BURNABY, B.C., April 16, 2003 (PRIMEZONE) -- Viscount Systems Inc. (OTCBB:VSYS) announced today that The Company has signed a conditional purchase agreement to acquire the assets of the Enterphone product line of TELUS Corporation. Enterphone systems provide electronic access to office buildings and apartment blocks. The agreement is scheduled to close April 30, 2003 subject to certain conditions precedent. The assets include monthly service contracts and inventory. The final purchase price is contingent on the total number of assigned contracts, but will not exceed $450,000.
"The acquisition of these service contracts is important from both a strategic and financial standpoint," noted Stephen Pineau, CEO of Viscount. "The systems we will be maintaining represent an excellent opportunity for Viscount.
"These service contracts with multi-residential and commercial buildings also gives us a great tool to market our new MESH product," continued Mr. Pineau. "We expect this deal to make a significant contribution to both our short term goals and long term growth."
About Viscount Systems
Viscount Systems Inc., is a designer and manufacturer of Telecommunications and electronic door control access systems for the security industry. From 1969-1997 Viscount was a R&D affiliate of Telus, itself a controlled affiliate of GTE, now Verizon Communications. The company's diverse line of products are designed to improve safety and manage security for property owners and users. Viscount's products have been installed in approximately 35,000 sites in over 30 countries and are sold through a 500 member, North America-wide dealer network comprised of security equipment vendors, including affiliates of Tyco/ADT and Honeywell. Additional information on Viscount's products may be obtained on-line at http://www.viscount.com.
Financial statements are available from the company's registration statements filed with the U.S. Securities and Exchange Commission which may be viewed at www.sec.gov or the company's web site www.viscount.com under the heading "Investor Relations". For further information, or to be placed on email NEWS ALERT please e-mail to ir@viscount.com. or call toll free 1-866-252-9446.
Safe Harbor Statement
This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Viscount Systems Inc., nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
Forward-looking statements: This press release and other statements by Viscount Systems Inc. may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," or similar expressions.
For more information contact Greg Werbowski Viscount Systems, Inc. Investor Relations Toll Free 1-866-252-9446 ir@viscount.com or visit: http://www.viscount.com