SeaView CEO Cites Progress, Commitment ST. PETERSBURG, Fla.--(BUSINESS WIRE)--May 1, 2001--SeaView Video Technology, Inc. (OTCBB:SEVU) (www.sevu.com) followed yesterday's amended 10-K filing with a statement today from CEO George S. Bernardich III: "It has now been 10 short weeks since Rich McBride and the Board expanded the SeaView team by bringing aboard Mike Ambler and Doug Bauer to join me. With the filing of the amended 10-K, we can truly say the year 2000 is behind us and we can focus, as I have said before, on selling product, manufacturing product, and shipping product. But before we put away the year 2000 in the SeaView history book, I would like to highlight a few items.
First, even while developing the new product SecureView, managing the AMEX application and review process, developing key US and Taiwan government relationships, and managing the myriad of processes and issues that a publicly traded company must follow, SeaView produced a sales gain of 10%. Having a sales history is a very important issue when courting the buyers at the major retailers. And, I should know that fact.
Further, and even more importantly, we are essentially a debt free company. I re-emphasize "No Debt". I would venture a guess that many of us would like to be in that enviable position with our personal finances.
Finally, there is a "laundry list" of items that were accomplished in 2000, although many produced an intangible profit that may not have been totally realized on our financial bottom line to date. These include hiring a national spokesperson, continued advertising and publicity for the SeaView and SecureView brands, acquiring initial orders for SecureView, and developing an infrastructure plan for future growth. While the results may not have met some expectations, they are in fact part of the past as SeaView is now poised to explode into the future.
We know the financial community and our shareholders expect us to execute the simple business axiom of producing sales and profit. Put in even more simple terms: sell, manufacture and ship. While these words are simply said, the successful execution takes time, patience and effort. And, I can assure you, everyone involved with SeaView is working feverishly to achieve results. From the market segmentation plan in our 10-K, you can easily see the roadmap for our selling team. West Marine and The Sports Authority are just the beginning, as we have been meeting and planning with several of the other companies named in our plan. And again, they all love the product. It just takes time, patience and effort to work with these buying organizations--to put the best merchandise mix in place within each buyer's open-to-buy availability, to complete the logistical paperwork, to develop the store presentation and plan-o-grams, and to accomplish the communication of product knowledge to the retailer's store personnel.
On the government front, we have just completed a series of meetings in Taiwan with several members of the Taiwan military command. We have hired two additional manufacturer's sales representatives: the first, who is an importer/exporter, will represent SeaView products in the Pacific Rim; the second will focus on commercial and government business on the west coast, primarily in California.
From the selling team's efforts, we are able to plan production and manufacture product. We have been manufacturing SeaView marine products regularly and on-time. And, after many unforeseen delays, we are producing SecureView components and systems through our outside contractors. We have committed to the manufacture of 20,000 systems over the next 90 to 120 days. This will allow us to fill our backorders, along with new orders generated by SkyMall.
Obviously, since we will now have the product, we will be shipping it as efficiently and expeditiously as possible. Last week, we shipped approximately $20,000 of SeaView marine products to our dealers and customers. We also shipped SecureView systems to SuperCircuits, Inc., SmartHome.com, View-It Security and JCPenney Loss Prevention. Already, SuperCircuits, Inc. and View-It Security are requesting additional quantities.
There is definitely a lot of selling, manufacturing and shipping happening at SeaView. But that is not all. We are developing other key business relationships to position SeaView for our future financial growth. We have engaged Foley & Lardner, one of the oldest (1842) and largest law firms in America, as our counsel and advisor in corporate and securities matters. In addition, we are actively pursuing and being courted by "Big Five" auditing firms to represent us in the future.
Now that the amended 10-K, which also meets proxy statement requirements, has been filed, we will be finalizing the mailing of annual meeting notices and planning for the meeting sometime in June. In addition, the team is developing realistic financial projections for 2001 and beyond, which we will share with you soon. Time, patience and effort will prevail in vaulting SeaView into the future. Everybody's seeing it!"
ABOUT SEAVIEW VIDEO TECHNOLOGY INC. SeaView Video Technology, Inc. manufactures, distributes, and sells marine, medical, and security-related video camera equipment. They are the largest manufacturer of Infrared Underwater Camera Systems. SecureView, the Company's innovative "camera in a light bulb," incorporates proprietary IRFS (tm) technology to transmit live video through the electrical wiring of any home, office, or building. SecureView installs and sets up quickly and simply, eliminating expensive installation costs, drilling and cables. SecureView DC (tm) uses the same principles to transmit live video through the electrical systems of vehicles, trucks, busses, ships, and railway rolling stock. A version of IRFS capable of LAN/WAN data transmission over power lines has also been introduced. The Company's marine and security products are GSA listed. Its technology is covered under 14 patents granted and two patents pending.
SeaView trades under the OTC BB symbol SEVU. website: www.sevu.com email: info@sevu.com THIS PRESS RELEASE contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, the ability of SeaView Video Technology Inc. to accomplish its stated plan of business. Although SeaView Video Technology Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by SeaView Video Technology Inc. or any other person that the objectives and plans of SeaView Video Technology Inc. will be achieved. --30--cp/mi* CONTACT: SeaView Video Technology, Inc., St. Petersburg J R Cox, 727/866-3660 email: info@sevu.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 2000 Business Wire |
