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SARS Corp. Revises Financial Projections
SEATTLE-(Business Wire)-June 18, 2008 - SARS Corp. (OTCBB:SARO) ("SARS"), a leader in satellite-based management of fixed and mobile assets anywhere in the world, announced today it is revising its financial projections for the fiscal years ending September 30, 2008 and 2009 due to the time, expense, and effort associated with (i) completion of product design and development; (ii) introduction of its UtilityEye(R) product to a commercial market; and (iii) establishment of a strategic relationship with a manufacturing partner.
In connection with restructuring its operations and redesigning its products, sales strategy, and manufacturing relationships SARS is revising its financial projections for the fiscal years ending September 30, 2008 and 2009. For the fiscal year ending September 30, 2008 SARS expects to receive revenue of $3,000,000 - rather than $16,000,000. For the fiscal year ending September 30, 2009 SARS expects to receive revenue of $28,000,000 - rather than $50,000,000. Due to higher than anticipated costs associated with the successful launch of its products, SARS will continue to run operating losses through the 2008 fiscal year. SARS expects to generate profits from operations for the fiscal year 2009.
These revisions to SARS financial projections come after a six month period in which SARS has improved its operations facilities to vastly increase production capabilities, restructured its management team, including the hiring of a new CFO and COO, and acquired new technology that will increase the quality and demand of its products. "As a result of these actions, SARS has cut costs, created a strong distribution network, standardized its technology to make it world class, and added "best of breed" partners, such as RackSpace and Flextronics, to meet the expectations of its customers," said SARS CEO Clayton Shelver. While it is believed that SARS previous estimated projections may still be achievable, they are being pushed back to reflect the actions that SARS has taken.
"We believe the actions we have taken over the past six months has improved our infrastructure, increased our efficiency, and left us well positioned to meet or exceed our revised financial projections for the coming fiscal years," Shelver stated.
About SARS Corp.
Utilizing a network of satellite, cellular and VHF radio systems, SARS Corp. provides remote asset management and telematics solutions that deliver real-time business intelligence about fixed and mobile assets anywhere in the world. With the SARS Tracpoint(R) software suite, business and government organizations in the marine, energy, transportation and other industries can track, monitor and manage assets for improved safety, better security and increased business efficiency. To learn more about how SARS is helping companies centralize and leverage asset intelligence, visit www.sarscorp.com.
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Safe Harbor Statement
The contents of this Press Release may contain forward-looking statements which can be generally identified as such because the context of the statement will include the words such as SARS Corp. "expects," "should," "believes," "anticipates" or words of similar import. Such forward-looking statements are subject to certain risks and uncertainties including the financial performance of SARS Corp. which could cause actual results, performance or achievements of SARS Corp. to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
This Press Release does not constitute or form any part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment therefore.
"Forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, may be included in this press release. These statements relate to future events and/or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. SARS Corp. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by SARS Corp. with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with our ability to (i) increase revenues, (ii) obtain profitability, (iii) obtain additional financing, (iv) manage changes in general economic and business conditions (including in the asset management and asset tracking industries), (v) react to actions of our competitors, (vi) develop new services and markets for our services, (vii) properly quantify the time and expense involved in such development activities, (viii) identify and manage risks in connection with acquisitions (ix) evaluate the level of demand and market acceptance of our services and (x) make necessary changes to our business strategies.
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