Labwire Management Announces Audited Financial Results for 2007
30 Julio 2008 - 3:14PM
Marketwired
HOUSTON, TX , a leading provider of employee screening solutions
and canine security and surveillance services, announced that Moore
and Associates has completed its audit of the financial statements
for 2007 and is pleased to report the following results:
1) RECORD ANNUAL SALES of $4,799,631 which exceeds the $4,700,000 total
previously announced.
2) PRE-TAX PROFIT of $ 377,765. The company should have little or no tax
liability due to a net operating loss carry forward benefit from the
Company Startup in prior years. Additionally, Gross Profit was
$1,705,101 vs. $1,149,056 for 2006. This represents a $556,045
increase or a 48.39% improvement.
3) THE ACQUISITION OF OCCUPATIONAL TESTING, INC (OTI) on October 31, 2007
produces substantial current year and future benefit to Labwire.
A) Total Income for Labwire financial statements of $153,766.62
with a Gross Profit of $106,069.26 and net income of $8,751.01
(after the inclusion of all acquisition costs) for the
two-month period of November 1 thru December 31, 2007.
B) While the full year results for OTI were not a part of the
Labwire audit, management has confirmed that Total 2007 Annual
Sales for OTI exceeded $860,000 with a gross profit of $639,000
and net income of $148,000. Total revenue exceeded the purchase
basis of $600,000 by $260,000 or 43%.
"2007 was an excellent year for Labwire," stated Marlin
Williford, CFO. "We are pleased that the audit process confirmed
the results previously announced by management. We expect the 2008
reporting process to proceed more smoothly as we improve our
financial infrastructure and procedures."
Dexter Morris, Labwire Chairman and CEO, provides the following
insight into business activity for this year: "We are working very
hard to put everything in place to operate as a fully-reporting
public company. This has been very time consuming as we move thru
the various steps in the process. With the completion of the
various audit processes, we are clearing a final hurdle to
up-listing. Our 2007 numbers were very encouraging with record
revenue, increasing margins and profit, and the completion of an
exciting acquisition. We will continue to develop OTI and this
acquisition business model as we constantly search the market for
new opportunities."
About Labwire
Labwire, Inc., Headquartered in Houston, TX, provides secure and
compliant employee drug screening and background checking services
to Fortune 500 corporations via the Labwire(TM) Platform.
Labwire(TM) is a proprietary, web-based application that
streamlines the complex regulatory and record management activities
associated with employee screening, delivering accurate timely
results while eliminating service calls and paper trails. This
comprehensive solution to managing employee screening services is
the most efficient and cost-effective platform in the industry.
Safe Harbor Provisions:
Certain oral statements made by management from time to time and
certain statements contained in press releases and periodic reports
issued by Labwire, Inc., (the "Company"), as well as those
contained herein, that are not historical facts are
"forward-looking statements" within the meaning of Section 21E of
the Securities and Exchange Act of 1934 and, because such
statements involve risks and uncertainties, actual results may
differ materially from those expressed or implied by such
forward-looking statements. Forward-looking statements, including
those in Management's Discussion and Analysis, are statements
regarding the intent, belief or current expectations, estimates or
projections of the Company, its Directors or its Officers about the
Company and the industry in which it operates, and are based on
assumptions made by management. Forward looking statements include
without limitation statements regarding: (a) the Company's
strategies regarding growth and business expansion, including
future acquisitions; (b) the Company's financing plans; (c) trends
affecting the Company's financial condition or results of
operations; (d) the Company's ability to continue to control costs
and to meet its liquidity and other financing needs; (e) the
declaration and payment of dividends; and (f) the Company's ability
to respond to changes in customer demand and regulations. Although
the Company believes that its expectations are based on reasonable
assumptions, it can give no assurance that the anticipated results
will occur. When issued in this report, the words "expects,"
"anticipates," "intends," "plans," "believes," "seeks,"
"estimates," and similar expressions are generally intended to
identify forward-looking statements.
Important factors that could cause the actual results to differ
materially from those in the forward-looking statements include,
among other items, (i) changes in the regulatory and general
economic environment; (ii) conditions in the capital markets,
including the interest rate environment and the availability of
capital; (iii) changes in the competitive marketplace that could
affect the Company's revenue and/or cost and expenses, such as
increased competition, lack of qualified marketing, management or
other personnel, and increased labor and inventory costs; (iv)
changes in technology or customer requirements, which could render
the Company's technologies noncompetitive or obsolete; (v) new
product introductions, product sales mix and the geographic mix of
sales.
The Company disclaims any intention or obligation to update or
revise forward-looking statements, whether as a result of new
information, future events or otherwise. Safe Harbor Statement
under the Private Securities Litigation Reform Act of 1995: The
statements which are not historical facts contained in this
advertisement are forward-looking statements that involve certain
risks and uncertainties including but not limited to risks
associated with the uncertainty of future financial results,
additional financing requirements, development of new products,
governmental approval processes, the impact of competitive products
or pricing, technological changes, and the effect of economic
conditions.
Investor and Public Relations Contact: Marlin R. Williford Jr.
email: mwilliford@capnetrisk.com Phone: (832) 487-7803
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