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CVAS Covas International, (MM)

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Share Name Share Symbol Market Type
Covas International, (MM) NASDAQ:CVAS NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Creative Vistas Reports Record First Quarter 2005 Results

24/05/2005 7:42pm

PR Newswire (US)


Covas International (NASDAQ:CVAS)
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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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