SeaView Releases Financial
Projections
ST. PETERSBURG, Fla., June 6 /PRNewswire/ -- SeaView Video Technology Inc.
(OTC Bulletin Board: SEVU - news; 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. |
