Stock jumped 64 % on new order news
Watson General Adds More Than 1,000 Underground Storage Tanks
For SIR Services from National Convenience Store Chain
Irvine, Calif. (January 24, 1997) - Watson Systems, Inc., a subsidiary of Watson General Corporation (Nasdaq: WGEN), has received a commitment from a national convenience store chain to provide Watson's Statistical Inventory Reconciliation (SIR)services for more than 1,000 underground storage tanks (USTs).
"This commitment adds both significant business and further validation of Watson's leadership position in the market for UST monitoring and leak detection services using SIR," said Ron Crane, president and CEO of Watson General. "Sales activity since the first of the year has been promising and we expect substantial growth in our monitoring services, particularly with the EPA mandate that all petroleum USTs have EPA-approved leak detection in place by the 1998 compliance deadline."
Mr. Crane noted that, based on preliminary commitments since the first of the year, Watson's monitoring services could increase by 50% within the next few months.
Watson General is an emerging leader in providing critical information to owners of underground storage tanks through remote tank monitoring and statistical inventory reconciliation services - building a recurring revenue base from each underground storage tank being monitored. The company has the leading remote monitoring software for USTs and other electronic devices that can monitor multiple sites with diverse hardware installed - a universal link. Watson's statistical inventory reconciliation (SIR) service - one of the most cost-effective methods of detecting leaks in underground storage tanks - adds an important analytical component to the overall software package that is fully approved for purposes of compliance with EPA
leak-detection regulations.
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Except for the historical information contained in this Release, the other statements in this Release are forward looking statements that involve risks and uncertainties, including without limitations, the company's ability to sell its products, the timely negotiations of new contracts, the level of increased sales with existing customers, changing implementation schedules, shifts in demand, cancellation of sufficient orders, as well as such other risks as from time to time may be detailed in the company's Securities and Exchange Commission reports.
Contact:
Ron Crane, President & Chief Executive Officer
Joe Christoffel, Chief Financial Officer
(714) 727-4020
Bruce Russell, Investor Relations
(310) 216-1414
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