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