CONTACT: Michael Pellegrino
732-751-1115
mpellegrino@cgm-ast.com
For Immediate
Release August 18, 2008
Allied Security
Innovations, Inc. (ASVN) Second Quarter Reports Income up 320%Increased Sales and Gross Margin Results
FARMINGDALE, NJ (August 18, 2008)
– Allied Security Innovations, Inc. (symbol: ASVN) – an industry leader in the
development of Homeland Security and other commercial security related products
– announced results for the second quarter 2008. Sales for the quarter grew 9%
to $1,134,954 compared to the same period in 2007, an increase of $ 97,477.
Gross profit over the period increased 9% to $768,528.
Income, for the quarter increased 320% or $68,556 compared to a loss of $36,301
for the second quarter of 2007.
“We
continue to execute our plan to steadily improve the company and increase market
penetration,” states Anthony Shupin, CEO of ASI. “We have added to our sales force, increased our
distribution channels and re-vitalized our production in order to meet the
expanding demand for tamper evident products, globally.”
“In addition to managing to keep our expenses down slightly for the quarter, we
are extremely pleased to note that June was our best booked sales month in
history,” adds Michael Pellegrino, CFO for ASI. “Looking ahead, the third
quarter should show the results of that effort.”
About Allied Security Innovations, Inc.
The company, based in Farmingdale, NJ, develops and markets integrated
enterprise-wide image
applications specifically designed for criminal justice
organizations. Customers include states, cities, counties, corrections, justice,
and public safety agencies. Additional information is available online, at
www.ddsi-cpc.com.
Its subsidiary, CGM Applied Security Technologies,
Inc., is a leading manufacturer and distributor of Homeland Security
products, including indicative and barrier security seals, security tapes and
related packaging security systems, protective security products for palletized
cargo, physical security systems for tractors, trailers and containers, as well
as a number of highly specialized authentication products. Additional
information is available online, at
www.cgm-ast.com.
Safe Harbor Statement:
Safe Harbor Statement Under the
Private Securities Litigation Act of 1995 - With the exception of historical
information, the matters discussed in this press release are forward-looking
statements that involve a number of risks and uncertainties. The actual future
results of the Company could differ significantly from those statements. Factors
that could cause actual results to differ materially include risks and
uncertainties such as the inability to finance the company’s operations or
expansion, inability to hire and retain qualified personnel, changes in the
general economic climate, including rising interest rate and unanticipated
events such as terrorist activities. In some cases, you can identify
forward-looking statements by terminology such as "may," "will," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or
"continue," the negative of such terms, or other comparable terminology. These
statements are only predictions. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, such statements
should not be regarded as a representation by the Company, or any other person,
that such forward-looking statements will be achieved. We undertake no duty to
update any of the forward-looking statements, whether as a result of new
information, future events or otherwise. In light of the foregoing, readers are
cautioned not to place undue reliance on such forward-looking statements. For
further risk factors associated with our Company, review our SEC filings.