American Access (NASDAQ:AATK)
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American Access Technologies Releases President's Annual Message
To Shareholders
KEYSTONE HEIGHTS, Fla., June 16 /PRNewswire-FirstCall/ -- American Access
Technologies, Inc. (NASDAQ:AATK) released the following message to stockholders
from its President, John E. Presley, which appears in the 2004 Annual Report.
To our Stockholders:
2004 was the second consecutive year in which American Access Technologies,
Inc. met its goal of achieving record revenues. We attained all-time record
revenues of $6.740 million, a solid 22.2% increase over the prior year. This
result was primarily due to a 47.6% increase in sales of our zone cabling and
wireless products. Our strategic alliance with Chatsworth Products, Inc.
("CPI"), initiated in May 2003, is continuing to result in extraordinary sales
growth of these products.
We anticipate that our sales results will continue to reflect improving
economic trends in our industry groups and benefit from improvements in CPI's
sales and marketing activities. Sales to our OEM customers are also an
important factor in achieving record results for our zone cabling and wireless
products. In August 2004, we announced our latest OEM supply agreement with a
leading manufacturer of electrical and electronic wiring devices, which is
noted for bringing its customers products that meet and exceed the latest
official standards, and challenging the market with innovative new solutions.
We expect our many OEM partners to continue to make an impact in 2005.
In December 2004 and again in 2005, the Telecommunications Industry Association
released more important standards for zone cabling and we look forward to
additional standards releases in the future. The publication of new standards
gives official recognition to the concept and application of zone cabling. We
also anticipate that zone cabling will continue to benefit from the move
towards the open office environment and that advances in telecommunications
technologies and network economics will increase zone cabling in both existing
and new construction. Additionally, the new TIA standards mark important
milestones in acceptance of zone cabling for telecommunications wiring.
Earlier this year we made some important financial projections for 2005. We
announced that we expect our 2005 revenues to result in another record and also
that we expect to achieve profitability this year. The increasing percentage
of our total sales represented by our zone cabling and wireless products should
help us reach this goal, since these products have a higher gross margin and
lower cost of sales. Additionally, we instituted price increases on several
products in recognition of increasing prices of raw materials and energy.
We also invested in new equipment to increase productivity and lower production
costs while at the same time maintaining the high-quality standards our
customers expect at a competitive price. The Company purchased approximately
$294,000 of new equipment during 2004 and in late March 2005, we unveiled our
new laser manufacturing equipment, again expanding our manufacturing
capabilities and improving productivity. At a cost of nearly $1 million, we
feel the laser purchase was an important milestone in the Company's history.
We continue the process required to achieve ISO 9000 certification at our
Keystone Heights facility. ISO 9000 is an international quality standard that
recognizes a company's capability for reliable delivery of high-quality
products and services. We expect to undergo our certification audit in 2006
and believe it will further demonstrate to potential customers that American
Access is a supplier that they may use with confidence.
We are continuing to follow a conservative debt-free fiscal policy. We
financed our purchase of laser manufacturing by a private placement stock sale
to institutional investors and are proud to have the support of these
sophisticated investors.
We have made substantial progress towards meeting the new corporate governance
requirements of the NASDAQ Stock Market. With the addition of Howard W. Kelley
as an independent director in May 2005, our audit committee is now made up
entirely of independent directors and we expect to meet the balance of the
requirements before the deadline. You may review more of our corporate
governance initiatives and learn about our products on our website:
http://www.aatk.com/ .
We at American Access Technologies, Inc. wish to thank our loyal stockholders,
customers and employees who continue to have faith in us and renew our pledge
that we will remain diligent on building an enduring and prosperous company.
Sincerely,
American Access Technologies, Inc.
John E. Presley
President and Chief Executive Officer
June 1, 2005
About American Access Technologies, Inc.
American Access manufactures patented zone cabling and wireless enclosures that
mount in ceilings, raised floors, and in custom furniture, for routing of
telecommunications cabling, fiber optics and wireless solutions to the office
desktop which comply with TIA standards. The Company's concept of "zone
cabling" reduces the cost of initial network installation and facilitates
moves, adds, changes and upgrades for the network installations of today and
tomorrow. Its Omega Metals division manufactures its proprietary products,
and also provides state-of-the-art metal fabrication and finishing services for
public and private companies and for U.S. government contractors.
Our SEC filings, news and product/service information are available at
http://www.aatk.com/ .
Cautionary Note Concerning Forward-Looking Statements: This communication
contains forward-looking statements as defined in Section 27A of the Securities
Exchange Act of 1934, regarding future revenues and profits. While the Company
believes that such forward-looking statements are based on reasonable
assumptions, there can be no assurance that such future revenues and profits
will be achieved or achieved on the schedule indicated. Furthermore,
unanticipated future events, conditions and financial trends may affect the
Company's revenues, operating results and financial position. Prospective
investors are cautioned that these forward-looking statements are not
guarantees of future performance. Actual events or results may differ from the
Company's expectations, and are subject to various risks and uncertainties,
including those listed in the Company's SEC filings. The Company assumes no
obligation to publicly update or revise its forward-looking statements even if
experience or future events make it clear that any of the projected results
expressed or implied herein will not be realized.
Company Contact: Joe McGuire, Chief Financial Officer (352) 473-6673/
DATASOURCE: American Access Technologies, Inc.
CONTACT: Joe McGuire, Chief Financial Officer, American Access
Technologies, +1-352- 473-6673, or
Web site: http://www.aatk.com/