American Access Technologies Reports Sales of $2.2 Million for Second Quarter 2006
July 12 2006 - 10:30AM
PR Newswire (US)
Second Best Sales Quarter in Corporate History Leads to 9.2% Sales
Growth for Six Months Ended June 30, 2006 KEYSTONE HEIGHTS, Fla.,
July 12 /PRNewswire-FirstCall/ -- American Access Technologies,
Inc. (NASDAQ:AATK) is pleased to announce that preliminary
unaudited sales for the three months ended June 30, 2006 were
approximately $2,160,000, an increase of 2.3% over second quarter
2005 sales of $2,111,000. For the six months ended June 30, 2006,
preliminary unaudited sales were $4,300,000, a 9.2% increase over
the 2005 period. Joe McGuire, Chief Financial Officer, commented,
"Profitability continues to be at the forefront of our priorities
for 2006 as we focus on manufacturing efficiencies, price increases
and higher margin revenues. We are on track to reach our announced
goal of achieving profitability in fiscal 2006." "Our performance
this quarter and year-to-date gives us four years of consistent,
steady sales growth. The second quarter 2006 marked the fifteenth
quarter out of the last sixteen with year-over-year quarterly sales
increases. Significant factors contributing to the increase in
sales in second quarter 2006 include: continued solid execution of
our overall internal sales and marketing plan, production from our
new laser cutting machine which enables the Company to compete for
new customers as well as to improve the efficiency of current
manufacturing processes, strategic marketing campaigns by the
Company's sales partners, the training and education of end users
and the adoption of industry standards for zone cabling and
wireless products. All indicators lead us to anticipate that this
positive trend will continue for the balance of the year." On July
6th, the Company announced a letter of intent to combine with
M&I Electric Industries, Inc., a Houston-based provider of a
wide range of switchgear, drives and other electrical products and
services primarily to the energy industry. The proposed acquisition
is subject to negotiation of a definitive share exchange agreement
with the M&I shareholders, approval by American Access
shareholders, and continued listing of American Access stock on the
NASDAQ stock market. Detailed information on financial results for
the second quarter ended June 30, 2006 will be included in the
Company's Quarterly Report on Form 10- QSB that will be filed with
the Securities and Exchange Commission in approximately 25 to 30
days. The preliminary results noted above are subject to revision.
About American Access Technologies, Inc. American Access
Technologies, Inc. manufactures patented zone cabling and wireless
enclosures that mount in ceilings, raised floors, and in custom
furniture, for routing of telecommunications cabling, fiber optics
and wireless solutions to the office desktop. The Company's concept
of "zone cabling" reduces costs for initial network installation
and facilitates moves, adds, changes and upgrades for the network
installations of today and tomorrow. The Omega Metals division
manufactures proprietary products, and also employs
state-of-the-art metal fabrication and finishing techniques for
public and private companies and U.S. government contractors. Our
Company SEC filings, news and product/service information are
available at http://www.aatk.com/ . Cautionary Note Concerning
Forward-Looking Statements: This press release contains
forward-looking statements as defined in Section 27A of the
Securities Exchange Act of 1934, regarding future levels of
revenues and profits. While the Company believes that such
forward-looking statements are based on reasonable assumptions,
there can be no assurance that such future levels of revenues and
profits will be achieved or achieved on the schedule indicated.
Furthermore, unanticipated future events, conditions and financial
trends may affect the Company's revenues, operating results and
financial position. Prospective investors are cautioned that these
forward-looking statements are not guarantees of future
performance. Actual events or results may differ from the Company's
expectations, and are subject to various risks and uncertainties,
including those listed in the Company's SEC filings. The Company
assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future events make
it clear that any of the projected results expressed or implied
therein will not be realized. Investor Notice: American Access
Technologies, Inc. will file a proxy statement and other documents
with the Securities and Exchange Commission in relation to the
proposed business combination with M&I Electric Industries,
Inc. Investors and shareholders are urged to carefully read these
documents when they become available because they will contain
important information concerning American Access Technologies,
Inc., M&I Electric Industries, Inc. and the proposed business
combination. A definitive proxy statement will be sent to
shareholders of American Access seeking their approval of the
transactions contemplated in connection with the business
combination. Investors and security holders may obtain a free copy
of the proxy statement (when it is available) and other documents
containing information about American Access, without charge, at
the SEC's website at http://www.sec.gov/ . Copies of the American
Access proxy statement and the SEC filings that will be
incorporated by reference in the proxy statement may also be
obtained free of charge by directing a request to Joseph McGuire,
CFO of American Access, at (352) 473-6673, by e-mail to or by
accessing its website at http://www.aatk.com/ . American Access
Technologies, Inc. and its officers and directors may be deemed to
be participants in the solicitation of proxies from its
shareholders. Information about these persons and a description of
their direct or indirect interests, by security holdings or
otherwise, can be found in American Access' Annual Report on Form
10-KSB filed with the SEC, and additional information about such
persons may be obtained from the proxy statement related to this
transaction when it becomes available. This announcement shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities. The securities to be offered have not been
registered under the Securities Act of 1933 and may not be offered
or sold in the United States absent registration or an applicable
exemption from registration. Company Contact: Joe McGuire, Chief
Financial Officer (352) 473-6673/ DATASOURCE: American Access
Technologies, Inc. CONTACT: Joe McGuire, Chief Financial Officer,
American Access Technologies, +1-352-473-6673, or Web site:
http://www.aatk.com/
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