Signature Devices Updates Shareholders on Status of Company
07 Août 2008 - 2:31PM
Marketwired
Signature Devices, Inc. (PINKSHEETS: SDVI) is issuing this update
on the status of the Company. This update is directly from the CEO
Kenneth L. Hurley and is a disclosure and update for the benefit of
the shareholders.
The "Mazes of Fate" DS product initial purchase orders are
around 15,000 units with the bulk of the orders coming from 2 major
retailers. The game was planned to ship on August 12th, 2008, but
as is typical for this time of the year the manufacturer who we are
licensed with dictates the date the cartridges will be ready. They
have given us a date of August 22nd. The product will then be
shipped from Japan via Air to the packager in Minnesota and this
should take about another 7-10 days for shipping and packaging. We
are anticipating the product to hit retail shelves around September
1st. The date that it hits retail shelves does not affect our
bottom line, as we are able to invoice on shipment to the
distributor.
The company has reduced non-essential staff recently to cut
expenses by 2/3. This will help the company become more profitable
during this holiday season. We have maintained personnel that are
essential to our business as a publisher.
We recently filed our Form 10-12g to become a fully reporting
company. Once the comment period from the SEC is finalized, which
usually is around 60 days, we will work with our Market Maker to
uplist the stock on the OTCBB. After filing our Form 10, we have
fulfilled our obligations of disclosure and have been upgraded to
the "Current Information" icon on www.pinksheets.com. Our
financials were included in the Form 10 and shows around 8.7
million in stock based compensation expenses. These are expenses
that are related to the sale or grants to employees and are not an
actual cash outlay for the company. It is also our belief that
until the OTCBB uplisting is completed that the company cannot
raise any more money via stock offerings. Before filing the Form 10
we have finalized all outstanding offerings and private
placements.
Phatyaffle (www.phatyaffle.com), our online web portal, has
grown to over 750 users in a very short period of time with a blend
of end users and small number of developers that want to use our
Elemental Engine II. We did a small test marketing campaign for the
site and had good success with gaining about 500 users from this
campaign. We have another campaign in the works that should drive a
higher number of users to the website. These users are valid users
and the company does not initiate the sign ups for the
individuals.
"We're very happy with the direction of the business," stated
Kenneth Hurley, CEO of Signature Devices, Inc. and Graffiti
Entertainment, Inc. "The Holiday Season is traditionally a boom for
video game publishers and we are expecting great sales through the
end of the year."
About Signature Devices, Inc. and Graffiti Entertainment,
Inc:
Based in Redwood City, Calif., Signature Devices, Inc. creates,
develops and manufactures advanced information technology,
including computer systems, software and electronics products. One
of the Company's premier technologies includes a blend of hardware
and software for image generation technology used in video games
and simulations. Signature Devices also owns Graffiti
Entertainment, Inc. (www.GraffitiEntertainment.com), a publisher of
interactive entertainment software for advanced entertainment
consoles.
The information in this press release includes certain
"forward-looking" statements within the meaning of the Safe Harbor
provisions of Federal Securities Laws. Investors are cautioned that
such statements are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including the future financial performance
of the Company. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it can
give no assurance that such expectations or any of its
forward-looking statements will prove to be correct. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release, and the
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events, or
circumstances after the date of this release except as required by
law.
Signature Devices (CE) (USOTC:SDVI)
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