TSX-Venture: Tier 1
SEC Exemption No.82-3378
RICHMOND, BC, July 28 /CNW/ - CON-SPACE Communications Ltd.
("CON-SPACE"), (TSX-V: CCB), (con-space.com), announced today annual sales of
approximately $5.4 million for the current fiscal year which ended June 30,
2006. This was a shortfall of approximately $1.7 million compared to the
previous year.
"In spite of what the numbers show, this was a good year for the
Company," said Jim Swanson, Chairman of CON-SPACE. "We came into the fiscal
with a plan to project us far beyond our present level. We now have this plan
firmly in place, partially implemented and expect the results to show during
the course of the new fiscal."
"During the past year we finalized the 50% addition to our facility,
restructured Senior Management, increased the size of our sales team, created
a new line of products for the two way radio industry and implemented a new
lean manufacturing program which has resulted in decreased inventory levels,"
said Terry Ibbetson, President & CEO of the Company. "Unfortunately for us but
fortunately for the people of Southern Louisiana, billions of dollars
forecasted for the Homeland Security Program in the USA was diverted to help
the victims of Hurricane Katrina. This had a negative effect on both our
Distributor and OEM sales as their sales levels dropped during the year
causing a ripple effect to us. This experience has confirmed our earlier
decision to expand our target market into the Communication Industry."
"In our effort to overcome the continuing decline of the US Dollar and
the after effects of Katrina we have pursued the development of new products
and increased our efforts to find a suitable acquisition," said Swanson. "The
one thing that is certain is CON-SPACE is now better prepared to reach its
fiscal target this year and for future years. Not every year is as you want it
to be, but we have used the time wisely and expect to see rewards for
investors that have been loyal and patient."
CON-SPACE has made a number of announcements lately that indicate its
efforts in to the two-way radio industry are progressing on plan.
About CON-SPACE
CON-SPACE is recognized worldwide as the leading designer and
manufacturer of specialized voice communication equipment used by Police,
Fire, Rescue, Government Agencies, Militaries, Municipalities and general
industry. The Company has distribution throughout North America, Great
Britain, Australia, and parts of Asia, South America, and Europe. The Company
also supplies many other manufacturers with Private Labeled products.
This press release is available on the company's official on-line
investor relations site for investor commentary, feedback and questions.
Investors are asked to visit http://www.agoracom.com and view the CON-SPACE
Investor Contact & Information Centre. Alternatively, investors are asked to
e-mail all questions and correspondence to CCB(at)Agoracom.com
"Forward-looking" statements in this release involve risks and
uncertainties associated with, among others, economic, industry conditions,
technological development, and competition and should not be relied upon as
actual results may differ materially from those projected.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
