BALTIMORE, April 22, 2004 (PRIMEZONE) -- View Systems, Inc. (OTCBB:VYST) today announced audited year-end results for fiscal year 2003 ending on December 31st.
As reported in View Systems recently filed 10-K, revenues for 2003 grew by 28% compared to 2002 while net losses improved by 35%. While revenues for 2003 increased 28%, cost of sales reduced for the same year by 32%, and gross profits grew by 265% while operating expenses were reduced by 48%.
The company is pleased with the progress accomplished in its 2003 year end results, contributed to restructuring and redeployment of its personnel, technologies and manufacturing capabilities. In 2004 the company plans to build upon these accomplishments and focus all resources into marketing and sales.
Gunther Than, CEO of View Systems stated, "In 2003, management and the board set out to address several key issues that needed to be improved for View to reach its full potential. We feel we made great strides in areas of manufacturing, management, money, and marketing that has us poised for a strong year in 2004. The company has a very defined goal moving forward to sell more products and reach all time sales records in 04' as we gain increased exposure in the homeland security sector."
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.
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.