NEWPORT BEACH, Calif., May 28, 2008 (PRIME NEWSWIRE) -- World Am (OTCBB:WDAM) Chairman & CEO Robert A. Hovee today reported on the company's progress. The full text of his message follows:
Dear Fellow Shareholders:
I want to update you on the most recent developments at World Am, and the very clear direction in which our company is being positioned to build shareholder value over the next 12 months.
Whether it be in California or Colorado, working side by side with partner companies, with those who are our customers, or those whom we intend to have join their ranks, there is a compelling pattern for progress unfolding at World Am that has a rhythm uniquely all its own.
It is demonstrated on a daily basis by the people who are the backbone of our Senz-It and Isotec operations, whose commitment to their current assignments, and to the opportunities they have staked their futures on, resonate with determination.
They give renewed meaning to the reality that, more than anything, a company is known by its people, and people are known by the company they keep. They are on missions that are grounded in reality, imbued with collective levels of experience that make them first among equals, and enable them to approach their current and potential markets with extraordinary competence.
As Chairman and CEO, more than at any time in my professional career, I come to work each morning excited by the possibilities they identify on a daily basis. And while at times the world may not react as quickly as our people do to new opportunities, they measure their approaches to their goals with a steady resolve.
It is these qualities that I wanted to share with you today, in a context far different from what you may normally read in our public news releases or SEC filings. To better understand the people in whom you have invested, it's helpful and important that you spend a day in their world, which better defines the nature and scope of your investment, and the intended payoff.
In the investment world, World Am can best be described as a special situation company. On the one hand, it has a strong focus on weapons control systems to safeguard commercial institutions and governmental facilities. On the other, it has a virtually insatiable appetite to challenge scientific frontiers through commercialization of some of the very best university-developed research and its potential applications.
So, in a very real sense, World Am's duality makes it a hybrid corporation. It's that very diversity of purpose that has enabled us to attract uncommonly excellent employees. They are, in the final analysis, the future of our company.
In reality, since its inception, World Am's continued mission has been all about making the world a better and safer place through the development of new technologies. Every day, the frontiers of opportunity are abundant.
On a recent morning, an engineer at Westminster, Colorado-based Isotec is following up with a key distributor in Las Vegas. The distributor reports that in the first months since a pair of weapons control systems were installed in a high-risk branch of a nationwide commercial bank, robberies there have stopped, and that during that period the Isotec systems have identified nine people trying to gain access to the bank that had firearms.
Later that morning, this news is shared with another major Isotec distributor. Its client, another major commercial bank, whose CEO has committed to make his facilities the safest in the country, has issued purchase orders for similar systems that will represent significant sales. Isotec's product line is well represented in the systems being ordered.
The partnerships into which the World Am subsidiary has entered over the past several years represent similar opportunities.
Last month, one of the world's largest security services providers awarded Isotec a $100,000 contract. The agreement calls for installation of a customized Isotec security solution at a major manufacturing location that is a key customer of this security provider. Isotec realized two major advances through the contract win: validation that this top security provider is now doing business with the company, and expansion of market penetration, since the project is outside Isotec's primarily financial services sector.
Later that day, the company's president called me to provide the latest update on the status of follow-on work for the U.S. Government, involving Department of Energy facilities at Los Alamos and Lawrence Livermore Laboratories, and Sandia Laboratories. Isotec also has installed systems for the United States Air Force and United States Navy.
Isotec staffers are also addressing ways to economically configure the company's unique technology to benefit our educational facilities nationwide in order to better protect our children.
Meanwhile, in our corporate headquarters in Newport Beach, California, work progresses at a rapid pace through the combined efforts of Ph.D. level scientists and researchers, program managers and technicians -- all of them focused on commercializing products coming out of prestigious research laboratories at U.S. universities. World Am has strategically close ties to a continuing pipeline of new technologies from its largest shareholder, Select University Technologies, which has relationships with 28 research universities.
Our Senz-It staff is dedicated to manufacturing sensors in the field of rapid detection. Its innovative advancements in the field of micro-sensors have broad application in Food Safety, Water Quality, Homeland Security, and Indoor Air Quality Monitoring business sectors. Senz-It's products are being designed to identify patterns of molecules present in liquids and gases more quickly, and for significantly less cost than current methods. Among the latest advances:
* Senz-It staffers are hard at work with their counterparts at its partner, BioMedix, Inc., a biotech product management and distribution company. Their mutual goal: to develop a new testing system that will more accurately determine levels of decay in fish -- one of the world's most perishable foods. BioMedix originally estimated its partnership with Senz-It could grow to $1 million per month in sales in 2009, with the possibility of significantly greater revenue growth in the years immediately ahead. * A Seattle-based association of thousands of fish distribution facilities has recently partnered with BioMedix. The result is that product adoption is expected to accelerate dramatically. The magnitude of 2009 revenues may now be considerably more than earlier expected. * As the fish monitoring application gains momentum, the company is similarly engaged on a daily basis in pursuing its United States Air Force biological development contract, worth up to $417,000 awarded last November. It has already submitted a proposal for a second phase of this detection effort with the Air Force which could lead to additional fees of $1,200,000 in 2008-2009. * Over the longer term, Senz-It intends to compete in the worldwide sensor industry. Sensors are considered to be the next major technology breakthrough, with advantages in size, portability, sensitivity, and specificity, along with lesser cost and rapid response time.
Clearly, the opportunities are upon us, and the dedication of our people to exploring them is without peer. On a regular basis, I promise to share with you on a more personal level just how they're doing.
Sincerely,
Robert A. Hovee Chairman & CEO World Am. Inc.
World Am has two operating subsidiaries, Isotec and Senz-It. Isotec designs and integrates custom Automated Security Portals that provide access control, weapons control, and materials control security solutions. Automated Security Portals rigorously control entry or exit of people and materials at secure facilities, while reducing the need for security personnel. Applications of the technology have been delivered to the commercial, retail and government sectors. Isotec's experience in this field allows it to provide high quality, code compliant, application-optimized solutions at the lowest cost in the shortest timeframe.
Senz-It represents an innovative advancement in the field of micro-sensors that have applications in homeland security, indoor air quality monitoring, food processing and health care. Its potential products are intended to compete in the developing field of real-time detection and notification devices. Senz-It is being designed to identify patterns of molecules present in liquid, blood and air environments for significantly less cost than current approaches.
Additional information is available at http://www.world-am.com or http://www.isotecinc.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Security Act of 1933 and Rule 3b-6 under the Security Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the World Am, Inc. Form 10-KSB filing and other filings with the United States Security and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.