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May 15th, 2009 – New Labwire Product Ready for Sale
Brookshire, TX- May 15th, 2009 Labwire, Inc. (Pink Sheets: LBWR), a leading provider of employee screening solutions and canine security and surveillance services is pleased to release the following informational updates.
“We are excited to announce that our newest product line, PII (Personally Identifiable Information), Compliance is now ready for sale. Recently, the Federal Trade Commission and the other federal agencies responsible for enforcement of the "Red Flag Rules" delayed the mandatory enforcement date from May 1, 2009 to August 1, 2009, in order to allow organizations additional time to upgrade their compliance systems. We hope that having a projected compliance date will have a positive effect on the sales process.”, says Dexter Morris, CEO.
Labwire (the Company) is pleased to announce they have engaged Whitley Law Group, P.C. of Houston, Texas as its securities counsel. The Company has been working with Whitley Law Group and attorney Samuel E. Whitley for several months now. Certain shareholders recommended Mr. Whitley to the Company. Whitley Law Group represents several smaller reporting companies in their securities matters. The Company looks forward to working with Whitley Law Group and Mr. Whitley to satisfy the Company's compliance with the federal securities laws.
Mr. Morris states, “As you may know, the Company filed its annual report on Form 10-K with the SEC on May 8, 2009. This report covered our 2008 fiscal year. In fiscal year 2008, our revenue exceeded the $4 million level, even with loss of a major account worth $1.7 million in annual billings. We attribute reaching the $4 million level to the hard work and dedication of the Company’s personnel and the efficient operation of the Labwire platform. In addition, the Company added revenue with a Seattle based aviation client and the revenue of Occupational Testing, Inc., which we acquired in 2007, rose from $850,000 in 2007 to $1,000,000 + in 2008. The Company’s current clients also expanded their business with the Company, which helped offset the account loss discussed above.”
The Company’s newest account (February 26, 2009 Release) has placed its first order with Labwire, and these revenues should appear in the Company’s financial statements for the second quarter.
Labwire Security Services is now providing security for an offshore platform project in the Gulf of Mexico. They are providing 4 officers for a projected period of nine to twelve months to provide security for approximately 250 workers on a daily basis.
Today, the Company submitted an extension to the SEC for filing their quarterly report for the first quarter. They are in the process of gathering additional financial information to be included in this quarterly report.
“We will keep you advised as to additional material developments, and as always, we thank our shareholders for their continued support of Labwire. “, says Mr. Morris.
About Labwire
Labwire Inc., Headquartered in Houston, TX, provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations via the Labwire™ Platform. Labwire™ is a proprietary, web-based application that streamlines the complex regulatory and record management activities associated with employee screening, delivering accurate timely results while eliminating service calls and paper trails. This comprehensive solution to managing employee screening services is the most efficient and cost-effective platform in the industry.
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