Creative Vistas Reports Record First Quarter 2005 Results
25 May 2005 - 4:42AM
PR Newswire (US)
Creative Vistas Reports Record First Quarter 2005 Results First
Quarter Revenue Increases 38 Percent WHITBY, Ontario, May 24
/PRNewswire-FirstCall/ -- Creative Vistas, Inc., (OTC:CVAS)
(BULLETIN BOARD: CVAS) , a leading provider of integrated
electronic security and surveillance systems, announced results for
its first quarter ended March 31, 2005. The Company reported
revenues of $2,848,550, an increase of 38% from the same period a
year ago. The company reported a net loss of $753,831 for the same
period. The Company's results were impacted by non cash expenses of
$548,539 related to the amortization of discounts and deferred
charges. Additional information is contained in the Company's
10-QSB that has been filed with the Securities and Exchange
Commission. Sayan Navaratnam, Chairman and Chief Executive Officer
of CVAS, said, "Our strong first quarter performance was driven by
strong demand for our technically advanced turnkey surveillance
solutions as new and existing enterprise customers transition from
analog to digital networks and address their continued concerns
about today's security risks with greater investments in
state-of-the-art security systems." Creative Vistas' first quarter
revenues consisted primarily of sales and services relating to the
integration of its advanced security solutions in the government,
healthcare, retail and financial services sectors completed by its
AC Technical Systems subsidiary. Mr. Navaratnam continued, "We
believe that our growing customer base, innovative security
solutions and high profile project wins position us well to rapidly
grow revenues, and establish a deeper footprint in the video
surveillance space." About Creative Vistas, Inc.: Creative Vistas,
Inc., through its subsidiary AC Technical Systems Ltd, is a leading
provider of integrated electronic security and surveillance
systems. It provides its systems to various high profile clients
including: Government, School Boards, Retail outlets, Banks, and
Hospitals. The Company has positioned itself as a leading provider
of highly advanced integrated security systems. Its integration
subsidiary, AC Technical Systems, has offices 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 or circumstances. DATASOURCE:
Creative Vistas, Inc. CONTACT: Creative Vistas, Inc.,
+1-905-666-8676
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