BELLEVUE, Wash., July 15, 2009 (GLOBE NEWSWIRE) -- SECTOR 10, Inc. (OTCBB:SECI) (Frankfurt:4SR) announced today that it had filed Form 10-K for the fiscal year ended March 31, 2009. The Form 10-K was filed with the Securities and Exchange Commission on July 14, 2009.
During the fiscal year, the Company continued to reorganize and brought a minimal amount of product to market, carefully testing vertical market opportunities. This testing better positioned the Company for the pending regulations recently released for the new National and International Fire Life Safety Codes. The Company's products and services are compliant with the new code and regulations for high rise buildings. The new code and regulations impact a $196 billion market in the United States alone. The Company is at the end of its development phase and has begun the process to implement its sales and growth strategy.
The Form 10-K includes discussion regarding the following:
Financial results:
* Generated $532,775 net loss in the final full year of the development phase. * Acquired full rights and ownership to $1 Million Network Communication System that will administer the PLX-3D system nationally. * Invested an additional $147,995 in the National Network Communication System to enhance Sector 10 products and solutions. * Restructured prior year debt and generated gain of $517,200. * Negotiated $451,000 in financing at approximately 7.5% per annum. * Reported $1,009,008 in paid-in capital in 2009 compared to a deficit of ($704,580) in 2008. * Reported the total shareholder equity $358,845 in 2009 compared to a deficit of ($824,380) in 2008.
Highlights:
* Continued product testing through initial sales. * Successfully completed web conference to demonstrate the benefits of the PLX-3D software. * Presented demonstrations to potential customers regarding the use of the Sector 10 products and solutions including the PLX-3D system. Generated prospects for significant unit sales. * Development stage is projected to be completed in the 2nd quarter of fiscal year ended 2010. Sales and marketing plan will begin implementation. * The Company's products and solutions are now in demand for buildings around the world due to the recently released fire and life safety regulations (code) including the 2009 NFPA Fire Code, 2009 NFPA Life Safety Code and 2009 International Fire Codes. Company products are compliant with the new code as well as OSHA and other regulatory bodies. * The Company is seeking new funding in the amount of $5M to $7M to assist in the delivery on contracts currently being negotiated. * The Company is creating a new Board of Advisors to assist in the implementation of the sales and marketing strategy for the next fiscal year. * The Company is developing a network where they will work in connection with charitable humanitarian efforts to provide MRU- Clinics to 3rd world countries as a way to save lives, avert injuries, reduce liability and to "Bridge the Survival Gap."
Sector 10 CEO Pericles DeAvila stated: "The new regulations are opening up a multi-billion dollar market which represents an opportunity that Sector 10 has championed and pioneered. Now that we ending our development phase, I can only say that management and our investors can look towards prosperous years ahead."
About Sector 10, Inc.
Sector 10, Inc. is redefining the emergency response paradigm from centralized equipment staging to onsite pre-deployed resources. Sector 10 is the only emergency response systems company so strongly emphasizing pre-deployed resources as the way to save lives, avert injuries, reduce liability and to "Bridge the Survival Gap." http://www.sector10inc.com
FORWARD-LOOKING STATEMENTS
This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or development that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company's actual results to differ materially from those implied or expressed by the forward-looking statements. The Company assumes no duty whatsoever to update these forward-looking statements or to conform them to future events or developments. www.sector10inc.com