Viscount Systems Releases Q2 2014 Results and Files 10-Q
August 12 2014 - 7:52PM
Business Wire
Overall Revenues Increase 45%, Freedom Revenues
Rise 221%
Viscount Systems (OTCQB:VSYS), a leading supplier of security
software solutions, will file its 10-Q today in addition to
announcing Q2 results for the quarter ending June 30, 2014.
Revenues for the quarter ended June 30, 2014 were $1,356,163, an
increase of $419,290, or 45%, as compared to the quarter ended
March 31, 2014, and a 42% increase vs. the second quarter of 2013.
Sales of the Company’s IT-based access control solution called
Freedom rose by 221% for the six months ended June 30, 2014, as
compared to the six months ended June 30, 2013.
The company’s net loss for the quarter ended June 30, 2014,
before non-cash and other items, was $2,231,523, as compared to a
loss of $293,196 for the quarter ended June 30, 2013. The higher
net loss is primarily due to the inclusion of a non-cash based
stock compensation expense of $1,730,770 for derivative securities
issued to management and staff. Excluding this non-cash based stock
compensation expense would result in a net loss of $500,753. This
adjusted loss of $500,753 increased by $207,557, as compared to the
loss for the quarter ended June 30, 2013. This increase was due to
the hiring of additional sales/marketing and R&D staff using
the proceeds of Viscount’s April 2014 capital raise.
Conference Call to Review Results
Dennis Raefield, CEO and President of Viscount Systems, will
hold a conference call Wednesday August 13 at 4:15 pm EST to
discuss Q2 results.
Join the meeting by following the procedures below.
1. Please join the meeting by clicking on the following
link:https://global.gotomeeting.com/meeting/join/255300357Access
Code: 255-300-357
2. Or join the conference by calling:
Canada:
+1 (647) 497-9351
United States:
+1 (619) 550-0006
Access Code:
Access Code: 255-300-357
Audio PIN:
Shown after joining the meeting
Meeting ID:
255-300-357
Should you have question during the event please send an email
to sarah.wielens@viscount.com
About Viscount's Freedom Access Control Solution
Freedom is the first and only access control system that allows
entry devices (ID cards, RFID readers, biometrics etc.) to be
connected to, and controlled by, standard building IT networks
without requiring expensive control panels. This eliminates up to
60% of the cost of traditional access control system hardware.
Freedom also utilizes existing IT permission databases (Microsoft
Active Directory or LDAP) to replace the software component of
traditional systems. Freedom drastically reduces system costs while
providing a much more secure software solution.
About Viscount Systems
Viscount Systems Inc., designs unified IT and physical security
software platforms for building security and emergency planning.
Recent awards include the 2012 Microsoft "Be What's Next" Award,
SIA Convergence Solution of the Year 2011 and Homeland Security
Platinum Award for Emergency Response and Gold Award for Access
Control at GOVSEC 2011.
Contacts
Investor Relations:Scott GreiperSecure Strategy Group(212)
333-0202sgreiper@securesg.com
Viscount Systems Inc.604-327-9446Investors@viscount.com
Safe Harbor Statement
Forward looking statements: This press release and other
statements by Viscount Systems Inc. may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act with respect to the outlook for earnings and revenues,
other future financial or business performance, strategies and
expectations. Forward-looking statements are typically identified
by words or phrases such as "believe," "expect," "estimate,"
"position," "assume," "potential," "outlook," "continue," "remain,"
"maintain," and similar expressions, or future or conditional verbs
such as "will," "would," "should," "could," or similar
expressions.
Investor Relations:Secure Strategy GroupScott Greiper,
212-333-0202sgreiper@securesg.comorViscount Systems
Inc.604-327-9446Investors@viscount.com
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