FREMONT, Calif., Aug. 19, 2004 (PRIMEZONE) -- Titan General Holdings, Inc. (OTCBB:TTGH) continues to execute the sales plan put in place in January 2004. Titan placed an aggressive sales target in place and as we ramp up to achieve these objectives for FY 2005, we continue to invest in personnel, equipment and reduction of accounts payable. Titan continues to add internal sales employees and external sales representatives to bring new opportunities to the table. We are aggressively working with many new customers in the Military, Rigid Flex as well as commercial markets. Titan made decisions this quarter to capitalize on seasonal market conditions and take market share from our competitors.
In July, Titan hired Dick Berger as Vice President of Sales in the East and is now announcing the hiring of Cliff Roberts in support of all sectors in our market. Cliff has extensive sales experience in Military, Rigid Flex as well as commercial and has worked for companies such as Tyco, Waytec and Cosmotronic. Cliff currently has meaningful relationships with several targeted accounts and begins employment on Monday August 23. Cliff will be a great asset to the growth in sales for Titan. Recently, we have added two additional representative firms in support of our sales plan as we continue to invest in anticipation of substantial increases in sales.
Titan continues its dialogue with several institutions as potential investors which have expressed an interest in investing in Titan for the long term.
Titan ends July '04 with sales at $1,527,651 compared to sales of $802,424 in July '03, an increase of 90%+. We have been very aggressive in several areas to take market share in support of our sales plan even in the slowest booking quarter (Q4 '04) in our market. Our aggressive execution and penetration into new markets and bringing on new customers and sales support is an investment into Titan's future growth.
August will end Titan's year-end and we expect a strong finish as we transition Titan for another growth year. We expect sales to exceed last year's August '03 by 70% to 75% growth. Our team continues to look at ways to attract new customers, build on current relationships and continue to take market share. Customer service will be our hallmark and Titan will continue to invest in technology offerings and key personnel to support its growth.
Titan, in July, added to its West coast facility a new state of the art tester to increase speed to market. Titan East and West has upgraded front-end engineering allowing both facilities to daily produce more jobs. These capabilities will enhance the speed with which we can deliver market product to our customers. In the Quick Turn market speed is value. Titan East has signed a purchase contract for a strip/etch line which will allow for better internal quality and thinner core support for multilayers.
"Overall, I am extremely excited with the growth of Titan since joining the company in January 2004," stated Kenneth Shirley, Titan's CEO. "We have experienced significant and dramatic growth on a year to year basis and have made substantial investments in our future. Titan has completed its FY '05 and FY '06 sales plans and expects to achieve its aggressive goals and targets."
About Titan
Titan is a printed circuit board manufacturer providing time-sensitive, superior quality products to the electronics industry at a competitive price. The company offers high layer count, fine line production of rigid, rigid flex and flex PCBs. Titan targets quick turn and standard delivery needs of prototype and pre-production boards with numerous types of standard and advanced materials. Titan combines the strengths of superior design, high quality and outstanding customer service with an extremely favorable cost structure. This competitive advantage provides opportunities to Titan that are currently unmet by other PCB manufacturers.
Forward-Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes" "anticipates" "plans" or "expects" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion of such risks and uncertainties.