NEW YORK, Nov. 25, 2002 (PRIMEZONE) -- Investrend analyst Justin Canivet, CFA, stated that with revenue expected to grow sequentially over the next several quarters, and profitability anticipated in 2003, complemented by the excitement surrounding the unveiling of the Company's advanced training simulators in early December, he is reiterating his 'Speculative Buy' and 12-month target of $0.75 on VirTra Systems, Inc., (OTCBB:VTSI), in a newly-released ResearchUpdate.
The full report is at http://www.investrendresearch.com.
"VirTra Systems increased revenue 130.8% over the June quarter and improved gross margin to 38.9%. Net loss improved 27.2% over the June quarter and 13.9% over the same quarter last year, and the company's cash position improved dramatically over the previous quarter, facilitated by management's financing activity with Dutchess," said Canivet.
"VirTra renewed its contract with Red Baron Pizza, thus proving the strength of its virtual reality design and engineering technology for advertising and promotional purposes, and it was awarded the patent for its Universe Control Board(TM), computer peripheral technology. The Company is expected to showcase the first of those simulators (IVR-p(TM)) at I/ITSEC in early December, and was selected to develop custom designed virtual reality systems for a Fortune 100 Company's upcoming 2003 promotional tour. The contract is valued in excess of $1,000,000 and represents the largest single short-term project in the Company's history," he concluded.
Justin Canivet, CFA, is a member of the Association for Investment Management Research (AIMR) and the Toronto Society of Financial Analysts (TSFA). He has served on the buy-side as Portfolio Administrator for Sceptre Investment Counsel, on the sell-side as Equity Research Associate for Yorkton Securities, and prior to that, worked for State Street Trust Company in Toronto. He is currently working as an Equity Research Consultant for Mundus Investment Research. He is a graduate of Wilfrid Laurier University with an Honours degree in Economics and holds the Chartered Financial Analyst (CFA) designation. Mr. Canivet has specialized in research coverage for several different industry sectors.
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