Read this whooper Auric.
SeaView Releases Financial Projections
ST. PETERSBURG, Fla., June 6 /PRNewswire/ -- SeaView Video Technology Inc. (OTC Bulletin Board: SEVU) (website: www.sevu.com) announced today the American Stock Exchange has confirmed the symbol STV for SeaView as the qualifying process continues, said Rich McBride, CEO. "We had asked for SUV as a symbol, but it was not available," he said. "We feel quite confident about the move, and have gotten very positive responses from the Exchange and from our market specialist."
The company also released financial projections for the balance of 2000, and for FY 2001:
2000 2001
Projected Gross Sales $46,500,000.00 168,000,000.00
Projected Total Expense $24,850,000.00 55,400,000.00
Projected Net Pre-Tax $21,650,000.00 112,600,000.00
As of March 31, 2000, total shares outstanding were 12,417,200 with a float of 2,780,000 shares. The balance of 9,637,200 shares are restricted.
SeaView Corporate VP J. R. Cox indicated the numbers were conservative, based on selling only 100,000 SecureView camera systems by year's end, and 400,000 systems in FY 2001. "The first full run of 100-thousand units is now scheduled in July. We've been producing functioning units this month for government sales and testing. With the current orders we have, and the national 800 TV campaign rollout, I'd be surprised if we don't make a second production run this year."
The company has entered into a turnkey manufacturing agreement with the K- Byte Division of Tampa, Florida-based Reptron Electronics, Inc. (REPT), an integrated electronics company with sales and manufacturing divisions reporting $359 million net sales for 1999. The K-Byte Division operates contract manufacturing plants in Tampa, Michigan, and Minnesota, totaling more than 300,000 square feet. K-Byte COO Neil Kreitman is "excited about the product. We can handle assembly, packaging, shipping, even inbound 800 order processing." McBride added, "It's a very good fit, a one-stop solution that allows us to concentrate on product development. And they're right next door in Tampa." Complete marketing plans and application notes, as well as the full Marine Division product line, can be viewed at www.sevu.com.
Dan Mehosky, SeaView Senior VP, announced completion of the site-analysis phase of the 7th ARMCOR Division project. "We'll have dollar amounts on the first government purchase orders, plus sales projections from Logis-Tech [one of the company's Teaming Partners] next week," he said, "and Home Depot is scheduled back in for a meeting at the end of June."
website: www.sevu.com
email: info@sevu.com
Investor Information: 727-866-3660
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.
SOURCE SeaView Video Technology Inc.
CO: SeaView Video Technology Inc.
ST: Florida
IN: CPR
SU: ERP
06/06/2000 11:01 EDT prnewswire.com |
