NEWPORT BEACH, Calif., Aug. 26, 2008 (GLOBE NEWSWIRE) -- World Am (OTCBB:WDAM) Chairman & CEO Robert A. Hovee today reported on the company's progress through its second quarter ended June 30, 2008, particularly highlighting gains in operating revenues at its wholly-owned subsidiary, Isotec, Inc. The full text of his message follows:
Dear Fellow Shareholders:
As we indicated in our filing of second quarter operating results, while our Senz-It subsidiary continues its mission of developing sensors in the field of rapid detection, the pace of revenue generation at its sister subsidiary, Isotec, has strengthened dramatically, and deserves special attention.
In fact, through the first six months of this year, Isotec has already surpassed its total revenue for the full year 2006, and is on track to substantially exceed revenue for 2007. If it maintains its current rate of growth, we anticipate that, by year's end, Isotec could realize total revenues of more than double its total revenues for 2007. The performance level for 2009 also looks promising as Isotec continues to broaden its distribution channels and win more contracts.
World Am's total revenue for the three months ended June 30, 2008 was $426,331, compared with revenue of $69,140 for the same period last year, an increase of $357,191. The increase in revenue for the quarter ended June 30, 2008 was due in large part to the increase in sales of Isotec's security portals to financial institutions through a primary distributor. There was also contract research and development revenue recognized by Senz-It based on its Phase One United States Air Force biological development contract.
Applications of Isotec's technology continue to be delivered to the commercial, retail and government sectors. The company's broad experience in this field allows it to provide high quality, code compliant, feature-rich and application-optimized solutions at the lowest cost, and in the shortest possible timeframe. Meanwhile, the company is also working to economically configure its unique technology for nationwide applications for educational facilities to better protect our children.
Security systems installed by Isotec currently include high security United States Department of Energy facilities such as Los Alamos Labs, Lawrence Livermore Labs, and Sandia Labs, and military installations for the United States Air Force and Navy. Commercial installations include a growing number of commercial banking facilities, and various retail facilities such as jewelry stores.
Requests for proposals by potential clients for Isotec's services continue to increase on a quarter-to-quarter basis. Providing three dimensional CAD renderings with each product proposal permits customers to visualize the product in simulation, and provides a significant differentiator relative to competitive offerings. The ability to customize our already leading edge software and operator interface has allowed the introduction of Data Output capability, which in turn allows our customers to remotely monitor multiple portals from a central security station, and to provide printed reports of events and statistics.
We believe Isotec's planned growth and profitability will be driven by promoting its products, expanding its relationship with current and new distributors, and continually adding to its base of clients. Accordingly, Isotec is continuing to focus its resources on marketing, strategic partnerships, and continuing market penetration, both directly by the company as well as indirectly through its worldwide network of highly qualified distributors.
Sincerely, Robert A. Hovee Chairman & CEO World Am, Inc.
About World Am, Inc.
World Am has two operating subsidiaries, Isotec and Senz-It. Isotec designs and integrates custom Automated Security Portals that provide access control, weapons control, and materials control security solutions. Senz-It represents an innovative advancement in the field of micro-sensors that have applications in Homeland Security, indoor air quality monitoring, food processing and health care. Further information on the company is available at http://www.world-am.com and http://www.isotecinc.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Security Act of 1933 and Rule 3b-6 under the Security Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to those, set forth in the World Am, Inc. Form 10-KSB filing and other filings with the United States Security and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.