Auto 'V' Grooving Sales Increase Over 60% as Product Sells Worldwide
10 January 2007 - 10:30PM
Business Wire
Premier Mortgage Resources, Inc.�s (OTC:PMRS) subsidiary Auto "V"
Grooving, Inc., a leader in the manufacture of high precision
fabrication machinery, today announced a year-over-year sales
increase of over 60% as Auto �V� establishes a worldwide market for
their latest patented technology. Auto �V� sales for 2006 exceeded
$1.5 million compared to $900,000 in 2005 and Company Management
believes that Auto �V� is on target to increased sales at an even
faster pace as clients worldwide realize significant increases in
their fabrication productivity. �Thirty-three percent of our sales
in 2006 were made outside of North America and we expect those
sales as well as our North American sales to increase considerably
in the next few years,� states Steven Brown, Chief Executive
Officer of Auto �V�. He continues, �We have built a team and
facility to handle our anticipated growth. In fact, we can handle
over $7.5 million in annual production without adding any
additional overhead.� Auto �V� currently serves a small portion of
the market (Management estimates market share at a little over 1%).
The Company intends to increase its market penetration and capture
enough market share to fully utilize its production capacity within
3 years. The Company also plans to establish small fabricating
plants worldwide to allow small customers to take advantage of
state-of-the-art equipment without a large capital expenditure. �We
believe that the combined revenues from our existing production and
from our new small fabricating plants could top $10 million
annually within 3 years,� states Brown. Safe Harbor -- This press
release includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, product delivery, the
management of growth, market acceptance of certain products and
other risks. These forward-looking statements are made in reliance
on the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. For further information about these
factors that could affect Premier Mortgage Resources, Inc. future
results, please contact the Company directly. Prospective investors
are cautioned that forward-looking statements are not guarantees of
performance. Actual results may differ materially from management
expectations.
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