BALTIMORE, Nov. 18, 2003 (PRIMEZONE) -- View Systems, Inc. (OTCBB:VYST) experienced several significant developments and progress in all facets of its operations during the third quarter which have laid the foundation for expanded sales and distribution channels.
As reported in View System's 10QSB, revenues for the third quarter of 2003 were $239,734. The company recognized approximately $250k in non-recurring extraordinary costs that increased its loss per share by a half cent to ($.01) versus a loss of ($.05) in the third quarter 2002.
Significant developments that occurred during the third quarter included:
- Initiated manufacturing of 20 Secure Scan Portals - Began fulfilling backorders of the Secure Scan Portal - First international installation of Secure Scan in the Ottawa Parliament Building - Forged alliance with School Technology Management - Developed prototype incorporating STM's CAASS with Secure Scan - Introduced latest product and technology at National Summit on Security
President Barry Feldman commented: "As part of our corporate restructuring we took necessary steps to consolidate the company's financials and were able to eliminate some debts and long-term liabilities that were required to get back to business as usual. In addition to improving our financials, we forged ahead on expanding our sales channels through a new strategic partnership with School Tech Inc., and on our integrated technologies that we feel meet a major need in today's marketplace. We accelerated the manufacturing process of the Secure Scan in October, and began production of 20 portals. We saw the power of having established international resellers, such as Levitt Corp. who has already demonstrated its abilities and is looking to expand. All of these actions, combined with an intensified marketing approach, should lead us to a solid fourth quarter and really impact our bottomline next year."
About View Systems, Inc.
View Systems, Inc. provides products to law enforcement, government agencies, educational facilities, events and commercial businesses. View Systems has an extensive network of distributors and strategic alliance affiliates.
Forward-Looking statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.