[OTC:AIDO] ADVANCED ID CORP. > 0.260 (Day High) +0.060 [30.00%] Vol > 1.08M
Wednesday August 27, 8:47 pm ET
Advanced ID Corporation Reports Solid Second Quarter Results
Revenues Increase 90% ; Business Expands to China, Taiwan, Portugal, UK, Germany, US, Brazil & Mexico
New Distribution Agreements Bring Products to India and Indonesia
biz.yahoo.com
CALGARY, Alberta--(BUSINESS WIRE)--Growing radio frequency identification (“RFID”) technology provider, Advanced ID Corporation (OTCBB:AIDO - News), continues its healthy sales expansion, reporting positive financial results for the second quarter and six months period ended June 30, 2008.
Revenue for the three months ended June 30, 2008 totaled $363,637 -- an increase of 90% -- as compared with revenue for the same period in 2007. Gross profit for the quarter totaled $162,776 -- an increase of 35% -- as compared with gross profit during the same period in 2007. The increased revenue is attributable to continued international sales growth of the Company’s RFID ultra high frequency (“UHF”) tracking and identification tags and proprietary readers and growth of its tire management solutions subsidiary, Pneu-Logic Ltd.
In addition, the following significant milestones were completed or announced during the quarter:
* After agreeing to purchase 2 million of the Company’s UHF/RFID chips, Qingdao, China-based Qingdao Mesnac Co., became the world’s first tire manufacturer to commit to embedding RFID tire tags in a commercial truck line.
* As part of its expansion in the region, the Company acquired 20% interest in its Brazilian distribution partner.
* The Company’s UHF/RFID reader business secured ten new customers for reader sales and continues to gain worldwide acceptance.
* As of the second quarter 2008, sales include clients in China, Taiwan, Portugal, UK, Germany, US, Brazil and Mexico.
* Continued progress streamlining the Company’s operational controls, including implementation of a new accounting system assisting international sales/accounting efforts.
* Twenty distributors throughout the world now sell the Company’s technology solutions.
Future growth objectives include:
* Further expansion of the Company’s pet recovery business;
* Inorganic acquisition strategy in Asia; and
* Growth of the UHF/RFID reader business globally, including an aggressive expansion into the Asian, South American and European markets.
“We are extremely confident in our ability to further drive sales volume on an international level and in turn, yield a significant future return on investment for shareholders,” commented chief executive officer, Dan Finch.
Concluded Finch, “This quarter is the result of hard work done by our sales team and the resulting growth of distributor relationships worldwide…including the success of our livestock tracking system, expansion of our UHF/RFID and LF products in the tire tag and reader sectors and great strides made by our Pneu-Logic division.”
About Advanced ID Corporation: Advanced ID Corporation (OTCBB:AIDO - News) is a complete solutions provider in the RFID market with a focus on the tire management industry. The company is also a major factor in the tire inspection business through its UK based Pneu-Logic subsidiary. The Company is active in the pet recovery business through its AVID Canada subsidiary in Calgary, Alberta, is reintroducing its livestock tagging product line in several countries and has developed a UHF/RFID reader product line for all market applications. Visit: advancedidcorp.com |
