LOVELAND, Colo., Aug. 14 /PRNewswire-FirstCall/ -- A4S Security,
Inc.
(NASDAQ:SWATNASDAQ:SWATWNASDAQ:andNASDAQ:NYSENASDAQ:Arca:NASDAQ:SWATNASDAQ:SWATW),
a leading provider of digital video surveillance solutions, today
announced financial results for its fiscal 2006 second quarter
ended June 30, 2006. Revenue for the second quarter of 2006 totaled
$301,948, an increase of more than six-fold compared to revenue of
$46,860 recorded in the second quarter of 2005. Revenue for the six
months ended June 30, 2006 totaled $514,783, an increase of more
than four-fold compared to revenue of $120,595 for the same period
in 2005. "While our revenue growth in total dollars is modest, we
have made significant investment in our product platform and
believe we are beginning to see a ramp in sales that will generate
continued and sustainable growth going forward," said Tom
Marinelli, CEO and President of A4S Security. We continue to
attract additional public transportation customers for our core
ShiftWatch(TM) technology, building on the positive momentum we
began generating in the preceding quarter. We were recently
selected to install our ShiftWatch TVS systems in the Elk Grove,
California E-tran transit system. Since the first quarter of 2006,
we have also secured additional customers for initial ShiftWatch
installations that include the commuter rail Capitol Corridor Joint
Powers Authority, the Northern Nevada Transit System and Southeast
Missouri State University. We have also installed demonstration
units for evaluation inside the Chicago Transit Authority. Our
newest model ShiftWatch TVS 3.0 is experiencing very positive
reception. Looking ahead, we continue to be actively involved with
key transit agencies across the country and believe our growth
momentum will be further enhanced by some key synergies and
efficiencies that our recently announced pending acquisition
partners will provide," he concluded. "We are excited with the
recent strategic and significant step we have taken toward greatly
expanding our addressable markets and diversifying our product
portfolio and sales channels through the pending acquisitions of
Avurt International and Vizer Group," said Greg Pusey, Chairman of
A4S Security. "These acquisitions significantly expand our product
and service offerings to include personal protection, commercial
facility security and access control and we believe they will
enhance our position in high-end mobile digital video surveillance
and security integration technologies. The combined annual U.S.
market for transportation, law enforcement, facility security and
personal protection has been estimated to be a $40 billion
opportunity. More importantly, as we continue to build sales
traction with our ShiftWatch product, we will also be positioned to
pursue additional markets with shorter buying lead times than we
have experienced in the government sector. I am personally excited
about the potential new opportunities presented by the completion
of these acquisitions, especially the Avurt technology. We believe
the addition of these companies and their management team and
products and services will open significant new market verticals
for A4S and enable us to leverage our considerable product
technology knowledge base to maximize opportunities with a broad
base of potential commercial customers," he concluded. "We have
carefully invested significant resources in building a strong and
dynamic technology development team that we believe places us on
the leading edge of new products in the mobile DVR market place,"
stated Dave Desormeaux VP of Engineering at A4S. "Within the next
few months, we expect to officially introduce ShiftWatch TVS 3.0,
an advanced product configuration with greater benefits and
features including wireless download and additional management
features. We believe we will be in a position to develop additional
proprietary products from this platform, reducing time to market
and cost of development. Our core architecture has broad
applications beyond the specific use for which it was originally
created. Furthermore, our value proposition is focused on superior
security information integration and management. We believe we will
continue to meet the challenge of staying ahead of the competition
by offering effective management of large amounts of video data
coming from multiple vehicle based recorders while intelligently
accessing that information in a fast and useful manner," he
concluded. A4S Security reported a net loss for the second quarter
of 2006 of $1,477,792, or a loss of $0.37 per basic and diluted
share, compared to a net loss of $853,640, or a loss of $5.79 per
basic and diluted share in the same quarter of 2005. For the first
six months ended June 30, 2006, net loss was $2,601,350, or a loss
of $0.66 per basic and diluted share, compared to a net loss of
1,408,096, or a loss of $9.55 per share for the same period in
2005. Both 2005 comparative periods include a significant change in
shares outstanding, from 147,389 in 2005 to 3,961,498 in 2006,
following the July 2005 completion of the Company's initial public
offering. Cash balance as of June 30, 2006 was approximately $1.9
million. Conference Call A4S Security will host a conference call
and webcast on Tuesday, August 15th at 4:30 p.m. Eastern Time (1:30
p.m. PT) to discuss its second quarter fiscal 2006 results. Those
wishing to participate in the live call may dial (800) 240-2430,
using the password "A4S." A replay of the call will be available
for one week beginning approximately one hour after the call's
conclusion by dialing (800) 405-2236 and entering 11068143 followed
by the "#" key when prompted for a code. The live and archived web
cast of the conference call can be accessed from the investors
section of the A4S Security's website at http://www.shiftwatch.com/
or at http://www.mkr-group.com/ (under featured events). The
archived web cast replay of the conference call will remain
available for one year. About Vizer Group, Inc. Vizer Group
specializes in web-based access control, video surveillance and
intrusion detection, conveniently accessible through the use of
multiple network based devices, including computers, cell phones
and PDA's. With access and monitoring devices connected through the
network, installation and re-location costs are significantly less
than traditional hard wired systems. Vizer's unique proprietary
"e-Link" product is built around a web hosted security services
model that provides a business complete control over access,
alarms, key cards, and video surveillance, all remotely. "We
continually have need for a DVR, both mobile and fixed for many of
our diverse application and we believe that the ShiftWatch product
will offer a superior solution to many problems faced in the
commercial world. Furthermore the ShiftWatch video and data
management platform will be a dramatic competitive advantage to the
ever increasing quantity of security video and data. We expect to
integrate the ShiftWatch data management software as an option on
our e-Link product" said Scott Sutton, President of Vizer Group and
Avurt International. About Avurt International, Inc. Avurt
currently sells non-lethal Pepperball(R) products to over 300 law
enforcement agencies across the country (go to
http://www.non-lethal.com/ to see Avurts' web site). Over the past
couple of years Avurt has been researching and developing a new
patent pending launcher that has broad based applications. The
product is a small, easy to use personal protection device that
provides a non-lethal product option for police (650,000 officers),
security personnel (1,200,000), postal carriers, animal control,
hikers and the general public. The product is in final prototyping
and Avurt expects to begin deliveries of its first version of this
exciting technology in the first quarter of 2007. "We have spent
considerable time both investigating the market and developing a
product that we believe will be embraced by numerous potential
market verticals due to the products small size, versatility and
reasonable pricing." concluded Sutton. About A4S Security, Inc. A4S
Security, Inc. develops and markets the ShiftWatch(R) product line
of mobile digital video surveillance solutions for public
transportation, law enforcement and general security applications.
