MAHWAH, N.J., June 21, 2004 (PRIMEZONE) -- Communications Research, Inc. (OTCBB:CRHI) announced today that they have been awarded the consulting and project management contract for two new projects for the New Jersey State College and University system. The project's construction budgets are estimated at between $25 million and $35 million.
These material new projects come on the heels of completing the communications and Audio Visual consulting phase for a County Judicial system, Fortune 100 Company Headquarters and a number of Municipal school projects with total construction valued at approximately $35 million.
"The Company's business and ongoing prospects have improved dramatically with the improvement in the economy," commented Carl Ceragno, President of Communications Research. "It is wonderful that we have received widespread recognition by our clients, and architects in the region, who have made referrals to their peers looking for the technology service and expertise we provide. It is exciting to have our systems integration business running on all cylinders as we prepare to launch software sales of Telewriter. Once fully ramped up, Telewriter should bring millions of dollars of additional revenue to the Company's bottom line."
The Company feels it can handle the new additional project load, without further addition of personnel or resources, to enable us to increase profitability.
This news release contains forward-looking statements regarding CRHI's business strategies and future plans of operations. Forward-looking statements involve known and unknown risk and uncertainties. The company's risks and uncertainties include: intense price competition, economic, political and regulatory uncertainties, the need to raise additional capital for growth and expansion and its reliance on the Internet as a means for promoting the software it sublicenses. The forward-looking statements contained in this news release speak only as of the date hereof and CRI disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in CRI's expectations or future events.