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Viscount Systems Releases Q2 2014 Results and Files 10-Q

Companies mentioned in this article: Viscount Systems

BURNABY, British Columbia -- (BUSINESS WIRE) -- Viscount Systems (OTCQB:VSYS), a leading supplier of security software solutions, will file its 10-Q today in addition to announcing Q2 results for the quarter ending June 30, 2014.

Revenues for the quarter ended June 30, 2014 were $1,356,163, an increase of $419,290, or 45%, as compared to the quarter ended March 31, 2014, and a 42% increase vs. the second quarter of 2013. Sales of the Company’s IT-based access control solution called Freedom rose by 221% for the six months ended June 30, 2014, as compared to the six months ended June 30, 2013.

The company’s net loss for the quarter ended June 30, 2014, before non-cash and other items, was $2,231,523, as compared to a loss of $293,196 for the quarter ended June 30, 2013. The higher net loss is primarily due to the inclusion of a non-cash based stock compensation expense of $1,730,770 for derivative securities issued to management and staff. Excluding this non-cash based stock compensation expense would result in a net loss of $500,753. This adjusted loss of $500,753 increased by $207,557, as compared to the loss for the quarter ended June 30, 2013. This increase was due to the hiring of additional sales/marketing and R&D staff using the proceeds of Viscount’s April 2014 capital raise.

Conference Call to Review Results

Dennis Raefield, CEO and President of Viscount Systems, will hold a conference call Wednesday August 13 at 4:15 pm EST to discuss Q2 results.

Join the meeting by following the procedures below.

1. Please join the meeting by clicking on the following link:
https://global.gotomeeting.com/meeting/join/255300357
Access Code: 255-300-357

2. Or join the conference by calling:
           

Canada:

   

+1 (647) 497-9351

United States:

+1 (619) 550-0006

Access Code:

Access Code: 255-300-357

Audio PIN:

Shown after joining the meeting

Meeting ID:

255-300-357

 

Should you have question during the event please send an email to sarah.wielens@viscount.com

About Viscount's Freedom Access Control Solution

Freedom is the first and only access control system that allows entry devices (ID cards, RFID readers, biometrics etc.) to be connected to, and controlled by, standard building IT networks without requiring expensive control panels. This eliminates up to 60% of the cost of traditional access control system hardware. Freedom also utilizes existing IT permission databases (Microsoft Active Directory or LDAP) to replace the software component of traditional systems. Freedom drastically reduces system costs while providing a much more secure software solution.

About Viscount Systems

Viscount Systems Inc., designs unified IT and physical security software platforms for building security and emergency planning. Recent awards include the 2012 Microsoft "Be What's Next" Award, SIA Convergence Solution of the Year 2011 and Homeland Security Platinum Award for Emergency Response and Gold Award for Access Control at GOVSEC 2011.

Contacts

Investor Relations:
Scott Greiper
Secure Strategy Group
(212) 333-0202
sgreiper@securesg.com

Viscount Systems Inc.
604-327-9446
Investors@viscount.com

Safe Harbor Statement

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.


Copyright © Business Wire 2014
Contact:

Investor Relations:
Secure Strategy Group
Scott Greiper, 212-333-0202
sgreiper@securesg.com
or
Viscount Systems Inc.
604-327-9446
Investors@viscount.com