SAN FRANCISCO, Oct. 20, 2011 (GLOBE NEWSWIRE) -- Concierge Technologies, Inc. (OTCQB:CNCG) reported gross revenues of $945,741 for its fiscal year ended June 30, 2011 due primarily to the increased sales revenues of 3rd Eye Cam, its San Francisco-based majority owned subsidiary. Concierge entered the business of importing and distributing high definition video recording devices during October 2010 through an equity arrangement with several key individuals supplying industry expertise and an offshore manufacturer providing high quality product. The featured product, a dual view HD video recorder that also captures audio inside the vehicle and tracks the vehicle's movements via an integrated GPS module, has been widely accepted by the taxi and limo industry. The 3rd Eye Cam product has proven to be an invaluable tool in the apprehension of robbery suspects, collision evidence, driver accountability and reduction of insurance claim losses.
David Neibert, C.E.O. of Concierge, commented that, "We have made great progress towards bringing Concierge shareholders a profitable business, and the staff at 3rd Eye Cam has worked hard to establish us as a leader in mobile incident reporting. Our fiscal year-ending June 30, 2011 resulted in not only a tremendous increase in revenues over prior years, but also some unusual charges which helped to negate profitability. Such charges included a calculation of the beneficial conversion feature of a debenture from 2010, the one-time cost of issuing shares of our Wireless Village subsidiary and an adjustment to the accrued interest on notes due to related parties which, in the aggregate, amounted to over $236,000 of our posted net loss. In the absence of these sorts of unusual events, and expected continued growth in revenues, we are optimistic that Concierge is on the right path to profitability in the current fiscal year."
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of our future performance, acquisitions or dispositions of interests, debt obligations, additional financing requirements, the effect of economic conditions generally and in the information technology markets specifically, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.