SAN JOSE, Calif., Aug. 10, 2006 (PRIMEZONE) -- Titanium Group Limited (OTCBB:TTNUF), a leading biometric and security solutions provider today announced financial results for its fiscal 2006 second quarter ended June 30, 2006. Total revenue for the quarter was $1,098,854, an increase of 87 percent compared to the same quarter last year. Revenue for the six months ended June 30, 2006 was $1,493,526, an increase of 80 percent over the six month period of the previous year. In addition, Titanium stated it had a backlog of orders of approximately $2 million compared to $620,000 at June 30, 2005.
At June 30, 2006 Titanium had net equity of $1,085,839 and working capital of $458,000.
"When you take into account that we increased our revenues 80 percent, expanded our business operations seeking the biggest and best in each sector as a new client, and generated a sizable backlog of orders showing a strong demand for our product we are pleased with our initial results especially when we take into consideration that we are in the early stage of commercializing our technology," said Jason Ma, CEO of Titanium Group Limited. "The fact is, we are keeping our costs down yet showing a net profit on a quarterly basis which again is unique to a company like Titanium which just recently came out of the R&D phase. We believe we will continue to demonstrate strong growth for years to come as we set the gold standard for security solutions in each sector needing our state of the art proprietary products."
Ma said Titanium Technology has been able to generate revenues rather early in the Company's development, which have funded research and development expenses, as well as selling, general and administrative expenses. He also said the Company is exploring all opportunities to continue to increase revenue and profitability including potential acquisitions which will accelerate growth.
About Titanium Group
Titanium Group Limited (http://www.titanium-tech.com), and its wholly owned subsidiary Titanium Technology, is a leading biometric and security solutions provider featuring its proprietary and patented automated Face Recognition Systems (AFRS). Titanium's AFRS products capture human face images electronically, input the facial images into searchable files (faceprint) and, in just seconds, accurately compare the facial images to a database containing millions of faces. These cutting-edge products reduce administration cost, enhance security, and significantly increase overall productivity. Titanium's products are distributed worldwide, either directly or through resellers or OEM partners, to governments, law enforcement agencies, gaming companies, and other organizations. The Company's clients include: ESPN, IBM and the People's Bank of China.
Safe Harbor Provisions
Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by Titanium Group Limited (the "Company"), as well as those contained herein, that are not historical facts are "forward-looking statements" and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and are based on assumptions made by management. Forward looking statements include without limitation statements regarding: (a) the Company's strategies regarding growth and business expansion, including future acquisitions; (b) the Company's financing plans; (c) trends affecting the Company's financial condition or results of operations; (d) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the Company's ability to respond to changes in customer demand and regulations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.
Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the Company's technologies noncompetitive or obsolete; (v) new product introductions, product sales mix and the geographic mix of sales.
The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Safe Harbor Statement: The statements which are not historical facts contained in this advertisement are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, governmental approval processes, the impact of competitive products or pricing, technological changes, and the effect of economic conditions.