SEATTLE - May 6, 2011 (Investorideas.com Defense Newswire) - Summary of Operating Results from Continuing Operations
Security Company Visualant, Inc. (OTCBB: VSUL) reports results for the quarter ending March 31, 2011, as compared to the three months ended March 31, 2010:
- Revenues- increased 100% to $2,866,000 from $0.
- Gross profit- increased 100% to $345,000 from $0.
- Net loss was $520,000 as compared to $231,000 for the same quarter in 2010. The loss was due to costs to expand its investor base and annual share issuances to directors.
- Net loss per share was $.01 per share as compared to $.01 per share from the same quarter in 2010.
- Cash flow provided by operations was $928,000 as compared to $(145,000).
- Successfully licensed the Visualant Spectral Pattern Matching (�SPM�) Technology for environmental applications to Javelin LLC.
- Entered into a Letter of Intent to acquire Eagle Technologies, Inc. and commenced due diligence with an anticipated closing during the three months ended June 30, 2011.
- Entered into a consulting agreement with Lance Gima, retired former head of the State of California Forensics' Laboratory to pursue forensic applications of the SPM technology.
- Secured additional institutional funding from Seaside 88 Advisors LLC.
- Continued development of Visualant's SPM technology and demonstrated the technology at leading industry trade shows.
About Visualant, Inc.
Visualant, Inc. (OTCBB: VSUL) develops low-cost, high speed, light-based security and quality control solutions for use in homeland security, anti-counterfeiting, forgery/fraud prevention, brand protection and process control applications. Our patent-pending technology uses controlled illumination with specific bands of light, to establish a unique spectral signature for both individual and classes of items. When matched against existing databases, these spectral signatures allow precise identification and authentication of any item or substance. This breakthrough optical sensing and data capture technology is called Spectral Pattern Matching ("SPM"). SPM technology can be miniaturized and is easily integrated into a variety of hand-held or fixed mount configurations, and can be combined in the same package as a bar-code or biometric scanner.
Through its wholly owned subsidiary, TransTech Systems, Inc., the Company provides security and authentication solutions to security and law enforcement markets throughout the United States.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this press release reflect the good faith judgment of our management and are based on facts and factors currently known to us. Forward-looking statements are subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements as a result of either the matters set forth or incorporated in this press release generally or certain economic and business factors, some of which may be unknown to and/or beyond the control of Visualant, Inc. Specifically, we are exposed to various risks related to our need for additional financing to support our technology development, the sale of a significant number of our shares of common stock could depress the price of our common stock, acquiring or investing in new businesses and ongoing operations, we may incur losses in the future and the market price of our common stock may be volatile. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake, and we expressly disclaim, any obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.
206 903 1351
Core Consulting Group
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(1500 per month and $five thousand per month in restricted 144 shares)