ATLANTA, April 4, 2007 (PRIME NEWSWIRE) -- VuBotics, Inc. (OTCBB:VBTC), developer of VuIT(tm), the global leader in small screen reading technology, today announced financial results for the year ended December 31, 2006.
John Ellingson, president of VuBotics, stated, "During 2006, VuBotics shifted its focus from product development to commercialization of the VuIT(tm) technology through a carefully targeted licensing strategy. We began the year by surrounding our technology with a highly defensible intellectual property portfolio. With this foundation in place, we began an aggressive push to license our technology and are now in active discussions and pilot projects with numerous organizations, ranging from major OEMs and broadcasters to leading web portals. We are especially pleased to report a fully funded pilot project with a Fortune 500 media company. Overall, we are making rapid progress and have been extremely pleased with the receptivity to our breakthrough reading technology."
Mr. Ellingson continued, "Through VuMetrics(tm) and VulT(tm) Online, we have developed an unparalleled ability to collect real-time data about the consumption of content, which provides advertisers real-time marketing insight and much greater ability to customize content than ever before. We believe these unique attributes will help catapult our technology, as major media companies seek to maximize both advertising dollars and audience reach."
David Rollo, chief marketing officer at VuBotics, commented, "We achieved a number of major milestones during the fourth quarter, including acceptance into the BlackBerry ISV Alliance Program, which will provide access to RIM's sales support, marketing and software development resources. Another was our newly formed alliance with the Oak Ridge National Laboratory. Oak Ridge's Virtual Information Process Agent for Research (VIPAR) combined with VuBotics' VulT(tm) Mine capabilities will help individuals, and the businesses they support, sift through massive amounts of unstructured and structured databases, organizing the information and, thereby, accelerating the user's ability to make critical business decisions based on this data. Heading into 2007, we look forward to launching our VuIT(tm) technology across a wide range of platforms ranging from cell phones, to broadcast and online applications."
Total revenue for the twelve months ended December 31, 2006 was $37,000, compared to $3,000 for the same period in 2005. Operating loss for the twelve months ended December 31, 2006 was $3.4 million, compared to operating loss of $1.9 million for the same period last year. Net loss for the twelve months ended December 31, 2006 was $2.7 million, or $0.06 per share, compared to net loss of $2.0 million or $0.06 per share, for the same period in 2005. Net loss for the twelve months ended December 31, 2006 included a gain of $798,000 related to restructuring of the company's debt.
About VuBotics
VuBotics, Inc. is an emerging technology provider dedicated to improving the reading experience. Today, VuBotics has several patent pending software applications, including VuIT(tm) Online Reader and VuIT(tm) Mobile, which are designed for content providers and aggregators worldwide. The VuIT(tm) product family uses an advanced proprietary algorithm that dynamically delivers text sequentially onto a viewing screen, word-by-word, rather than as static text across a screen. Other VuBotics products under development include online experience metrics, and relational search and intelligent agent technologies. Based in Atlanta, Georgia, VuBotics' strategy is to take advantage of the growing market for digital content through business relationships with global media and technology companies. For more information, visit: www.vubotics.com.
The VuBotics, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2771
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of VuBotics officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future VuBotics actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and VuBotics has no specific intention to update these statements.
VUBOTICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2006
ASSETS
Current Assets
Cash $ 513,947
Deposits 1,297
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Total current assets 515,244
Other Assets
Fixed assets, net 28,812
Intangible assets 102,529
Impairment reserve (102,529)
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Total other assets 28,812
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Total Assets $ 544,056
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LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Notes payable - current portion $ 400,000
Accrued expenses 1,215,434
Accrued interest 6,042
Due to related party 78,985
Accrued payroll 67,014
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Total current liabilities 1,767,475
Notes payable - long term 702,344
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Total liabilities 2,469,819
Stockholders' (Deficit)
Common stock, $0.001 par value, 100,000,000 shares
authorized, 49,825,718 shares issued and
outstanding 49,826
Preferred stock, $0.001 par value, 25,000,000
shares authorized, no shares issued and outstanding --
Additional paid-in capital 12,189,250
Accumulated deficit (14,164,839)
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(1,925,763)
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Total Liabilities and Stockholders' Deficit $ 544,056
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VUBOTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005
2006 2005
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Revenue $ 37,000 $ 2,672
Cost of sales -- 2,675
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Gross profit 37,000 (3)
Product Development 568,671 187,185
Sales and marketing 774,421 272,588
General and administrative 2,111,950 1,456,687
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3,455,042 1,916,460
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Loss from operations (3,418,042) (1,916,463)
Interest expense (45,084) (146,633)
Gain on debt restructure 798,046 --
Other income -- 25,000
Interest income 11,633 --
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764,595 (121,633)
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Net loss $(2,653,447) $(2,038,096)
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Net loss per common share - basic
and fully diluted $ (0.06) $ (0.06)
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Weighted average number of common
shares outstanding 43,158,271 31,829,906
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