Vancouver, British Columbia, Canada --- October 2, 2003 --- Searchlight Solutions, Ltd. (OTC:SLLN) today announced that it's wholly owned subsidiary Searchlight Systems Ltd., had sales of $1,528,000 in the first eight months of 2003, ending August, an increase of 50% over the same period in 2002. Profitability was up from $12,036.00 to $274,000, a huge increase in the bottom line profits.
In 2002, and the first seven months of 2003, Searchlight Systems Ltd. was a private company and therefore did it's accounting to adjust for previous tax losses. If the numbers were stated as if they were a public company in 2002, Searchlight Systems Ltd. would have had profits of approximately $750,000, and in 2003 to August they would have stated profits of $850,000 in the first eight months of 2003 to August. Comparing only the first eight months of 2002 and 2003, profitability is up approximately 50%.
Searchlight Systems Ltd. (www.searchlight.ca) specializes in the implementation of digital evidence and document management services, using proprietary Searchlight(TM) software. The Searchlight(TM) software is used to organize massive amounts of evidentiary and disclosure documentation associated with complex legal cases.
Searchlight Systems Ltd. was recently featured in a front-page article in the Business Section of the Vancouver Sun entitled "Firm Lights Up Legal Chaos". In this article, the Vancouver Sun reported that "Searchlight had been chosen by the defense teams in the Air India Trial to provide the tools and services to help manage the massive amounts of Crown Disclosure distributed for this case. Almost a million pages of documents are involved." The Sun also went on to say "the Air India Trial is expected to be the longest and most complex case in Canadian history." Being chosen to work on this enormous case is a tribute to Searchlight's tremendous expertise and product versatility.
Searchlight's client list is growing in the United States even more quickly than in Canada, and they have even been asked to take on cases in Europe. Searchlight has recently opened an office in Toronto, and acquired a related business and opened an office in Seattle, Washington.
Searchlight is involved as a service provider in the class action lawsuit against the Directors of Enron. The Searchlight(TM) software is being used to extract information from a mammoth Texas based digital library that contains 40 million potentially pertinent documents.
Searchlight presently employs over eighty people and is growing rapidly through acquisition and internal growth. For more information on Searchlight Systems Ltd., please go to their website at www.searchlight.ca.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements other than statements of fact, included in this release, are forward-looking statements that involve risks and uncertainties.
For further information or investor relations contact: Gary Procknow at 604-255-4620 or 206-521-1101.