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Burnaby, British Columbia - Tuesday, November
14, 2006 - Viscount Systems Inc. (OTCBB - VSYS.OB) announced
results for the third quarter ending September 2006.
Net income improved from a loss of $256,609 in Q2 to
a loss of $25,769 for Q3, a reduction of 90%. Revenue
was $1,131,576 compared to $1,318,153 for Q3 2005. The
lower revenue reflected a decrease of legacy Enterphone®
sales from $626,569 for Q3 2005 to $339,155 for Q3 2006.
This was partly offset by continued growth of MESH™
products to $254,556 with MESH™ now accounting
for 25.5% of total sales. As well, the strong Canadian
dollar continued to impact total revenue.
Steve Pineau, Viscount President and CEO,
commented on the results:
"The future of Viscount is MESH™.
The first nine months of 2006 reflected lower sales
of obsolete Enterphone® technology and
the planned transition to MESH™. Looking
forward we are forecasting sales to increase 50% in
2007 and to increase by 300% in 2008 compared to 2006.
This improvement is based on a number of factors."
"We have a large backlog of projects booked
in the early commercial stages of MESH™
in 2004-2005 and these will be shipping in 2007. With
the release of MESH™ V5, the average dollar
value per order has also increased."
"The recent release of MESH™
Enterprise completes the transition from Voice panels
for multi-residential projects to full facility security
for commercial, industrial and government facilities.
Our Enterprise literature is available at www.viscount.com/Pdf/new_brochure/mesh.pdf."
"The full release of our new EPX
system in Q4 will replace Enterphone®
and recover lost revenue. The release of MESH™
View video applications will allow Viscount to enter
the large video security sector. MESH™
has powerful advantages for U.S. Government HSPD-12
projects and large numbers of facilities will begin
making their transition in 2007. This market will be
a primary focus for MESH™."
About Viscount Systems
Viscount Systems Inc. is a designer and manufacturer
of telecommunications and electronic door control access
systems for the security industry. From 1969-1997 Viscount
was an R&D affiliate of Telus, itself a controlled subsidiary
of GTE, now Verizon Communications. The company's diverse
line of products are designed to improve safety and
manage security for property owners and users. Viscount's
products have been installed in approximately 35,000
sites in over 30 countries and are sold through a 500-member,
North America-wide dealer network comprised of security
equipment vendors. Additional information on Viscount's
products may be obtained on-line at http://www.viscount.com.
Financial statements are available from
the company's registration statement filed with the
U.S. Securities and Exchange Commission on February
6, 2002, which may be viewed at www.sec.gov or the company's
web site www.viscount.com under the heading "Investor
Relations." For further information, or to be placed
on email NEWS ALERT, please e-mail to ir@viscount.com
or call toll free 1-866-252-9446.
Safe Harbor Statement
This press release does not constitute an offer to sell
or the solicitation of any offer to buy any securities
of Viscount Systems Inc., nor shall there be any sale
of any such security in any state in which such offer,
solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws
of any such state.
Forward-looking statements: This press
release and other statements by Viscount Systems Inc.
may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act with
respect to the outlook for earnings and revenues, other
future financial or business performance, strategies
and expectations. Forward-looking statements are typically
identified by words or phrases such as "believe," "expect,"
"estimate," "position," "assume," "potential," "outlook,"
"continue," "remain," "maintain," and similar expressions,
or future or conditional verbs such as "will," "would,"
"should," "could," or similar expressions.
For more information, contact:
Viscount Systems, Inc.
Investor Relations
Toll Free 1-866-252-9446
ir@viscount.com
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