Infrax Systems (IFXY) Releases Annual Report
September 29 2010 - 8:00AM
Marketwired
Infrax Systems, Inc. (OTCBB: IFXY), a global provider of unified
Smart Grid-related products and services for the Energy and Utility
industries, announced the release of their Annual Report for the
period ending June 30, 2010. The report on Form 10K as filed with
the Securities and Exchange Commission is also posted in the
Investor Relations section on the Company's website
http://infraxinc.com/about-us/investor-relations. This year's
annual report filing also contains composite schedules and
footnotes reflecting the positive impact of the acquisition of
Trimax Wireless, which was completed on June 29, 2009.
"Infrax Systems is pleased with the progress achieved during a
difficult global market period. On an unaudited consolidated basis
with Trimax, as previously stated in our 8K filing, the revenues in
the period increased by over 10,000% to over $1.16 million if the
companies would have been consolidated for the full year. At the
same time, total liabilities and stockholder equity increased from
$206 thousand to over $7.1 million, representing a 3500% increase,"
states Paul J. Aiello, President & CEO, Infrax Systems, Inc.
"Based on our projections, we believe that we will achieve the $6
million dollars in revenue forecasted for the year ending June 30,
2011."
During the period, the Company strengthened its management team,
enhanced its product portfolio, and issued a dividend in the form
of common shares in Future World Energy (valued at $600K on
9/28/10), an emerging alternative energy company. We will continue
to focus on execution, invest in our future and work diligently to
increase value for our shareholders.
The Company has recently begun a new marketing campaign aimed at
the Utility sector, including the launch of a new website, and
development of branded collateral. The Company also made
significant progress on the development of its secure networking
products for the smart grid, including the finalization of the
hardware design for its Secure Network Interface Card (SNIC) and
the launch of the UMAX series of wireless backhaul products for
substation and distribution automation.
Additionally, the share structure of the Company also changed
with the acquisition of Trimax Wireless, Inc. As previously
reported, a significant number of Preferred Shares were issued as
part of the acquisition and a majority of these Preferred Shares
have been converted to Common. These shares are subject to a
restriction period per both Rule 144 and the previously announced
Lock Up and Leak Out Agreement for both management and shareholders
involved with the acquisition. Per the Lock Up and Leak Out
Agreement, shareholders must wait a minimum of 12 months before
selling any shares and thereafter are limited to 1% monthly.
"Looking ahead towards the balance of the fiscal year, we will
continue to focus on securing the energy grid. We believe that
security is a vital component and a critical element to ensuring
complete Smart Grid performance," added Aiello. "Our products will
continue to evolve in the months ahead and we are looking forward
to continuing our progress towards being seen as the comprehensive
communications and management solutions provider for global Smart
Grid applications."
About Infrax Systems
Infrax Systems offers a series of interrelated operational
management, communications, and grid security related products and
services known as Secure Intelligent Energy Platform (SIEP). Our
products enable a comprehensive and unified solution for
communications and applications management of the Smart Grid. SIEP™
incorporates a wide array of communications, security, device and
data management tools for Smart Grid applications such as advanced
metering solutions and grid optimization. SIEP platform creates a
unified solution to securely manage Advanced Metering
Infrastructure (AMI) and distribution automation. Infrax's secure
smart grid platform incorporates a communications transport and
management system, (Grid Mesh™), device and data security
management, and ultimately secures intelligent endpoint devices
(SIED). The secure management of the "last mile" backhaul will be
necessary for utilities to implement Smart Grid applications
including AMI, real-time pricing, Demand Side Management (DSM),
Distribution Monitoring and Automation. When combined, these
applications can offer economic, operational and environmental
benefits for utilities, and ultimately the utility's customers.
For Infrax Systems information, contact Investors@Infraxinc.com
or visit www.infraxinc.com.
Forward-Looking Statements
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products and services that we may not produce
today and that meet defined specifications. When used in this press
release, the words "plan," "expect," "believe," and similar
expressions generally identify forward-looking statements. These
statements reflect our current expectations. They are subject to a
number of risks and uncertainties, including, but not limited to,
changes in technology and changes in pervasive markets.
Media Contact: Infrax Systems, Inc. investors@infraxinc.com
727-498-8514