Axium Technologies Releases Strong Preliminary Results for Third Quarter of 2007
Tuesday October 9, 8:00 am ET
PASADENA, CA--(MARKET WIRE)--Oct 9, 2007 -- Axium Technologies, Inc. (Other OTC:AXGI.PK - News) today announced preliminary third quarter 2007 sales of $1.2 million, up from zero in the third quarter of 2006 and a 150% increase over the second quarter of 2007. The Company also expects to report profitable results for the third quarter of 2007.
The Company expects to post final and complete results for the third quarter of 2007, as well as results for the first and second quarter of 2007 by the end of October 2007. The delay in reporting the financial results for the first two quarters was due to accounting translation issues revolving around its South Korea-based R&D center. Those issues have been resolved and the Company expects to release future financial reports on a timely basis.
"We are very pleased with third quarter 2007 and year-to-date results and expect our performance to be even stronger in Q4 as our two core products, Graffiti Detection System and Maximum software, gain strong sales momentum from numerous police departments and DVR manufacturers. We will begin to recognize our high gross margin software revenue in October which will drastically improve our profitability," said Mr. Won Soo Chung, the CEO of Axium Technologies.
ABOUT AXIUM TECHNOLOGIES, INC.
Axium Technologies, Inc. is a leading provider of surveillance security systems software and hardware. The Company maintains its corporate presence in Pasadena, CA and its Research and Development Facility in South Korea. The Company's primary products include MAXIMUM Surveillance Software, which is the key solution providing interoperability for numerous digitalized security and surveillance products from diverse manufacturers.
The Company's Digital Video Recorders (DVRs) and Network Video Products (NVPs) are targeted at the security and surveillance segments of the gaming industry. The Company's newest product "TaggerTrap" is a state-of-the-art graffiti detection product, which detects, records and alarms local police of graffiti activity. The estimated cost of graffiti clean-up in North America is $1.0 billion annually and millions of dollars have been budgeted over the past year by large metro police departments to detect and apprehend graffiti taggers.
For additional information visit www.axiumtech.net |
