MAHWAH, N.J., Dec. 12, 2003 (PRIMEZONE) -- Communications Research, Inc. (OTCBB:CRHI) has been granted permission by the NASD to be traded on the Over the Counter Bulletin Board, achieving another major milestone in the growth and development of the company.
"The corporate structure is an important factor as our business continues to grow, we strongly feel that this move to the OTCBB will better serve the company and our investors to realize the true value of the pent-up potential in this company," remarked President Carl Ceragno. "We continue to grow revenues from project development and feel that the market does not appreciate the material value and prospective revenues we have in our TeleWRITER product. As a result of our joint venture with the Arkansas School of Mathematics and Science, we will immediately be able to sell updates to the thousands of current product users and will have a superior product with which to attack the distant learning and telecommuter industries, which are expanding at a torrid pace."
Given the upcoming growth in the economy, recent developments and joint ventures regarding CRI's TeleWRITER Software, and upcoming projects, management feels comfortable providing the following forward looking projections guidance.
Fiscal Year Fiscal Year Fiscal Year
2004 2005 2006
Revenue $1,876,978 $4,975,422 $9,244,228
Expenses $1,122,264 $2,299,644 $4,767,904
EBITDA $754,714 $2,675,778 $4,476,324
CRI currently has 16,438,091 shares outstanding and approximately 3,946,000 in the float.
CRI is comprised of three separate divisions:
1.Systems Integration -- Design/Build
2.Special Systems Consulting/Engineering
3.TeleWRITER Corporation Products
CRI provides its clients with sophisticated communications solutions for the full deployment of digital, voice and video technology. They have been providing the development, design, integration and support of large-scale security, surveillance, audio/visual, professional video and computer/network systems since 1989.
CRI is qualified and registered to do business with all branches of the Federal Government. Its central location provides it with a strategic advantage when bidding on projects for federal, state and local governments in the Northeast and Middle Atlantic region. CRI has recently signed several contracts and has bid on numerous others as it has seen a material pick-up in activity in the government, corporate and educational sectors.
The TeleWRITER software provides an especially unique forward-looking opportunity for the Company. CRI acquired TeleWRITER in 1999 from its ailing founder. The TeleWRITER product has evolved for over twenty years. TeleWRITER was the first audio graphic collaboration software system and in the mid 1990's held almost 60% of the collaboration market. The software has thousands of users who have anxiously contacted the company for upgrades. Collaborative computing represent a multi-billion dollar industry and CRI's recent research and development partnering with the Arkansas School of Math and Science ensures that it is well prepared to be a major player in this industry. Moreover, in exchange for a licensing fee and free use of the software, the school will continue to seek out unique and innovative ways to keep TeleWRITER ahead of the technology curve.
This news release contains forward-looking statements regarding CRI's business strategies and future plans of operations. Forward-looking statements involve known and unknown risk and uncertainties. The company's risks and uncertainties include: intense price competition, economic, political and regulatory uncertainties, the need to raise additional capital for growth and expansion and its reliance on the internet as a means for promoting the software it sublicenses. The forward-looking statements contained in this news release speak only as of the date hereof and CRI disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in CRI's expectations or future events.