Auto Q International Inc. Positions itself for Profitability for 2004
LONDON, England, December 30 -- Auto-Q International Inc. (OTC Bulletin Board: AUTQ), a leading provider of vehicle tracking and monitoring systems for trucking fleets and consumers, released its 10K annual filing for the year ended 2003. Auto Q International reduced its Net Loss by more than US$1.3 Million and positioned itself for profitability for 2004.
Auto-Q International Inc. reported gross revenues of US$762,990 and a gross profit of US$155,031 for the year ended 2003. After the forgiveness of debt of US$1.79 million following the restructuring in February 2003 the Company showed a very small loss per share for 2003 (US$.003) compared with a (US$.043) loss in 2002.
"We are extremely pleased with our results for 2003, and we expect the New Year to be more profitable for the company and its shareholders. We recorded a small loss in 2003 and this is primarily attributable to the accounting for promotional, marketing and consulting agreements entered into by the company and paid on its behalf by certain shareholders", commented Tom Lam Auto Q International Inc. Chairman.
Auto-Q International Inc. previously announced that it has signed a letter of intent to acquire Radicom Ltd. Radicom is a profitable telematics company located in the UK, specialising in GPRS (general packet radio switch) communications that provide end users with high-speed data transmission. Radicom Ltd reported sales in the last 9 months of over US$866,000 with a gross profit of US$524,000 (60%) and a net profit of US$83,000 (9%). Auto Q International Inc. and Radicom expect to close the acquisition in early 2004, with announcements about new management, and other strategic partners to come.
Please visit Auto Q International Inc. www.auto-q.com., or www.knobias.com for a complete set of Auto Q International Inc.'s financials.
For investor information please contact Matt Maguire at +1 407-884-0444 or 1-866 THE APPLE. www.auto-q.com.
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.
Matt Maguire, +1 407-884-0444 or 1-866 THE APPLE, for Auto-Q International Inc.