BSM Technologies Reports First Quarter 2008 Revenuesof $2.08 Million; Gross Profits Increase by 35%
Net loss for the quarter ended December 31, 2007 was $1,016,092
Woodbridge, Ontario, CANADA, February 29, 2008 - BSM TechnologiesInc, (BSM)(GPS: tsx-v) (http://www.bsmtechnologies.com) a leading provider of high security vehicle tracking and surveillance solutions today announced that revenues for the quarter ended December 31, 2007 increased by 48% to $2,077,408, compared to $1,400,410 for the for the quarter ended December 31, 2006. The Company attributes much of this growth to subscriber growth, as well as the success of its SecTrack acquisition on January 31, 2007.Operating highlights for the quarter:The company acquired Netistix Technologies Corporation on December 24,2007. Netistix’s inhouse developed hardware provides a universal interface to cars, light duty trucks, large trucks, and heavy equipment. By implementing the SAE standards for OBDII, J1708 and J1939, Netistix devised an algorithm utilizing data that is available to extrapolate the amount of fuel consumed. Netistix’s hardware and its integrated firmware also implement a powerful protocol to efficiently and effectively transmit vehicle related information to its central servers. Development of these technologies requires extensive man hours of planning, testing and refinement. Netistix’ technology and intellectual property is directly relevant to many of BSM’s current and future clients.Results of operationsRevenueRevenue for the quarter ended December 31, 2007 increased by $676,998 or 48% to $ 2,077,408 from $ 1,400,410 for the quarter ended December 31, 2006.Gross ProfitThe gross profit for the quarter ended December 31, 2007 increased by$259,068 to $992,986 from $733,918 for the quarter ended December 31, 2006. The increase in dollar amount of Gross profit is due primarily to the additional gross profit contribution of SecTrack revenue generating subscribers. As a percentage of revenues, gross profit for the quarter ended December 31, 2007 was 48% compared to 52% for the quarter ended December 31, 2006.Operating expenses
