MONTREAL, Aug. 14, 2006 (PRIMEZONE) -- AbsoluteSKY, Inc. (Pink Sheets:ABSY), developer of RFID-based inventory tracking systems for specialty retail, today provided additional details on its business targets for the next 18 months.
Buoyed by strong reaction to its intelliTRACKER(tm) product suite, positive channel feedback and continued overall market growth, the Company is projecting initial installations of its product suite with four national retailers within the next few months. Revenues of $25M, with a booking backlog of $60M, are in the Company's forecast for 2007.
"Momentum is clearly increasing around our intelliTRACKER(tm) product suite and through our powerful channel programs, with Fujitsu Transaction Solutions and Universal Surveillance Systems, we're rapidly preparing for product roll-out," said John Frabasile, President and CEO, and a 25 year veteran in the retail technology field. "RFID is becoming one of retail's truly rare transforming technologies and the intelliTRACKER(tm) suite delivers Item-Level Inventory Tracking to specialty retailers now, placing us several years ahead of the market."
Professional research firms are projecting continued double-digit growth for retail RFID, with global spending rising to $3 billion by 2010 -- a six-fold increase from 2005. Other researchers post even more aggressive figures, estimating the size of the RFID market in North America alone to be $2.7 billion, and $6.1 billion worldwide!
AbsoluteSKY's intelliTRACKER(tm) product suite ties together multiple technologies to provide retailers with real-time item-level inventory tracking. Its extensive benefits include the ability to increase inventory turns, virtually eliminate missed sales and gain extensive real-time control over loss prevention. Industry specialists have been broadly impressed by the fact that intelliTRACKER(tm) delivers measurable benefits and clear ROIs to the specialty retailer, as well as the ability to meaningfully and fundamentally improve day-to-day operations.
About AbsoluteSKY, Inc.
AbsoluteSKY, Inc. (Pink Sheets:ABSY) specializes in the design, development and implementation of Radio Frequency IDentification (RFID) technology that provides real-time item-level inventory tracking for retail customers. Based in Montreal, Canada, the Company's business model combines strategic, creative and technical skills to deliver solutions that help its clients achieve their business objectives through the use of AbsoluteSKY's breakthrough technology and extensive knowledge of their business operations. For more information visit: www.AbsoluteSKY.ca.
AbsoluteSKY's Safe Harbor Statement
Except for any historic information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, which are subject to section 27A of the Securities Act of 1933 and section 21E of the Exchange Act of 1934, and are subject to safe harbor created by these sections. Any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, goals, assumptions of future events or performances are not statements of historical fact and may be "forward looking statements." Forward looking statements in this release may be identified through the use of such words as "expects," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements, which involve numerous risks and uncertainties, including the Company's ability to market its products and services in a competitive environment as well as other factors.