BURNABY, B.C., August 28, 2002 (PRIMEZONE) -- Viscount Systems Inc. (OTCBB:VSYS) President and CEO Stephen Pineau is pleased to announce that the company has begun shipping systems to Viscount dealer Fitch Surveillance Systems Inc. for the first phase of the Cityplace condominium development in downtown Toronto, Canada.
According to developer Concord Adex, Cityplace will be the largest residential development in the history of Toronto. Over the next several years Concord Adex will spend $1.5 billion constructing 20 highrises containing 6000 condominiums on the 45 acre site adjacent to Toronto's Skydome.
"Concord Adex intends to make this the most technologically advanced residential development in Canada and we spent considerable time at the consulting stage with telecommunications provider Telus in designing a building control system that complements this philosophy," noted Mr. Pineau. "Of course the final decision on which Viscount systems to present was made by Ed Fitchett, the president of Fitch Surveillance, since the installers are the real experts on applying technology with each particular project. Fitch Surveillance Systems is one of our reputable dealers both in terms of experience and reputation in the Toronto market so we certainly applaud Concord Adex for their decision to award these contracts to Fitch given the scope and complexity of the project."
"So far Fitch is in the completion stage of the first two towers and expect to begin work on three additional towers shortly. They elected to use a combination of three different Viscount systems. Our Elektra 48 computerised directory panels and Enterphone 2000 control units are being used at the doors for visitor entry. Viscount's Infraclik security transmitters will be used by residents to access doors, parking areas and elevators and represent a significant source of recurring revenue," continued Mr. Pineau. "We are honored to be associated with both Fitch Surveillance and Concord Adex, and our involvement with the Cityplace project helps reinforce our reputation as the leading manufacturers of building control and security systems."
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 subsidiary 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 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 statement filed with the U.S. Securities and Exchange Commission on February 6, 2002, 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: Konstantine Tsakumis Greg Werbowski Viscount Systems, Inc. Investor Relations Toll Free 1-866-252-9446 ir@viscount.com or visit: http://www.viscount.com