CTX Virtual Technologies, Inc. Reports a 200% Increase to $119.1 Million for 2012 Audited Year End Revenues

CTX Virtual Technologies, Inc. Reports a 200% Increase to $119.1 Million for 2012 Audited Year End Revenues

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CTX Virtual Technologies, Inc. Reports a 200% Increase to $119.1 Million for 2012 Audited Year End Revenues

Net Income Increases 800%

PR Newswire

BOCA RATON, Fla., June 12, 2013

BOCA RATON, Fla., June 12, 2013 /PRNewswire/ -- CTX Virtual Technologies, Inc. (OTCPink: CTXV) a technology company that manufactures and distributes mobile telecommunication, virtual imaging, touch screen and tablet manufacturing along with mobile data input accessories today announced its results for the year ending December 31, 2012.  Sales from continuing operations were $119,160,232 and Net income of $13,587,643 or $0.67 per basic share and $0.39 per diluted shares. Excluding a one-time non-reoccurring charge for the deconsolidation of a subsidiary net income was $18,690,157 compared to 2011 sales of $39,979,915 and Net income of $1,518,800 or $.09 basic and $.05 fully diluted.

Clifford Rhee, CEO, stated, "2012 year-end results are the culmination of our concerted efforts to improve our bottom line and shareholder value. CTX is committed to continuous improvements in our manufacturing processes and refining our proprietary intellectual properties. In 2012, we have added a multitude of new products to our current suite of products including LTE Smart phones, tablets and virtual sensing touch pads. We plan to incorporate our virtual keyboard chipsets to key products enabling the users to have mobile data input capabilities."   

Forward-Looking Statements -- The statements made in this release may contain forward-looking information that involves risks and uncertainties.  All statements, other than statements of historical facts, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which the Company currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to the results of our 2012 audit, our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights.  In addition, there can be no assurance that the activities to be performed under the Statement of Work with the global auto parts manufacturer mentioned above will prove successful or that a meaningful transaction with such party will result therefrom.

For more information: Contact Ed Carter at [e-mail] or 702-561-1790

SOURCE CTX Virtual Technologies, Inc.