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Versus Technology Announces First Quarter Results

TRAVERSE CITY, Mich., March 6 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") (OTC Pink Sheets: VSTI) announced revenues of $1,613,000 for the fiscal quarter ended January 31, 2009, a 13% increase over revenues of $1,426,000 for the same period in 2008. The growth in revenue is attributable, in part, to more than a four-fold increase in software sales and a doubling of service revenues. Versus' quarterly revenues can vary significantly depending upon the timing of delivery of major customer projects. Accordingly, the revenues reported in any one quarter are not necessarily indicative of what full year results will be.

Gross profits as a percentage of revenues were 76% for the quarter compared to 71% for the same period in 2008. The increase in gross profit percentage is attributable to the increase in software sales and service. Operating expenses other than cost of revenues for the quarter were 74% of revenues compared to 81% of revenues for the quarter ended January 31, 2008.

Versus reported a pre-tax net income of $37,000 for the quarter, compared to a net loss of $130,000 for the same period in 2008.

For additional information, please refer to the attached unaudited consolidated financial statements.

About Versus Technology, Inc.

Versus Technology, Inc. is the leader in the development and sale of context-aware real-time location systems (RTLS) used for enterprise patient tracking, bed management and asset tracking to improve patient flow and caregiver/patient communications in hospitals, clinics and long-term care facilities. Versus also develops dual infrared and Active RFID tags and other location tracking hardware to make locating systems more precise, security systems more intelligent, nurse call systems automatic, and hospital asset tracking systems more efficient. Indoor positioning through Versus' RTLS enhances existing hospital software and patient care systems with real-time, reliable bed-level location information. The patented Versus IR and Active RFID patient and asset tracking system is exclusively endorsed by the American Hospital Association and is a key component of their Patient Flow Platform -- which includes a select group of vendors that provide proven solutions to enhance patient flow and improve patient safety. (; Pink Sheets: VSTI.PK)

Safe Harbor Provision

This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether because of new information, future events, or otherwise.

Report of Management

The accompanying consolidated balance sheets of Versus Technology, Inc. and Subsidiary as of January 31, 2009, and October 31, 2008, and the related consolidated statements of operations and cash flows for the three-month periods ended January 31, 2009 and 2008, have been prepared by management.

Management has elected to omit the statement of shareholders' equity and substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted statement and disclosures were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.

The reader should refer to the Versus Technology, Inc. 2008 Annual Report which is available at for further details regarding the Company's financial position at October 31, 2008.

    Joseph E. Winowiecki
    Chief Financial Officer
    March 6, 2009

                         Consolidated Balance Sheets

                                           January 31, 2009   October 31, 2008
    Current assets
      Cash and cash equivalents                $1,975,000       $1,709,000
      Accounts receivable                       1,194,000        1,359,000
      Inventories                                 663,000          720,000
      Prepaid expenses and other current
       assets                                     173,000          175,000

    Total current assets                        4,005,000        3,963,000

    Property and equipment
      Machinery and equipment                     404,000          403,000
      Furniture and fixtures                      100,000          100,000
      Leasehold improvements                      420,000          420,000

                                                  924,000          923,000
    Less accumulated depreciation                 610,000          594,000

    Net property and equipment                    314,000          329,000

    Goodwill                                    1,533,000        1,533,000

    Deposits                                        9,000            9,000

    Total assets                               $5,861,000       $5,834,000

    See accompanying report of management.

                         Consolidated Balance Sheets

                                           January 31, 2009   October 31, 2008

    Liabilities and shareholders' equity

    Current Liabilities
      Short-term borrowings                      $400,000         $400,000
      Accounts payable                            297,000          274,000
      Accrued expenses                            279,000          359,000
      Deferred revenue from customer advance
       payments                                   277,000          256,000

    Total liabilities (all current)             1,253,000        1,289,000

    Shareholders' equity
      Common stock $0.01 par value;
       120,000,000 shares authorized;
       95,325,325 (92,781,325 -- 2008)
       issued and outstanding                     953,000          953,000
      Additional paid-in capital               42,711,000       42,686,000

      Accumulated deficit                     (39,056,000)     (39,094,000)

    Total shareholders' equity                  4,608,000        4,545,000

    Total liabilities and shareholders'
     equity                                    $5,861,000       $5,834,000

    See accompanying report of management.

                    Consolidated Statements of Operations

                                               Three Months Ended January 31,
                                                    2009            2008

    Revenues                                     $1,613,000     $1,426,000

    Operating Expenses
      Cost of revenues                              391,000        413,000
      Research and development                      164,000        177,000
      Sales and marketing                           766,000        738,000
      General and administrative                    260,000        245,000

    Total Operating Expenses                      1,581,000      1,573,000

    Income (Loss) From Operations                    32,000       (147,000)

    Other Income (Expense)
      Interest income                                 5,000         18,000
      Net foreign currency transaction losses             -         (1,000)

    Total Other Income (Expense)                      5,000         17,000

    Net Income (Loss)                               $37,000      $(130,000)

    Basic and Diluted Net Income Per Share               $-             $-

    See accompanying report of management.

                    Consolidated Statements of Cash Flows

                                               Three Months Ended January 31,
                                                     2009           2008
    Operating Activities
      Net income (loss)                             $37,000      $(130,000)
      Adjustments to reconcile net loss to
       net cash provided by (used in) operating
        Depreciation                                 16,000          9,000

        Amortization of intangibles                       -              -

        Non-cash equity based compensation           26,000         26,000

      Changes in operating assets and liabilities:
        Accounts receivable                         164,000        (35,000)
        Inventories                                  57,000          9,000
        Prepaid expenses and other current
         assets                                       2,000        (28,000)
        Accounts payable                             22,000       (179,000)
        Accrued expenses                            (79,000)       (52,000)
        Deferred revenues from customer advance
         payments                                    22,000         12,000

    Net cash provided by (used in) operating
     activities                                     267,000       (368,000)

    Investing Activity
      Additions to property and equipment            (1,000)      (195,000)

    Net Increase (Decrease) in Cash and Cash
     Equivalents                                    266,000       (563,000)

    Cash and Cash Equivalents, at the
     beginning of the period                      1,709,000      2,428,000

    Cash and Cash Equivalents, at the end
     of the period                               $1,975,000     $1,865,000

    See accompanying report of management.

SOURCE Versus Technology, Inc.
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