.com/ for additional information. IMI has worked with some of the largest agricultural organizations in the United States, providing web-based applications for verification and identification as well as a range of consulting services tailored to meet each customer's needs. IMI operations include CattleNetwork.com, an online service offering market information and industry news to the cattle industry, and CattleStore.com, an online source for livestock supplies, such as animal identification, medical equipment and veterinarian supplies. Additional IMI web sites include USVerified.com, SupplyVerified.com, and AgNetwork.com. CAUTIONARY STATEMENT This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Forward-looking statements are inherently uncertain, and actual events could differ materially from the Company's predictions. Important factors that could cause actual events to vary from predictions include those discussed in our SEC filings. Specifically, statements in this news release about growth, profitability, potential, leadership, building value, the impact and efficacy of the Company's products and services on the marketplace, are forward-looking statements that are subject to a variety of factors, including availability of capital, personnel and other resources; competition, governmental regulation of the beef industry, the market for beef and other factors. In addition, financial results for the three and nine-month periods are not necessarily indicative of future results. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update its forward-looking statements to reflect new information or developments. For a more extensive discussion of the Company's business, please refer to the Company's SEC filings at http://www.sec.gov/. IMI Global, Inc. Condensed Statements of Operations (Unaudited) Three months ended Nine months ended September 30 September 30 2006 2005 2006 2005 Revenues $418,805 $226,175 $1,079,833 $557,335 Cost of sales 245,517 116,793 548,739 301,048 Gross profit 173,288 109,382 531,094 256,287 Selling, general and administrative expense 569,572 377,737 1,637,284 1,037,106 Loss from operations (396,284) (268,355) (1,106,190) (780,819) Other income (expense): Interest income 930 1,405 6,207 1,925 Interest expense (5,690) (4,900) (17,257) (35,131) Net other expense (4,760) (3,495) (11,050) (33,206) Loss before income taxes (401,044) (271,850) (1,117,240) (814,025) Income taxes -- -- -- -- Net loss $(401,044) $(271,850) $(1,117,240) $(814,025) Loss per share $(0.02) $(0.01) $(0.06) $(0.04) Average shares outstanding 17,867,515 23,739,404 19,123,765 22,775,844 IMI Global, Inc. Condensed Balance Sheets (Unaudited) September 30 December 31 2006 2005 ASSETS Current Assets: Cash and cash equivalents $17,362 $684,833 Accounts receivable, net 136,358 241,304 Inventory 27,782 9,771 Prepaid expenses 9,043 -- Total current assets 190,545 935,908 Restricted cash Cash restricted for purchase of treasury stock -- 421,664 Cash restricted for payment of line of credit 50,000 50,000 Total restricted cash 50,000 471,664 Property and equipment: Equipment and furniture 112,550 99,514 Accumulated depreciation (78,674) (65,739) Property and equipment, net 33,876 33,775 Other assets: Intangible assets, net 51,459 67,564 Goodwill 418,208 418,208 Total other assets 469,667 485,772 Total assets $744,088 $1,927,119 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Notes payable $72,040 $100,000 Accounts payable 291,126 178,847 Accrued expenses 44,835 11,183 Deferred revenues 15,200 46,556 Total current liabilities 423,201 336,586 Notes payable 350,000 350,000 Stockholders' equity (deficit): Common stock 26,118 25,405 Additional paid-in capital 3,574,981 2,243,100 Treasury stock (1,485,000) -- Retained (deficit) (2,145,212) (1,027,972) Total shareholders' equity (deficit) (29,113) 1,240,533 Total liabilities and shareholders' equity (deficit) $744,088 $1,927,119 DATASOURCE: Integrated Management Information, Inc. CONTACT: John Saunders, Chief Executive Officer of Integrated Management Information, Inc., +1-303-895-3002; or Jay Pfeiffer of Pfeiffer High Investor Relations, Inc., +1-303-393-7044, for Integrated Management Information, Inc. Web site: http://www.imiglobal.com/

Copyright