Wireless Data Solutions Reports Nine Month Results
2 September 1998
Wireless Data Solutions Reports Nine Month Results and Announces New Stolen Vehicle Product
LEESBURG, Fla.--Sept. 2, 1998--Wireless Data Solutions Inc. (OTC BB:SOLU), announced Wednesday that for its third quarter ended June 30, 1998, the company reported a net loss of $66,000 on revenues of $414,000 versus net income of $69,000 on revenues of $721,000 for the comparable quarter in 1997.
For the nine months of fiscal year 1998, the company reported a loss of $39,000 on revenues of $1,452,000 compared to net income of $180,000 on revenues of $1,965,000 the same period in 1997.
Mike McLaughlin, CEO and president of Wireless Data Solutions said: "Our third quarter revenues and earnings were affected by a shortage of cement in some parts of the country which had an impact on equipment purchases by the ready-mix industry. The trend has continued into our fourth quarter, but new construction appears to be stable so we expect sales in this segment to improve. We have installed over 10,000 Data Mates in ready-mix trucks, but we do not want to be dependent on that industry for growth. We are offering a Data Mate/software package to fleet owners in the taxi industry. We expect results but we are evaluating our presence in that market. There are other markets showing good potential for our products."
The company is just completing an order for 40 mobile units and 10 base decoders for a new product designed to locate stolen vehicles. The device consists of a Data Mate mobile terminal with GPS, and the software to transmit data over standard voice analog cellular networks. When a vehicle with an unauthorized driver reaches 10 MPH, the cellular system is activated and begins to send GPS tracking data to a monitoring station. With GPS and cellular, it is feasible to track a vehicle anyplace on the continent. The units will be used for demonstration which the company has been informed will include certain agencies of the U.S. government, but the purpose was not disclosed.
As announced previously, Wireless Data Solutions has entered into a letter of intent with Angellcom Communications regarding the operation of a 220 MHZ frequency and the sale of air time and hardware in Mexico. Negotiations continue, but to date a definitive agreement has not been executed.
Wireless Data Solutions Inc. is a hardware/software developer and marketing company involving digital wireless communication and tracking systems for mobile fleet management in the U.S. and foreign countries.
Statements in this news release about the company's growth and products are "forward looking statements" within the meaning of Sections 27A and 21E of the Securities Act of 1933 and 1934. The company intends that such "forward looking statements" be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties, the results could differ materially from those expected.