TORONTO, Jan. 20 /CNW/ - AlarmForce Industries Inc. (TSX:AF) is pleased to announce that it is expanding into the state of Minnesota, which represents the fourth state to be included in its operations.
Joel Matlin, President and CEO of AlarmForce, said, "Minnesota has grown to over 5 million people which, added to the over 30 million population already included in those U.S. states served by AlarmForce, gives a potential market of over 35 million people. Presently AlarmForce services seven major centers in the states of North Carolina, Ohio and Georgia: Charlotte, Raleigh-Durham, Greensboro, Columbus, Cincinnati, Cleveland and Atlanta. These will now be joined by Minneapolis-Saint Paul and we believe that the expansion into this market will enhance significantly our future earnings and growth opportunities.
"Since 2005, our expansion in the U.S. has established a growing base of subscriber accounts and delivered results that are firmly on track with our plans," said Mr. Matlin. "The company's balance sheet continues to be strong, with cash flows financing our market expansion in the U.S. We will continue to evaluate our marketing efforts in order to establish strong brand recognition in Minnesota, highlighting our excellent value proposition, innovative technology and award winning customer service."
"We anticipate that the resulting brand awareness will generate solid long-term revenue growth. We will continue to focus on economies of scale and leveraging our business model to contribute to our future success through organic growth. Alarm monitoring companies are typically valued as a multiple of recurring revenues, which is an important parameter for investors and our shareholders."
Mr. Matlin concluded, "We are very confident that the strong financial position and cash flows which set AlarmForce apart from others in the industry will continue to allow us to grow strategically in the U.S. over the years to come."
AlarmForce provides security alarm and personal emergency response monitoring and related services to residential and commercial subscribers throughout Canada and selected centers across the United States. The Company is a leading provider of two-way voice alarm systems in Canada and sole provider of AlarmPlus, a wireless line-cut protection system. More information about the Company's products and services can be found at www.alarmforce.com.
SOURCE AlarmForce Industries Inc.
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