Auto-Q International Announces Fiscal 2002 Results

    LONDON--Feb. 6, 2003--Auto-Q International (OTCBB: AUTQ), provider of global satellite tracking products and services for consumers, businesses, and governments in the United Kingdom, today announced its fiscal 2002 results.
    Total revenues for the 12 months ended Sept. 30th, 2002 were $964,191.00, as compared to $617,519.00 for the 12 months ended Sept. 30th, 2001, representing an increase of $346,672.00 or 56.1%. The increase in revenue resulted primarily from an increase in the number of systems sold to existing customers as well as the addition of new customers.
    Cost of goods sold for the year ended Sept. 30th, 2002 was $545,316.00 or 57% of revenue as compared to $367,699.00 or 60% of revenue for the same period 2001. CEO Tom Lam commented, "The increase in margin came from improving the mix of product sold."
    Selling, general and administrative expenses for the year ended Sept. 30th, 2002 were $1,362,717.00 as compared to $699,253.00 for year ending 2001. The increase in operating expenses was attributable to professional fees associated with public listing on the OTC BB, an expansion of the sales force and supporting infrastructure requirements as well as the promotional expenses associated with the company's participation in industry trade shows.
    CEO Tom Lam said, "The expansion in the sales force and investment in products made in 2002 is now producing a significant growth in orders for the current year. We also took the prudent decision in the accounts to write off $474,062 of expenditure previously incurred in product development and purchasing know-how."

    About Auto-Q

    Auto-Q has been developing, supplying, and installing mobile data acquisition and vehicle tracking systems using global positioning systems and telematics technology. Auto-Q's products are used for vehicle fleet and asset management including tracking, positioning, security, fuel monitoring, navigation, data acquisition and reporting.

    Certain statements contained herein are "forward looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements include but are not limited to, economic conditions, market acceptance of products, risks in technology, and product development.