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Speedus Announces Fourth Quarter and Fiscal 2007 Results

NEW YORK, March 31 /PRNewswire-FirstCall/ -- Speedus Corp. (Nasdaq: SPDE) today announced a net loss of $4.4 million, or $1.11 per share on a fully diluted basis, for the twelve months ended December 31, 2007 compared to a net loss of $5.6 million, or $1.40 per share on a fully diluted basis, for the twelve months ended December 31, 2006. The loss before depreciation and amortization for the twelve months ended December 31, 2007 was $4.2 million compared to a loss before depreciation and amortization of $4.9 million for the twelve months ended December 31, 2006.

For 2007, total operating expenses before depreciation and amortization amounted to $5.7 million compared to $6.3 million in 2006. This decrease is primarily a result of a decrease in non-cash stock based compensation.

In October 2007, Zargis and the 3M Company entered into an exclusive multi-year marketing alliance involving Zargis' heart sound analysis software and 3M Littmann's next-generation electronic stethoscope. Under the agreement, Zargis will support 3M in its efforts to develop a next-generation stethoscope that will be compatible with Zargis' heart sound analysis software. In addition, the alliance provides Zargis with a wide-range of marketing and promotional opportunities along with exclusive rights to sell its heart sound analysis software through the global distribution network of the Littmann brand. The agreement grants 3M a 10% minority equity position in Zargis, 5% following the first sale of Zargis' software through the 3M distribution channel and 5% in the event the agreement is renewed after an initial two year term and certain other conditions are met, and a seat on Zargis' board of directors.

About Speedus Corp

Additional information on Speedus Corp. may be obtained at or by contacting Peter Hodge at 888-773-3669 (ext. 23) or

Statements contained herein that are not historical facts, including but not limited to statements about the Company's product, corporate identity and focus, may be forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, the continuing development of the Company's sales, marketing and support efforts.

These financial statements do not include all information and notes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the Company's 2007 audited consolidated financial statements and notes thereto on Form 10-K. Operating results for the year ended December 31, 2007 are not necessarily indicative of the results that may be expected for the year ending December 31, 2008.

CONTACT: Peter Hodge of Speedus Corp., 888-773-3669 (ext. 23) or



Quarters ended Years ended

December 31, December 31,

2007 2006 2007 2006

(unaudited) (unaudited)

Revenues $155,285 $208,024 $733,213 $846,342


Selling, general and

administrative 1,022,009 1,157,638 3,828,009 4,319,554

Research and

development 354,315 293,793 1,612,872 1,678,139

Depreciation and

amortization 109,201 139,888 265,634 757,553

Cost of sales 65,825 76,717 297,439 306,932

Total operating

expenses 1,551,350 1,668,036 6,003,954 7,062,178

Operating loss (1,396,065) (1,460,012) (5,270,741) (6,215,836)


income/(loss) (10,148) 332,532 852,691 600,641

Net loss $(1,406,213) $(1,127,480) $(4,418,050) $(5,615,195)

Per share:

Loss per common share

- basic and diluted $(0.35) $(0.28) $(1.11) $(1.40)

Weighted average

common shares

outstanding - basic

and diluted 3,991,910 4,004,279 3,992,044 4,012,927



December 31,

2007 2006


Current assets:

Cash and cash equivalents $8,845,358 $10,204,167

United States Treasury bills 2,996,700 4,990,250

Assets held for sale 342,000 ---

Marketable securities 92,190 354,011

Prepaid expenses and other 79,623 143,654

Total current assets 12,355,871 15,692,082

Property and equipment, net of

accumulated depreciation of

$112,353 and $444,972 50,569 527,828

Other intangible assets, net of

accumulated amortization of

$1,125,928 in 2006 --- 34,116

Other investments 800,000 800,000

Other assets 83,127 81,737

Total assets $13,289,567 $17,135,763


Current liabilities:

Accounts payable $46,413 $62,805

Accrued liabilities 1,390,803 971,055

Total current liabilities 1,437,216 1,033,860

Commitments and Contingencies

Stockholders' equity:

Common stock ($.01 par value;

50,000,000 shares authorized;

5,438,006 shares issued) 54,380 54,380

Preferred stock ($.01 par

value; 20,000,000 shares


Series A Junior

Participating ($.01 par

value; 4,000 shares

authorized; no shares

issued and outstanding) --- ---

Additional paid-in-capital 91,797,457 91,627,241

Treasury stock (at cost;

1,445,634 and 1,445,221 shares) (6,085,078) (6,083,360)

Accumulated deficit (73,914,408) (69,496,358)

Stockholders' equity 11,852,351 16,101,903

Total liabilities and

stockholders' equity $13,289,567 $17,135,763

SOURCE Speedus Corp.
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