The company's full motion, high resolution video system utilizes
patent pending video streaming technology and GPS synchronization
capabilities to provide agencies with data security and
reliability. The company's open, standards based architecture,
facilitates interoperability, easing management of the information
and communication complexities and leveraging customers' investment
in the future. For additional information about A4S Security and
ShiftWatch solutions, call 1-888-825-0247 or visit
http://www.shiftwatch.com/. Additional information about Vizer
Group is available at http://www.vizergroup.com/. For information
on Avurt's current product offerings see http://www.non-lethal.com/
and to view its patent pending prototype in development, go to
http://www.avurt.com/. Information on these web sites does not
comprise a part of this press release. This press release includes
"forward looking statements" as defined by the Securities and
Exchange Commission (the "SEC"). All statements, other than
statements of historical fact, included in the press release that
address activities, events or developments that the company
believes or anticipates will or may occur in the future are
forward-looking statements. These statements are based on certain
assumptions made based on experience, expected future developments
and other factors the company believes are appropriate under the
circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the company and may not materialize. Investors are
cautioned that any such statements are not guarantees of future
performance. Actual results or developments may differ materially
from those projected in the forward-looking statements as a result
of many factors, including the company's ability to complete
development of its products, increase sales of its products,
successfully complete and integrate the recently announced
acquisitions and enhance, execute and protect its technological
capabilities, among others. Furthermore, the company does not
intend (and is not obligated) to update publicly any
forward-looking statements, except as required by law. The contents
of this release should be considered in conjunction with the
warnings and cautionary statements contained in the company's
recent filings with the SEC. A4S Security, Inc. Statements of
Operations Periods Ended June 30, 2006 (Unaudited) Three Months
Ended Six Months Ended 2006 2005 2006 2005 Net sales $301,948
$46,860 $514,783 $120,595 Cost of sales 474,121 34,564 681,105
87,323 Gross profit (loss) (172,173) 12,296 (166,322) 33,272
Operating expenses: Selling, general and administrative (includes
non-cash compensation of $194,147 and $293,822 for the three and
six-month periods ended June 30, 2006) 1,082,050 586,026 2,019,537
970,566 Research and development 250,156 65,645 478,591 137,762
Total operating expenses 1,332,206 651,671 2,498,128 1,108,328
Operating loss (1,504,379) (639,375) (2,664,450) (1,075,056) Other
income (expense): Interest expense (182) (217,205) (395) (339,687)
Interest income 26,238 66 64,426 3,770 Other income (expense), net
531 2,874 (931) 2,877 Total other income (expense) 26,587 (214,265)
63,100 (333,040) Net loss $(1,477,792) $(853,640) $(2,601,350)
$(1,408,096) Basic and diluted net loss per Share $(0.37) $(5.79)
$(0.66) $(9.55) Basic and diluted weighted average number of common
shares Outstanding 3,961,498 147,389 3,961,470 147,389 A4S
Security, Inc. Balance Sheet June 30, 2006 (Unaudited) ASSETS
Current assets: Cash and cash equivalents $1,932,501 Accounts
receivable (Note 6) 300,990 Inventories (Note 2) 521,274 Prepaid
expenses and other current assets 119,088 Total current assets
2,873,853 Property and equipment, net (Note 3) 210,596 Intangible
and other assets 104,544 Total assets $3,188,993 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $304,187
Accrued expenses 129,405 Installment obligations 5,761 Total
current liabilities 439,353 Installment obligations, net of current
portion 1,074 Total liabilities 440,427 Commitments Stockholders'
equity (Notes 1 and 5): Preferred stock, no par value, 5,000,000
shares authorized; no shares issued or outstanding -- Common stock,
no par value, 30,000,000 shares authorized; 3,961,746 shares issued
and outstanding 13,556,063 Accumulated deficit (10,807,497) Total
stockholders' equity 2,748,566 Total liabilities and stockholders'
equity $3,188,993 DATASOURCE: A4S Security, Inc. CONTACT:
Investors, Todd Kehrli or Jim Byers, both of MKR Group, LLC,
+1-818-556-3700, , for A4S Security, Inc.; or Media, Pat O'Connor
of A4S Security, Inc., +1-970-461-0071, ext. 134, Web site:
http://www.vizergroup.com/ Web site: http://www.non-lethal.com/ Web
site: http://www.mkr-group.com/ Web site:
http://www.shiftwatch.com/
Copyright
Security With Advanced Technology - Warrant (MM) (NASDAQ:SWATW)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Security With Advanced Technology - Warrant (MM) (NASDAQ:SWATW)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024