Company Experiences Record Revenue Growth from Operations in Third Quarter
JERICHO, N.Y., Nov. 19 /PRNewswire-FirstCall/ -- bioMETRX, Inc. (OTC Bulletin Board: BMRX), a leading developer of consumer-based finger recognition products, today announced its financial results for the period ending September 30, 2008.
-- Revenues for the third quarter were $431,840, which represents a 430% increase over second quarter revenues of $100,000.
-- The Company added $300,000 of intangible assets to its balance sheet as a result of the Sequiam asset purchase.
"We have seen a steady increase in sales of our products over the last three months. Today, economic concerns trouble consumers and retailers report dramatic downturns in consumer spending; however, we are seeing a surge in sales of our products that protect consumer valuables and are priced right," noted Kevin Henderson, Senior V.P. at bioMETRX.
"We are extremely pleased with the response we have received to our products," stated Lorraine Yarde, Chief Operating Officer at bioMETRX. "With the holidays approaching, we expect to see sales of our safe products increase as consumers look for innovative yet practical gifts for family and friends. The previously announced sales and marketing initiatives are scheduled to coordinate with new retail channels for all of the company's products. These initiatives are being designed to increase the market's awareness of our products to drive more revenue," Ms. Yarde went on to say.
About bioMETRX, Inc.
bioMETRX, Inc. designs, develops and markets biometrics-based products to the consumer market under the common brand name - smartTOUCH(TM). As the global leader in consumer biometric product engineering, development and sales, bioMETRX's smartTOUCH(TM) technology has proven to be the most dependable and robust consumer biometric platform available today. Its smartTOUCH(TM) product line is making its way into the marketplace directly through the company, as well as through trusted global partners and nationally recognized retailers.
For more information on bioMETRX and/or the company's smartTOUCH line of products, visit the Company website at http://www.biometrx.net
Safe Harbor Statement: This release may contain certain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release with respect to bioMETRX's business, financial condition or results of operations, as well as matters of timing and the prospective terms of any transaction described are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond bioMETRX's control with respect to market acceptance of their technology and/or products, whether financing will be available, the effect of the application of acquisition accounting policies as well as certain other risk factors which are and may be detailed from time to time in bioMETRX's filings with the Securities and Exchange Commission.
|SOURCE bioMETRX, Inc.|
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