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Versus Technology Announces Third Quarter Results

TRAVERSE CITY, Mich., Aug. 25 /PRNewswire-FirstCall/ -- Versus Technology, Inc. ("Versus" or the "Company") announced revenues of $1,155,000 for its third fiscal quarter ended July 31, 2009, a 1.8% decrease compared to revenues of $1,176,000 for the same quarter of the prior year. Revenues for the nine months ended July 31, 2009, were $3,905,000, compared to $4,026,000 for the nine months ended July 31, 2008, a 3.0% 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 69.4% for the current year's third quarter compared to 71.1% for the same quarter of the prior year. Operating expenses, other than cost of revenues, decreased 9.8% for the current year's third quarter compared to the same quarter of the prior year.

Versus reported a net loss of $360,000 for the current year's third quarter compared to a net loss of $448,000 for the same quarter of the prior year. The Company reported a net loss of $731,000 for the nine months ended July 31, 2009, compared to a net loss of $825,000 for the nine months ended July 31, 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 July 31, 2009, and October 31, 2008, and the related consolidated statements of operations and cash flows for the nine-month period ended July 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

August 25, 2009

                           Consolidated Balance Sheets

                                            31-Jul-09        31-Oct-08
                                            ---------        ---------
    Current assets
       Cash and cash equivalents           $1,621,000       $1,709,000
       Accounts receivable                    543,000        1,359,000
       Inventories                            630,000          720,000
       Prepaid expenses and other
        current assets                        184,000          175,000
                                              -------          -------

    Total current assets                    2,978,000        3,963,000
                                            ---------        ---------

    Property and equipment
       Machinery and equipment                426,000          403,000
       Furniture and fixtures                 100,000          100,000
       Leasehold improvements                 420,000          420,000
                                              -------          -------

                                              946,000          923,000
       Less accumulated depreciation          641,000          594,000
                                              -------          -------

    Net property and equipment                305,000          329,000

    Goodwill                                1,533,000        1,533,000

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

    Total assets                           $4,825,000       $5,834,000
                                            =========        =========

    See accompanying report of management.

                              Consolidated Balance Sheets

                                                31-Jul-09         31-Oct-08
                                                ---------         ---------
    Liabilities and shareholders' equity

    Current Liabilities
       Short-term borrowings                            $-         $400,000
       Accounts payable                            297,000          274,000
       Accrued expenses                            262,000          359,000
       Deferred revenue from customer
        advance payments                           374,000          256,000
                                                   -------          -------

    Total liabilities (all current)                933,000        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               42,764,000       42,686,000
       Accumulated deficit                     (39,825,000)     (39,094,000)
                                                ----------       ----------

    Total shareholders' equity                   3,892,000        4,545,000
                                                 ---------        ---------

    Total liabilities and shareholders' equity  $4,825,000       $5,834,000
                                                 =========        =========

    See accompanying report of management.

                         Consolidated Statements of Operations

                                  Three Months Ended     Nine Months Ended
                                       July 31,               July 31,
                                  2009        2008        2009        2008
                                  ----        ----        ----        ----

    Revenues                  $1,155,000  $1,176,000  $3,905,000  $4,026,000

    Operating Expenses
       Cost of revenues          353,000     340,000   1,150,000   1,166,000
       Research and
        development              172,000     218,000     502,000     601,000
       Sales and marketing       735,000     814,000   2,326,000   2,371,000
       General and
        administrative           259,000     261,000     670,000     752,000
                                 -------     -------     -------     -------

    Total Operating Expenses   1,519,000   1,633,000   4,648,000   4,890,000

    Loss From Operations        (364,000)   (457,000)   (743,000)   (864,000)
                                --------    --------    --------    --------

    Other Income (Expense)
       Interest income             4,000       9,000      12,000      40,000
       Net foreign currency
        transaction gain (loss)        -           -           -      (1,000)
                                  ------      ------      ------      ------

    Total Other Income (Expense)   4,000       9,000      12,000      39,000
                                   -----       -----      ------      ------

    Net Loss                   $(360,000)  $(448,000)  $(731,000)  $(825,000)
                               =========    ========   =========   =========

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

    See accompanying report of management.

                        Consolidated Statements of Cash Flows

                                                       2009        2008
                                                       ----        ----
    Operating Activities
       Net income (loss)                          $(731,000)  $(825,000)
       Adjustments to reconcile net loss to
        net cash provided by (used in) operating
       Depreciation                                  48,000      35,000
       Non-cash equity based compensation            78,000      82,000
       Changes in operating assets and
         Accounts receivable                        815,000     473,000
         Inventories                                 91,000     (79,000)
         Prepaid expenses and other current
          assets                                     (9,000)    (64,000)
         Accounts payable                            22,000     (53,000)
         Accrued expenses                           (97,000)    (39,000)
         Deferred revenues from customer
          advance payments                          119,000    (104,000)
                                                    -------   ---------

    Net cash provided by (used in)
     operating activities                           336,000    (574,000)
                                                    -------   ---------

    Investing Activity
       Additions to property and equipment          (24,000)   (281,000)
                                                    -------   ---------

    Financing Activities
       Issuance of Common Stock                           -     117,000
       Paydown of Debt                             (400,000)          -
                                                  ---------   ---------

    Net Increase (Decrease) in Cash and
     Cash Equivalents                               (88,000)   (738,000)

    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                           $1,621,000  $1,690,000
                                                 ==========  ==========

    See accompanying report of management.

SOURCE Versus Technology, Inc.
Copyright©2009 PR Newswire.
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