Advanced ID Corporation Reports Solid Second Quarter Results
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Revenues Increase 90%
Business Expands to China, Taiwan, Portugal, UK, Germany, US,
Brazil & Mexico
New Distribution Agreements Bring Products to India and Indonesia
CALGARY, Alberta--(Business Wire)--
Growing radio frequency identification ("RFID") technology
provider, Advanced ID Corporation (OTCBB:AIDO), continues its healthy
sales expansion, reporting positive financial results for the second
quarter and six months period ended June 30, 2008.
Revenue for the three months ended June 30, 2008 totaled $363,637
-- an increase of 90% -- as compared with revenue for the same period
in 2007. Gross profit for the quarter totaled $162,776 -- an increase
of 35% -- as compared with gross profit during the same period in
2007. The increased revenue is attributable to continued international
sales growth of the Company's RFID ultra high frequency ("UHF")
tracking and identification tags and proprietary readers and growth of
its tire management solutions subsidiary, Pneu-Logic Ltd.
In addition, the following significant milestones were completed
or announced during the quarter:
-- After agreeing to purchase 2 million of the Company's UHF/RFID
chips, Qingdao, China-based Qingdao Mesnac Co., became the
world's first tire manufacturer to commit to embedding RFID
tire tags in a commercial truck line.
-- As part of its expansion in the region, the Company acquired
20% interest in its Brazilian distribution partner.
-- The Company's UHF/RFID reader business secured ten new
customers for reader sales and continues to gain worldwide
acceptance.
-- As of the second quarter 2008, sales include clients in China,
Taiwan, Portugal, UK, Germany, US, Brazil and Mexico.
-- Continued progress streamlining the Company's operational
controls, including implementation of a new accounting system
assisting international sales/accounting efforts.
-- Twenty distributors throughout the world now sell the
Company's technology solutions.
Future growth objectives include:
-- Further expansion of the Company's pet recovery business;
-- Inorganic acquisition strategy in Asia; and
-- Growth of the UHF/RFID reader business globally, including an
aggressive expansion into the Asian, South American and
European markets.
"We are extremely confident in our ability to further drive sales
volume on an international level and in turn, yield a significant
future return on investment for shareholders," commented chief
executive officer, Dan Finch.
Concluded Finch, "This quarter is the result of hard work done by
our sales team and the resulting growth of distributor relationships
worldwide...including the success of our livestock tracking system,
expansion of our UHF/RFID and LF products in the tire tag and reader
sectors and great strides made by our Pneu-Logic division."
About Advanced ID Corporation: Advanced ID Corporation
(OTCBB:AIDO) is a complete solutions provider in the RFID market with
a focus on the tire management industry. The company is also a major
factor in the tire inspection business through its UK based Pneu-Logic
subsidiary. The Company is active in the pet recovery business through
its AVID Canada subsidiary in Calgary, Alberta, is reintroducing its
livestock tagging product line in several countries and has developed
a UHF/RFID reader product line for all market applications. Visit:
www.advancedidcorp.com
Safe Harbor Statement: Statements in this press release other than
statements of historical fact, including statements regarding the
company's plans, beliefs and estimate as to projections are
"forward-looking statements". Such statements are subject to certain
risks and uncertainties, including factors listed from time to time in
the company's SEC filings, and actual results could differ materially
from expected results. These forward-looking statements represent the
company's judgment as of the date of this release. Advanced ID
Corporation does not undertake to update, revise or correct any
forward-looking statements.
Advanced ID
Dan Finch, President, 214-755-0932
danf@advancedidcorp.com
Copyright Business Wire 2008
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