RemoteMDx Reports Ten-Fold Growth in Fiscal Year 2007
* Reuters is not responsible for the content in this press release.
SANDY, UT, Jan 15 (MARKET WIRE) --
RemoteMDx, Inc. (OTCBB: RMDX), a national leader in tracking and monitoring
criminal offenders through GPS-enabled technologies for local, state and federal
law
enforcement agencies, reported today a ten-fold revenue and income increase for
the
2007 fiscal year, reaching $10,970,540.
When compared to the company's $1,070,141 revenue and income for the same
period ended September 30, 2006, RemoteMDX shows impressive financial growth.
"RemoteMDX attributes this increase to market acceptance of the Company's
TrackerPAL product and service that was introduced to the criminal justice
market
late in 2006," said James Dalton, President of RemoteMDx. Of the $10,970,540
in 2007 revenues and other income, $2,400,000 was generated from the sale of
intellectual property that did not pertain to RemoteMDx's core business.
The Company also reported a $26,022,912 loss for the fiscal 2007 year-end,
including $15,130,758 in cash and $10,892,154 in non-cash. For fiscal 2006
year-end, a $23,797,745 loss was reported, with a cash loss of
$11,397,627.
"During 2007, we increased research and development while bringing to market
the TrackerPal product, a miniaturized cellular and global tracking system,
monitoring center and software for sexual offenders," said Dalton. "This is the
primary reason for the cash loss." In addition, certain costs were out of the
ordinary, including the Company's communication costs which are set to be
in-line with projection for 2008.
RemoteMDx has put together a Strategic Plan to meet its goal for
monitoring40,000 offenders by 2009. The plan calls for a sales focus in 2008,
followed by
a highly profitable recurring revenue base for subsequent years. "We are
building a
strong foundation toward leadership in the criminal justice market," stated
Dalton.
The balance sheet for September 30, 2007 showed $15,284,348 in assets and
$8,672,593 in total liabilities. Even though the financial statements contain a
going concern opinion, the large institutional investors of RemoteMDx are
committed to investing through the exercise of warrants, the capital
necessary to facilitate the company in implementing its strategic plan.
The company's offerings continue to grow and to become established in the
criminal justice system. RemoteMDx has a broad base of agencies that utilize
its services and products.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act,
including future growth and earnings opportunities of the Company. Actual
results could differ materially from those projected in these
forward-looking statements, which involve a number of risks and
uncertainties, including the Company's ability to retain and to promptly satisfy
current backorders and other economic, competitive, governmental, technological,
regulatory, manufacturing and marketing risks associated with the Company's
business
and financial plans. The contents of this release should be considered in
conjunction with the risk factors, warnings, and cautionary statements that are
contained in the Company's most recent filings with the Securities and Exchange
Commission.
SecureAlert, TrackerPAL and Offender Monitoring Center are trademarks of
SecureAlert. RemoteMDx is a trademark of RemoteMDx, Inc.
Contact:
Investor/Media Relations
866-451-6141
ir@remotemdx.com
Copyright 2008, Market Wire, All rights reserved.
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