Communication Synergy Technologies Inc. Announces Financial Statements for Third Quarter

ROCHESTER, N.Y., Nov. 22  /PRNewswire-FirstCall/ -- Communication Synergy Technologies Inc., (ComSynTech) (OTC:CSYT) a developer of document management solutions, today issued unaudited financial statements for the third quarter ended September 30th, 2005.

These include Statements of Financial Condition as of September 30th, 2005 and 2004, Statements of Income and Operations for the nine-months periods ending September 30th, 2005 and 2004, and Statements of Cash Flows for the nine-months periods ending September 30th, 2005.

For the nine-month period ending September 30th, 2005, the company generated Total Revenues of $252,200, which consisted of Consulting Fees and Software License Revenue.

Total Revenues for the nine-month period ending September 30th, 2004, were $547,500, which included $300,000 of Software License Revenue stemming from the guaranteed payment portion of a Royalty Agreement.

Operating expenses for the nine-month period ending September 30th, 2005, totaled $825,360, down from $886,747 incurred in the prior comparable period. After interest expense and taxes, the company generated a Net Loss of $590,219, up from the Net Loss of $358,068 incurred in the prior comparable period.

The Company has funded its operating deficits by borrowing and raising additional equity.  Total Liabilities were $2,262,225 at September 30, 2005, of which a bank provided $249,500.  In order for the Company to obtain this bank financing, the President and CEO personally guaranteed its repayment in the event the Company was unable to do so.

Seth Borg, MD, President and CEO said, 'Shortly after the end of the third quarter, October 20, 2005, we raised additional capital of $350,000 of Preferred Stock from an institutional investor, The Trillium Group, to support our commercialization efforts.  We are very pleased with this relationship and view this investment as a vote of confidence in our strategy.'

The entire third quarter financial report can be viewed at http://www.comsyntech.com/investorrelations.html

Certain information discussed in this news release may constitute forward- looking statements.  These are based on management's present expectations and beliefs about future events and are subject to risks and uncertainties. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements.

About ComSynTech

Communication Synergy Technologies Inc. (ComSynTech) develops and markets document creation, management and preservation systems for medicine, industry, finance and government.  Its products provide efficiency, flexibility and improved quality by automating the creation, capture, management, distribution, archiving, preservation and retrieval of voice and word documents across multiple markets.  ComSynTech products and development platforms integrate with and complement existing technologies, accelerating time-to-implementation. 

DATASOURCE: Communication Synergy Technologies Inc.



CONTACT:  Media Contact - Ron Roberts, Martino Flynn, LLC, +1-585-421-

0100; Investor Relations Contact - Michael Perrotta, Chief Operating Officer,

Communication Synergy Technologies Inc., [phone],

 



Web site:  http://www.comsyntech.com/investorrelations.html 

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