Overall Revenues Increase 45%, Freedom Revenues Rise 221%
BURNABY, British Columbia--(BUSINESS WIRE)--
Viscount Systems (OTCQB:VSYS),
a leading supplier of security software solutions, will file its 10-Q
today in addition to announcing Q2 results for the quarter ending June
Revenues for the quarter ended June 30, 2014 were $1,356,163, an
increase of $419,290, or 45%, as compared to the quarter ended March 31,
2014, and a 42% increase vs. the second quarter of 2013. Sales of the
Companyís IT-based access control solution called Freedom rose by 221%
for the six months ended June 30, 2014, as compared to the six months
ended June 30, 2013.
The companyís net loss for the quarter ended June 30, 2014, before
non-cash and other items, was $2,231,523, as compared to a loss of
$293,196 for the quarter ended June 30, 2013. The higher net loss is
primarily due to the inclusion of a non-cash based stock compensation
expense of $1,730,770 for derivative securities issued to management and
staff. Excluding this non-cash based stock compensation expense would
result in a net loss of $500,753. This adjusted loss of $500,753
increased by $207,557, as compared to the loss for the quarter ended
June 30, 2013. This increase was due to the hiring of additional
sales/marketing and R&D staff using the proceeds of Viscountís April
2014 capital raise.
Conference Call to Review Results
Dennis Raefield, CEO and President of Viscount Systems, will hold a
conference call Wednesday August 13 at 4:15 pm EST to discuss Q2 results.
Join the meeting by following the procedures below.
1. Please join the meeting by clicking on the following link:
2. Or join the conference by calling:
+1 (647) 497-9351
+1 (619) 550-0006
Access Code: 255-300-357
Shown after joining the meeting
Should you have question during the event please send an email to firstname.lastname@example.orgAbout Viscount's Freedom Access Control Solution
Freedom is the first and only access control system that allows entry
devices (ID cards, RFID
readers, biometrics etc.) to be connected to,
and controlled by, standard building IT networks without requiring
expensive control panels. This eliminates up to 60% of the cost of
traditional access control system hardware. Freedom also utilizes
existing IT permission databases (Microsoft Active Directory or LDAP) to
replace the software component of traditional systems. Freedom
drastically reduces system costs while providing a much more secure
About Viscount SystemsViscount Systems Inc.
, designs unified IT and physical security software
platforms for building security and emergency planning. Recent awards
include the 2012 Microsoft "Be What's Next" Award, SIA Convergence
Solution of the Year 2011 and Homeland Security Platinum Award for
Emergency Response and Gold Award for Access Control at GOVSEC 2011.
Investor Relations:Scott GreiperSecure Strategy Group
email@example.comViscount Systems Inc.
604-327-9446Investors@viscount.comSafe Harbor Statement
Forward looking statements: This press release and other statements by
Viscount Systems Inc.
may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act with respect to
the outlook for earnings and revenues, other future financial or
business performance, strategies and expectations. Forward-looking
statements are typically identified by words or phrases such as
"believe," "expect," "estimate," "position," "assume," "potential,"
"outlook," "continue," "remain," "maintain," and similar expressions, or
future or conditional verbs such as "will," "would," "should," "could,"
or similar expressions.
Investor Relations:Secure Strategy GroupScott Greiper
Source: Viscount Systems