Message #28 From:
Stock News Bot Date: October 26, 2006 08:30:00 AM
CVAS News Creative Vistas Inc. Forecasts Record $8.5 million in Revenues, Positive EBITDA for Third Quarter of 2006. Revenues by End of Q3 Expected to Exceed Record $22 Million.
WHITBY, Ontario--(BUSINESS WIRE)--Creative Vistas, Inc., (OTCBB:CVAS), a leading provider of advanced
video security and surveillance products as well as broadband-related
services, today offered guidance for the third quarter ended September
30, 2006.
The company projects record revenues of approximately $8.5 million in
the third quarter of 2006, up about 355% from $1.87 million in the third
quarter of 2005. The projected third quarter 2006 revenues would also be
up approximately 19%, on a sequential basis, from $7.16 million in the
second quarter of 2006. The year-over-year increase is due primarily to
CVAS’ acquisition of Cancable Inc. at the
beginning of 2006.
The company said it expects to report positive EBITDA (earnings before
interest, taxes, depreciation and amortization) in the third quarter of
2006. This would be the second consecutive quarter of positive EBITDA.
CVAS Chairman and CEO Sayan Navaratnam commented: “Today’s
guidance reflects the strong sales growth we are currently seeing in the
company’s two major revenue-producing
subsidiaries, AC Technical Systems and Cancable. We also continue moving
toward consistent profitability with another quarter of projected
positive EBITDA. Looking forward, we stand by our previously announced
long-term outlook for organic growth of 20% to 30% annually.”
If you would like to be added to Creative Vistas' investor email lists
or have additional questions, please contact Haris Tajyar with Investor
Relations International at htajyar@irintl.com.
About Creative Vistas
Creative Vistas, Inc., is a leading provider of security-related
technologies and systems. It also provisions the deployment of broadband
services. Operating through its wholly-owned subsidiaries AC Technical
Systems Ltd. and Iview Digital Video Solutions Inc., it offers
proprietary and non-proprietary technologies to the integrated
electronic security and surveillance market. Its systems are used by
numerous high-profile clients including government, school boards,
retail outlets, banks and hospitals. Through its subsidiary Cancable
Inc., the Company provisions the deployment and servicing of broadband
technologies to the commercial and residential market. Creative Vistas
is based in Ontario, Canada.
Forward-Looking Statements: Statements about the Company's
future expectations, including future revenues and earnings, and all
other statements in this press release other than historical facts are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as the term is defined in the Private Securities Litigation
Reform Act of 1995. The Company's actual results could differ materially
from expected results for reasons described from time to time in the
Company's public filings. The Company undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events.
