BURNABY, British Columbia., Sept. 24, 2002 (PRIMEZONE) -- Viscount Systems Inc. (OTCBB:VSYS) President and CEO Stephen Pineau is pleased to announce that the Company has received $235,000 in scientific tax funding grants from the Government of Canada for the 2000 tax year. The $235,000 relates to the Scientific Research and Experimental Development (SR&ED) program that encourages investment in technologies which display an element of scientific uncertainty and technological advancement. Viscount's claim focused on its new MESH (Multimedia Embedded Security Hub) system and the company only submitted elements which met the strict Government of Canada criteria for acceptance.
"We filed this claim awhile ago," explained Mr. Pineau. "After a claim is submitted the company must pass both scientific and financial reviews of the science and associated costs. We are very pleased that the auditors fully accepted the scientific advancements and difficulty represented by MESH. Their scientific auditors are extremely knowledgeable and Viscount has had projects in the past that have been rejected so until we received verification we were not certain how much of the claim would be allowed."
"The MESH product is designed to be modular and we will be releasing the product in phases," continued Mr. Pineau. "There are a number of additional scientific advancements and claims we are pursuing for the years 2001, 2002, and beyond, and based on the acceptance of our 2000 claim the outlook for future claims based on the MESH technology is promising."
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 affiliates of 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 Website www.viscount.com under the heading "Investor Relations". For further information, or to be placed on email NEWS ALERT, send email 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 or Greg Werbowski of Viscount Systems, Inc. Investor Relations: Toll Free 1-866-252-9446; ir@viscount.com; or visit: http://www.viscount.com