Security With Advanced Technology Reports Developments With Its Less-Lethal and Technology Group Business Segments
May 07 2008 - 12:42PM
Marketwired
LOUISVILLE, CO today reported positive developments with its
Veritas Tactical and Technology Division business segments. The
company has been conserving cash and thereby gaining time to allow
focused marketing and sales generation efforts to gain momentum.
Commencing in late 2007 and continuing to the present, SWAT has cut
expenses, reduced its workforce by over 50% and eliminated or
deferred many marketing and development initiatives. The company
has a current cash position of approximately $2.5 million and is
gaining sales momentum. The primary current developments,
summarized by segment are as follows:
Veritas Tactical -
-- The Veritas Mark IV rifle launcher has completed final testing and our
manufacturer has commenced production. We are pleased to report that the
first 100 units have been received at our facility and are in the process
of being distributed on a priority basis to law enforcement departments and
military agencies that we have developed relationships with over the last
six months for their test and evaluation. Initial reports from a few
departments that have received the first units are encouraging. Veritas
believes this new launcher represents the first ruggedized, rapidly
reloadable magazine-fed launcher in the market place. SWAT anticipates
receiving purchase orders for shipments of its less-lethal Mark IV
launchers and associated products during the second quarter.
-- Municipalities in the Denver area, including the Denver, CO Police
Department, that are receiving logistic and security-related funding from
the Democratic National Convention are among the initial departments
evaluating the Mark IV units. Preliminary reports from those evaluations
are encouraging and SWAT expects to be receiving purchase orders for its
less-lethal weapons to be available for security-related use during the DNC
in August.
-- Veritas Tactical has also just received a purchase order and a 50%
deposit for less-lethal products from an international customer for over
$150,000 US that is expected to ship in the second quarter.
Ben Cook, Director of Veritas Tactical division, noted, "We
believe that our latest Mark IV rifle launcher will prove, in the
near future, to be a very functional and highly ruggedized
less-lethal product that will experience demand worldwide. We are
currently focused on follow-up with agencies that we believe have
near term revenue opportunities for this product." Cook added, "The
recent modifications that we had built into the units dramatically
increase its functionality to a wide array of users. A significant
modification is the ability of the launcher to fire the top two
less-lethal projectile configurations currently in use in the
worldwide market.
Technology Division -
-- Vizer Group, the Company's subsidiary which leads the Technology
Division, recently added Rodger Jones as sales manager to head its sales
and marketing initiatives for its facility security and access control
systems products. Jones brings over twenty-five years of experience to
Vizer including senior sales positions with national global security
integration companies. Over the past decade, Rodger has developed
significant market penetration in the front-range areas, including
Colorado, Wyoming and Montana with an emphasis in security related products
for the education, healthcare and energy sectors.
-- As a result of focused marketing initiatives, including an on-line
campaign and existing customer follow-up, Vizer has leveraged its market
niche expertise into a record level of contract proposals currently in
evaluation. This has also resulted in contract extensions at the
previously announced FedEx shipping hub located in Gypsum, Colo., as well
as a second facility installation.
-- An agreement has also been finalized for a contract with a major
credit card processing facility that is anticipated to be substantially
completed during the second and third quarters.
"Rodger's experience, expertise and industry contacts will be a
real asset to the Vizer team as he has a unique understanding of
technology and product integration and we are excited that he
agreed to join us," said Corey Holland, Director of SWAT's
Technology Division. "Rodger's proven track record as a Security
Integration expert will assist Vizer in winning sales and
developing new focused marketing strategies to generate
opportunities as we move forward."
SWAT CEO, Jeff McGonegal, added, "We have a clear and focused
strategy for 2008 in managing our business to create and support
near-term revenue opportunities. While we continue to manage
certain issues that arose in 2007, the recent events and progress
as summarized above are generating optimism at SWAT for 2008. The
implemented and continued cost reduction initiatives have resulted
in significantly reducing our monthly burn rate and our being in a
position to proceed in 2008 with the ability to make prudent
business decisions. We are disappointed with our recent stock
performance and appreciate our shareholder patience as we advance
on initiatives on multiple fronts to work to restore value for our
investors."
About Veritas Tactical -
The Veritas Tactical division of SWAT is on the cutting edge of
product innovation for less-lethal weapons and tactical training.
Veritas Tactical's goal is to provide innovative tools and training
to increase the tactical effectiveness of law enforcement and
military agencies worldwide. The division's products and training
are currently only offered to military, law enforcement, and
qualified personnel. To learn more about Veritas Tactical go to
www.veritastactical.com.
About the Technology Division -
Security With Advanced Technology's Vizer Group specializes in
product design, system design, engineering, installation, and
integration of facility security systems including access control,
video surveillance, intrusion detection, and wireless mesh network
systems. Vizer has also developed a unique and proprietary security
solution called CommandGrid(TM), which gives clients complete
control over access, alarms, and video systems remotely, through a
secure connection accessed at www.vizergroup.com.
About Security With Advanced Technology, Inc. -
Security With Advanced Technology, Inc. is a provider of
high-tech security products and services, which include non-lethal
personal protection devices, surveillance and intrusion detection
systems and mobile digital video surveillance solutions. SWAT's
products and services are designed for government agencies,
military and law enforcement, in addition to transportation,
commercial facilities and non-lethal personal protection segments.
For additional information visit www.swat-systems.com or call the
corporate headquarters at (800) 498-7965.
Forward-Looking Statement
This press release includes "forward-looking statements" as
defined by the Securities and Exchange Commission (the "SEC"). All
statements, other than statements of historical fact, included in
the press release that address activities, events or developments
that the company believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based
on certain assumptions made based on experience, expected future
developments and other factors the company believes are appropriate
under the circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the company and may not materialize, including, without
limitation, the efficacy of the company's products and services,
the company's ability to secure its ownership of, right to use and
protect its intellectual property and proprietary technology and
the company's ability to complete development of, launch and
achieve acceptable levels of sales and margins for its products and
services. Investors are cautioned that any such statements are not
guarantees of future performance. Actual results or developments
may differ materially from those projected in the forward-looking
statements as a result of many factors. Furthermore, the company
does not intend (and is not obligated) to update publicly any
forward-looking statements, except as required by law. The contents
of this release should be considered in conjunction with the
warnings and cautionary statements contained in the company's
recent filings with the SEC.
Contacts: Jeff McGonegal SWAT CEO 303-475-3786 Ben Cook Veritas
Director 303-952-3451 Corey Holland Technology Division Director
720-227-0375
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