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Versus Technology Announces Second Quarter Results

TRAVERSE CITY, Mich., May 28 /PRNewswire-FirstCall/ --Versus Technology, Inc. ("Versus" or the "Company") (OTC Pink Sheets: VSTI) announced revenues of $1,137,000 for its second fiscal quarter ended April 30, 2009, a 20% decrease compared to revenues of $1,424,000 for the same quarter of the prior year. Revenues for the six months ended April 30, 2009 were $2,750,000, compared to $2,850,000 for the six months ended April 30, 2008, a 3.5% decrease. 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 were 69% for the current year's second quarter compared to 71% for the same quarter of the prior year. Operating expenses, other than cost of revenues, decreased 6% for the current year's second quarter compared to the same quarter of the prior year.

Versus reported a net loss of $407,000 for the current year's second quarter compared to a net loss of $247,000 for the same quarter of the prior year. The Company reported a net loss of $371,000 for the six months ended April 30, 2009, compared to a net loss of $377,000 for the six months ended April 30, 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 April 30, 2009, and October 31, 2008, and the related consolidated statements of operations and cash flows for the six-month period ended April 30, 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

May 28, 2009

                         Consolidated Balance Sheets
                                             30-Apr-09        31-Oct-08
      Current assets
         Cash and cash equivalents          $1,741,000      $1,709,000
         Accounts receivable                   746,000       1,359,000
         Inventories                           659,000         720,000
         Prepaid expenses and other
          current assets                       196,000         175,000
                                               -------         -------

      Total current assets                   3,342,000       3,963,000
                                             ---------       ---------

      Property and equipment
         Machinery and equipment               408,000         403,000
         Furniture and fixtures                100,000         100,000
         Leasehold improvements                420,000         420,000
                                               -------         -------

                                               928,000         923,000
         Less accumulated
          depreciation                         626,000         594,000
                                               -------         -------

      Net property and equipment               302,000         329,000

      Goodwill                               1,533,000       1,533,000

      Deposits                                   9,000           9,000
                                                 -----           -----

      Total assets                          $5,186,000      $5,834,000
                                             =========       =========

    See accompanying report of management.

                         Consolidated Balance Sheets
                                             30-Apr-09        31-Oct-08

    Liabilities and shareholders' equity

      Current Liabilities
         Short-term borrowings                 $ -            $400,000
         Accounts payable                      326,000         274,000
         Accrued expenses                      313,000         359,000
         Deferred revenue from customer
          advance payments                     321,000         256,000
                                               -------         -------

      Total liabilities (all current)          960,000       1,289,000
                                               -------       ---------

      Shareholders' equity
         Common stock $0.01 par value;
          120,000,000 shares authorized;
          95,325,325 and 92,781,325
          issued and outstanding               953,000         953,000
         Additional paid-in capital         42,738,000      42,686,000
         Accumulated deficit               (39,465,000)    (39,094,000)
                                            ----------      ----------

      Total shareholders' equity             4,226,000       4,545,000
                                             ---------       ---------

      Total liabilities and
       shareholders' equity                 $5,186,000      $5,834,000
                                             =========       =========

      See accompanying report of management.

    Three Months Ended April 30,

                         Consolidated Statements of Operations

                                Three Months Ended       Six Months Ended
                                     April 30,               April 30,
                                2009        2008         2009       2009

      Revenues                $1,137,000  $1,424,000  $2,750,000  $2,850,000
                               ---------   ---------   ---------   ---------
      Operating Expenses
         Cost of revenues        350,000     413,000     797,000     826,000
         Research and
          development            166,000     206,000     330,000     383,000
         Sales and marketing     805,000     819,000   1,591,000   1,557,000
         General and
          administrative         226,000     246,000     411,000     491,000
                                 -------     -------     -------     -------

      Total Operating Expenses 1,547,000   1,684,000   3,129,000   3,257,000
                               ---------   ---------   ---------   ---------

      Loss From Operations      (410,000)   (260,000)   (379,000)   (407,000)
                                 -------     -------     -------     -------

      Other Income (Expense)
         Interest income           3,000      13,000       8,000      31,000
         Net foreign currency
          transaction gain (loss)  -           -           -          (1,000)
                                   -----       -----       -----       -----

      Total Other Income
       (Expense)                   3,000      13,000       8,000      30,000
                                   -----      ------       -----      ------

      Net Loss                 $(407,000)  $(247,000)  $(371,000)  $(377,000)
                                 =======     =======     =======     =======

      Basic and Diluted Net
       Loss Per Share           $( -    )   $( -    )   $( -    )   $( -    )
                                 =======     =======     =======     =======

    See accompanying report of management.

                         Consolidated Statements of Cash Flows

                                          Six Months Ended April 30,
                                                 2009           2008
                                                 ----           ----
      Operating Activities
         Net income (loss)                  $(371,000)     $(377,000)
         Adjustments to reconcile net
          loss to net cash provided by
          (used in) operating activities:
           Depreciation                        32,000         19,000
           Non-cash equity based
            compensation                       52,000         52,000
         Changes in operating assets
          and liabilities:
           Accounts receivable                613,000        204,000
           Inventories                         61,000         29,000
           Prepaid expenses and other
            current assets                    (21,000)       (66,000)
           Accounts payable                    52,000       (158,000)
           Accrued expenses                   (46,000)       (22,000)

           Deferred revenues from
            customer advance
               payments                        65,000        (41,000)
                                               ------         ------

      Net cash provided by (used in)
       operating activities                   437,000       (360,000)
                                              -------        -------

      Investing Activity
         Additions to property and
          equipment                            (5,000)      (266,000)
                                                -----        -------

      Financing Activities
         Issuance of Common Stock               -            117,000
         Additions to property and
          equipment                          (400,000)          -
                                              -------        -------

      Net Increase (Decrease) in Cash and
       Cash Equivalents                        32,000       (509,000)

      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               $1,741,000     $1,919,000
                                            =========      =========

    See accompanying report of management.

SOURCE Versus Technology, Inc.
Copyright©2009 PR Newswire.
All rights reserved

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