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Versus Technology Announces Fiscal Year Results

TRAVERSE CITY, Mich., Dec. 29 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $5,774,000 for the fiscal year ended Oct. 31, 2008, compared to revenues of $5,566,000 for fiscal year 2007. Revenues for the fiscal quarter ended Oct. 31, 2008, were $1,748,000 compared to revenues of $2,012,000 for the same period in 2007. Versus' quarterly revenues can vary significantly depending on the timing and delivery of major customer projects. Accordingly, revenues reported in any one quarter are not necessarily indicative of what full year results will be.

Gross profits as a percentage of revenues increased to 71% for the year compared to 68% for 2007. For the quarter, gross profits were 70% compared to 71% for the same period in 2007.

The Company reported a net loss of $808,000 for the fiscal year ended Oct. 31, 2008, compared to a net loss of $208,000 for fiscal 2007. The increase in the reported net loss for the year was primarily attributable to a 26% increase in research and development and sales and marketing expenses. Net income for the fiscal quarter ended Oct. 31, 2008, was $15,000 compared to net income of $335,000 for the same period in 2007.

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

About Versus Technology, Inc.

Versus Technology, Inc. (Pink Sheets: VSTI.PK) ( (Versus) is the leader in the development and sale of context-aware systems used for the management of patient flow and medical assets and to improve caregiver/patient communications in medical and long-term care facilities. Versus also supplies Active RFID/IR tags and readers that make locating systems more precise, security systems more intelligent, data collection routines automatic, and asset management systems more efficient. Versus' systems, which are currently installed in hospitals, corporate facilities, government facilities, and other complexes, permit the automatic and accurate registry of essential management and business information. By monitoring the precise location of personnel or equipment and automatically recording events associated with their locations, the systems offer real-time asset and staff locating, automatic data collection, access/egress control, and a passive source of location data that facilitates scheduling and communication interfaces. Versus' proprietary locating systems are sold primarily through an expanding network of resellers and dealers.

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 October 31, 2008, and October 31, 2007, and the related consolidated statements of operations and cash flows for the periods ended October 31, 2008 and 2007, have been prepared by management.

Management has elected to omit substantially all of the footnote disclosures required by accounting principles generally accepted in the United States. If the omitted 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. 2007 Annual Report which is available at for further details regarding the 2007 results. The full annual report for 2008 will be published at when available.

    Richard W. Ebersole
    Chief Financial Officer
    December 29, 2008

                         Consolidated Balance Sheets

                                                        October 31,
                                                  2008              2007
    Current assets
       Cash and cash equivalents              $1,709,000        $2,428,000
       Accounts receivable, including
        $123,000 unbilled ($91,000 - 2007)     1,359,000         1,134,000
       Inventories                               720,000           824,000
       Prepaid expenses and other
        current assets                           175,000           127,000

    Total current assets                       3,963,000         4,513,000

    Property and equipment
       Machinery and equipment                   403,000           374,000
       Furniture and fixtures                    100,000            92,000
       Leasehold improvements                    420,000           160,000
       Construction in progress                  -                  14,000

                                                 923,000           640,000
       Less accumulated depreciation             594,000           542,000

    Net property and equipment                   329,000            98,000

    Goodwill                                   1,533,000         1,533,000

    Deposits                                       9,000             9,000

    Total assets                           $   5,834,000     $   6,153,000

    See accompanying report of management.
    The full annual report will be published at when

                         Consolidated Balance Sheets

                                                             October 31,
                                                         2008          2007
    Liabilities and shareholders' equity

    Current Liabilities
       Short-term borrowings                          $400,000       $ -
       Accounts payable                                274,000        523,000
       Accrued expenses                                359,000        263,000
       Deferred revenue from customer
        advance payments                               256,000        242,000

    Total liabilities (all current)                  1,289,000      1,028,000

    Shareholders' equity
       Common stock $0.01 par value; 120,000,000
        shares authorized; 95,325,325
        (92,781,325 - 2007)
        issued and outstanding                         953,000        928,000
       Additional paid-in capital                   42,686,000     42,483,000
       Accumulated deficit                         (39,094,000)   (38,286,000)

    Total shareholders' equity                       4,545,000      5,125,000

    Total liabilities and shareholders' equity      $5,834,000     $6,153,000

    See accompanying report of management.
    The full annual report will be published at when

                    Consolidated Statements of Operations

                       Three months ended October 31,   Year ended October 31,
                              2008          2007          2008         2007

    Revenues               $1,748,000    $2,012,000    $5,774,000   $5,566,000

    Operating Expenses
     Cost of
      revenues                516,000       581,000     1,684,000   1,810,000
     Research and
      development             193,000       154,000       793,000     610,000
     Sales and
      marketing               768,000       775,000     3,136,000   2,508,000
     General and
      administrative          261,000       183,000     1,014,000     907,000

    Total Operating
     Expenses               1,738,000     1,693,000     6,627,000   5,835,000

    Income (Loss)
     From Operations           10,000       319,000      (853,000)   (269,000)

    Other Income (Expense)
     Interest income            6,000        16,000        46,000      61,000
     Interest expense          (1,000)        -            (1,000)      -

    Total Other
     Income, Net                5,000        16,000        45,000      61,000

    Net Income (Loss)         $15,000      $335,000     $(808,000)  $(208,000)

    Basic and Diluted Net
     Income (Loss)
     Per Share                $ -          $ -             $(0.01)   $(-)

    See accompanying report of management.
    The full annual report will be published at when

                    Consolidated Statements of Cash Flows

                                                       Year ended October 31,
                                                          2008         2007
    Cash flows from operating activities
       Net loss                                       $(808,000)   $(208,000)
       Adjustments to reconcile net loss to net cash
        (used in) provided by operating activities:
        Depreciation and amortization                    52,000       74,000
        Bad debts (recoveries)                            4,000      (13,000)
        Share-based compensation                        111,000      110,000
        Changes in operating assets and liabilities:
         Accounts receivable                           (229,000)     662,000
         Inventories                                    104,000     (248,000)
         Prepaid expenses and other current assets      (48,000)     (65,000)
         Accounts payable                              (249,000)      45,000
         Accrued expenses                                96,000        1,000
         Deferred revenues from customer
          advance payments                               14,000      131,000

    Net cash (used in) provided by
     operating activities                              (953,000)     489,000

    Cash used in investing activities
       Additions to property and equipment             (283,000)     (65,000)

    Cash flows from financing activities
       Issuance of common stock                         117,000      603,000
       Increase in short-term borrowings                400,000       -

    Net cash provided by financing activities           517,000      603,000

    Net (decrease) increase in cash
     and cash equivalents                              (719,000)   1,027,000

    Cash and cash equivalents, at
     the beginning of the period                      2,428,000    1,401,000

    Cash and cash Equivalents, at
     the end of the period                            $1,709,000   $2,428,000

    See accompanying report of management.
    The full annual report will be published at when

SOURCE Versus Technology, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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