SCOTTSDALE, Ariz., Nov. 5, 2007 (PRIME NEWSWIRE) -- In an update for investors and other stakeholders, National Scientific Corporation (OTCBB:NSCT), provider of effective indoor and outdoor wireless location-sensitive solutions, including the Travado IBUS(tm) Digital Video Recorder and Rider Authentication System, notes that it reached important milestones in the second half of fiscal year 2007 (ended September 30, 2007), including achievement of positive quarterly operational cash flow for the first time in the company's history in the third fiscal quarter, the last period for which published unaudited financial results are available. Revenue for the first three quarters of the fiscal year exceeded product sales revenue for the same period in any prior fiscal year.
While audited figures for the full fiscal year are not yet available, chairman and chief executive officer Michael Grollman says, "Based on order flow and progress on our many projects as discussed in our August 10Q report, we believe that positive revenue and cash trends continued through the fourth quarter. In the final quarter we filled an order backlog that carried over from the prior period, and still we began fiscal 2008 with an impressive, fresh backlog. Demand has been strong enough to justify the addition of new staff, who are now working to deliver on our expanding orders."
Other significant events during the second half of fiscal 2007 included:
* Completion of a 120-vehicle, $400,000 project in Washington State * Completion of the company's first installations in California and Oregon * Participation in critical trade shows, including the Transportation Administrators of Arizona exhibition, the Washington State Transportation Administrators show, and the School Transportation News 14th Annual Conference & Trade Show in Reno, and, * Roll-out of a new streaming mobile product to early adopter customers.
"Sales for the new fiscal year are showing great promise," says Graham Clark, company president. "We are working with two new school district customers in Arizona this current quarter. We also expect current customers to order additional units, based on growth in their fleets and success of our initial projects. Customer sites are now active in Washington, Oregon, California, and Arizona. We expect these sites to seed additional school districts in these areas. This is being borne out by the number of quotes we have provided in response to requests for proposals; they are at the highest level ever.
"Additionally," Clark says, "based on demand, we are expanding our product line to include Application Hosting Services for small school districts. This new product allows the sharing of a centrally hosted IBUS(tm) server for video, GPS and rider authentication data. Sharing allows cost savings, both on the front end through reduced customer capital outlays, and through ease of support after initial deployment."
"Over the course of fiscal 2007," Grollman observes, "National Scientific impressed the industry with the distinctive quality, value and features of our technology solutions. The company is now positioned for more solid growth."
The complete Travado IBUS(tm) Digital Video Recorder and Rider Authentication System, including options, digitally records video, and identifies and authenticates school bus riders. Using intelligent identification technologies, a GPS tracking system and wireless reporting of bus and student information to a secure, interactive web site, authorized school administrators can observe on-board activity and know where individual students are from the time they step onto the bus until they reach their destination. Travado IBUS(tm) is highly efficient, eliminating maintenance and monitoring of video libraries, and saving time otherwise wasted chasing down buses to retrieve on-board video. Travado IBUS(tm) is fully modular and upgradeable.
About National Scientific Corporation
National Scientific Corporation is a holding company whose technologies and products are aimed at making the world safer and more efficient. Its current portfolio is focused on wireless sensor technologies that location-enable important commercial and non-commercial activities, such as the safe and secure movement of people and goods. The Company's products blend semiconductor design, Wi-Fi, GPS, Linux, RFID, mesh, satellite, cellular, video technologies and more, into cost-effective platforms. National Scientific Corporation devices are smaller, faster and safer. "We take cost out and put safety in.(tm)" Information at www.nsct.info, or 480-948-8324.