Interactive Flight Technologies Announces Financial Results for Fiscal Year Ended June 30, 1999

Business Wire, Sept 30, 1999

PHOENIX, AZ--(BUSINESS WIRE)--Sept. 30, 1999--

INTERACTIVE FLIGHT TECHNOLOGIES, INC. (IFT) (NASDAQ:FLYT) which, at a Special Meeting of Shareholders to be held today, is proposing to change its name to GLOBAL TECHNOLOGIES, INC. (NASDAQ:GTLL), announced financial result for its fiscal year ended June 30, 1999. Results from operations for the fiscal years ended June 30, 1999 and 1998, respectively, reflect eight months of operations as the Company recently changed its fiscal year end to June 30 from October 31. The Company expects to file its transition report on Form 10-KSB by October 13, 1999.

For the eight months ended June 30, 1999, IFT had revenue of approximately $1.6 million compared with approximately $18.4 million for the corresponding eight-month period ended June 30, 1998. Net loss for the June 30, 1999 eight months was approximately $500,000, or $.09 per basic and diluted share of common stock, on 5,416,124 weighted average shares outstanding. This compares with a net loss of approximately $500,000, or $.08 per basic and diluted share, for the same period ended June 30, 1998, 6,448,255 weighted average shares outstanding. Results of operations of the Company's majority-owned subsidiary, The Network Connection, Inc. (NASDAQ:TNCX), have been consolidated in the June 30, 1999 results.

Irwin L. Gross, Chairman and CEO of IFT, stated, "IFT is continuing to position itself as a diversified company which is devoting all of its attention and resources on investing and managing new opportunities in emerging growth businesses focused on interactive entertainment and e-commerce, networking solutions, telecommunications and gaming." These include several recently completed transactions with The Network Connection, Inc. which provided IFT a majority ownership position in TNCi in excess of 75%; a 16.7% stake in U.S. Wireless Corporation (NASDAQ:USWC); a 27.5% equity interest in InterLotto (UK) Ltd., which is licensed by the Gaming Board of Great Britain to operate lotteries in the UK on behalf of charities; and an investment in Regal Gaming & Entertainment for a 24.5% equity interest to pursue gaming and entertainment ventures in Mexico.

"We believe these activities combined with our continuing strategy of identifying synergistic investment opportunities, should transform the Company into an innovative and profitable technology-based company," Mr. Gross said.

Interactive Flight Technologies is a diversified technology-oriented company with investments in the areas of e-commerce, interactive entertainment, networking solutions, telecommunications and gaming.

Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties which may affect Interactive Flight Technologies, Inc.'s business and prospects and cause actual results to differ materially from these forward-looking statements.