BALTIMORE, Aug. 3, 2004 (PRIMEZONE) -- View Systems, Inc. (OTCBB:VYST) today announced second quarter results for 2004.
As reported in View Systems recently filed 10-Q, revenues for second quarter 2004 were $158,041 compared to $34,353 for the first quarter of 04', an increase of 360%. Net loss for the quarter was ($430,822) or ($0.01) per share.
Sales of the ViewMaxx Digital Video surveillance systems remained steady, as the company realized a continuing demand from the marketplace and new market segments were penetrated.
The combination of the SecureScan portal and School Technology Management, Inc.'s attendance program produced positive results in the second phase of testing. These results led to the National Institute of Justice providing $500,000 which will be divided between Idaho Energy and Engineering Laboratory, and View Systems to further advance the technology. In addition, $600,000 has been committed by the Department of Energy for a Cooperative Research and Development Agreement (C.R.A.DA.) for new and more sensitive magnetometers at a greatly reduced cost. View will be the recipient of this technology. The development of these sensors will mean a greatly reduced cost, much wider portal opening size and greater object recognition ability.
During the second quarter of 2004 View Systems set up a complete manufacturing line in the Baltimore, Maryland facility for the FirstView Wireless Camera System, a first responder, long-range video transmission system. The facility will build, test and further develop the FirstView Wireless Camera product. Two units were sold and delivered to organizations in Boston, Massachusetts who were involved with security for the Democratic National Convention, among other orders.
CEO Gunther Than commented, "View systems experienced significant developments in all areas of our product lines during the quarter. ViewMaxx continues to see steady sales as we focus on the Mid-Atlantic region where we can provide outstanding service and support. The results of SecureScan testing led to funding that will drastically improve the performance of the system and help us meet the demands of the marketplace. We invested in improving our infrastructure to improve and market the FirstView technology. This is the first quarter we recognized sales of the FirstView and have developed a backlog of approximately $230,000. I am confident that View has turned the proverbial 'corner' and is in an ideal position to attract larger orders for our technology."
About View Systems, Inc.
View Systems, Inc. provides a broad range of products to law enforcement, military, government agencies, educational facilities, hotels, event and sport venues, and commercial businesses. View Systems has an extensive network of distributors, licensees and strategic alliance affiliates.
Contact Information
View Systems, Inc.
1100 Wilso Drive
Baltimore, Maryland 21223
410-646-3000
www.viewsystems.com
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.