MORE BULLISH NEWS: SeaView Confirms Government Order, Updates Amex...
ST. PETERSBURG, Fla., May 2, 2000 /PRNewswire via COMTEX/ -- SeaView Video
Technology Inc. (OTC Bulletin Board: SEVU) (website: www.sevu.com) announced
today that the Company will supply SecureView cameras, infra-red floodlights,
and CPU control systems to the 7th ARMCOR Division in Europe. According to
National Sales VP Larry Hoffman, "The package is the first round of orders
through our teaming partner, Logis-Tech. SeaView Video Technology is supplying
all the hardware involved." (Log on to www.sevu.com for more information on the
"Camera In A Light Bulb").
"We've worked hard to get to this point," commented CEO Rich McBride. "We were
always confident the orders would start coming in. The systems are being
demonstrated constantly for various military applications. It's simply a
high-quality, low-cost answer to video security. Buildings that would cost
$100,000 and take weeks to retrofit with cabling, can be done in a day. With an
average cost per facility of under $20,000 -- well, it just doesn't get any
better."
McBride indicated the same technology will be available for banks, hotels,
hospitals, and large office buildings. "All our systems, even the simpler home
versions, will be modem- and internet-capable. Don't confuse SecureView with the
common, low-quality "baby cams" with over-the-air distance ranges of 50 feet. We
use existing AC wiring in the building, and distance is not a problem. When we
say 'wireless,' we're really saying that you can skip the drilling, hammering,
and cable runs."
In a letter to SeaView last month, Logis-Tech VP, Jim Bounds, indicated future
orders for SecureView in government installations could total between 3 and 4
million units. Following additional demonstrations exposing the product to a
wider range of government agencies, sales forecasts are now being revised
upwards.
On the trading front, SEVU is awaiting a reply regarding its application to join
the American Stock Exchange. "A high confidence level" is indicated, according
to John Darling, VP of Spear, Leeds & Kellogg, representing SEVU in the move.
Adds McBride: "This is new territory for us, but SL&K are the biggest, and we
are relying totally on them. If we are accepted, we'll participate in a major
ceremony and an opening affair on the floor of the Exchange."
Senior VP Dan Mehosky reported profits up for the Marine Division. "We've
already surpassed last year's total sales. SecureView is planned to debut to the
public in June. We've decided to build our own molds for both the indoor and
outdoor versions of SecureView. This allows us an unlimited supply of parts,
cuts assembly time and allows for ease of servicing. We'll be able to take
advantage of robotic assembly techniques, and come in under our targeted cost
projections."
"The Marine Division has always worked on a 4-to-1 raw cost-to-retail ratio,"
McBride said, "and that's our goal for SecureView."
website: www.sevu.com
e-mail: info@sevu.com
Investor Information: 727-866-3660 ext 207
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.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: JR Cox of SeaView Video Technology Inc., 727-866-3660,
ext. 207, or e-mail, webmaster@seaviewresearch.com
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