Istanbul, Turkey, 31st March 2011, – TouchIT Technologies, Inc. (OTCBB: TUCN), a leading manufacturer of touch-based visual communication products, has announced today that sales grew 176% in 2010 and the Company continues to post profits.
Total revenues for the twelve-month period ending December 31st 2010 reached $3.58 million, a 176% increase from the $2.05 million of revenues reported at the end of the same period of 2009. Gross profit was $1.07 million or 30% of net sales, as of December 31st, 2010, up 375% from $287,027 in the same period in 2009. Total comprehensive income at the end of the year 2010 was $165,178. This compares with a net loss of $262,178 for year-end 2009.
Additionally, the Company recently closed on a $1 million ABL facility through TCA Global Credit Master Fund LP to meet its rapid growth expectations into 2011. This will help the Company increase its production capacity of both the interactive whiteboards and the soon-to-be launched new range of Interactive LCDs.
"We are outperforming the visual communication market and some of our much larger competitors with our rate of growth," commented Andi Brabin, TouchIT Technologies' Chief Financial Officer. Mr. Brabin further added that the improving performance has been “a result of continued expansion” in both the Middle East and the U.S. market places, with the U.S. currently being the largest market in the world for Interactive products.
With a growing sales channel and several potential OEM opportunities, TouchIT Technologies is confident that it will achieve its earlier sales forecast for 2011.
About TouchIT Technologies
TouchIT Technologies is a leading designer, producer and marketer of touch-based visual communication products. The Company manufactures a large range of touch screen and touch board products containing TouchIT’s proprietary technology to suit all types of applications, from small LCD touch-screens to large interactive whiteboard displays and audience response systems, with applications to several industry segments including education, business, and government. The Company is based in Istanbul, Turkey, where it has its manufacturing facilities and technology development team. Sales Offices have been established in London, UK, County Limerick, Ireland and Bloomfield Hills, Michigan USA. For more information, please visit:
Twitter - @touchit_tech
Forward Looking Statements
This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). TouchIT Technologies, Inc. claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: impact of the company's expansion plan, and new business development success, future financial results, development and acquisition of new product lines, the impact of competitive products or pricing from technological changes, the effect of economic conditions and other uncertainties.
CONTACT:CORPORATE: INVESTOR RELATIONS:
TouchIT Technologies, Inc. Cooper Global Communications LLC
TouchIT Technologies, Inc. Cooper Global Communications LLC
Tel: 44-207-858-1045 Tel: 212-317-1400
