BURNABY, B.C., Nov. 18, 2002 (PRIMEZONE) -- Viscount Systems Inc. (OTCBB:VSYS) President and CEO Stephen Pineau is pleased to announce The Company has reported improved financials for its third quarter. Sales for the three months ended September 30, 2002 were $905,642. This was an increase of 17% over the $776,290 recorded for the same period in 2001 and the company's second consecutive quarterly increase. The company loss improved to $219,876 compared to the $380,125 loss in the second quarter of 2002. The company reported a profit of $23,742 for its third quarter of 2001 before the company went public.
"We are pleased with the continued strength in the sales of our existing products," commented Mr. Pineau. "Our continued cost reduction program has increased the margins of our core Enterphone 2000 system and Viscount continues to be recognised as a market leader in building control systems. However, we continue to focus on the deployment of our new products MESH and Emerphone. Our losses have been primarily related to the increased R&D, administration and marketing costs associated with these new products."
About Viscount Systems
Viscount Systems Inc., is a designer and manufacturer of Telecommunications and electronic door control access systems for the security industry. From 1969-1997, Viscount was a R&D affiliate of Telus, itself a controlled subsidiary of GTE, now Verizon Communications. The company's diverse line of products are designed to improve safety and manage security for property owners and users. Viscount's products have been installed in approximately 35,000 sites in over 30 countries and are sold through a 500 member, North America-wide dealer network comprised of security equipment vendors, including affiliates of Tyco/ADT and Honeywell. Additional information on Viscount's products may be obtained on-line at http://www.viscount.com.
Financial statements are available from the company's registration statement filed with the U.S. Securities and Exchange Commission on February 6, 2002, which may be viewed at www.sec.gov or the company's web site www.viscount.com under the heading "Investor Relations". For further information, or to be placed on email NEWS ALERT please e-mail to ir@viscount.com. or call toll free 1-866-252-9446.
Safe Harbor Statement
This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Viscount Systems Inc., nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
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.
For more information contact Greg Werbowski Viscount Systems, Inc., Investor Relations, Toll Free 1-866-252-9446 ir@viscount.com or visit: http://www.viscount.com