LOREX announces Q2 2010 results

TORONTO, May 27 /CNW/ - LOREX Technology Inc. ("LOREX" or the "Company") (NEX: LOX.H) announces results* for the three and six months ended March 31, 2010.

Highlights of the three and six month operating results are as follows:

    
    (Thousands of US $, unless otherwise noted)
    -------------------------------------------------------------------------
                                 Three months ended       Six months ended
                                      March 31                March 31
                              -----------------------------------------------
                                  2010        2009        2010        2009
    -------------------------------------------------------------------------
    Revenue                        9,342      11,590      19,842      22,216
    -------------------------------------------------------------------------
    Earnings before interest,
     taxes, amortization(xx)         223         387         687         483
    -------------------------------------------------------------------------
    Earnings before income taxes      61         157         306          13
    -------------------------------------------------------------------------
    Earnings                          36         157         173          13
    -------------------------------------------------------------------------
    Earnings per common share,
     basic                         $0.00       $0.01       $0.01       $0.00
    -------------------------------------------------------------------------
    Earnings per common share,
     diluted                       $0.00       $0.01       $0.00       $0.00
    -------------------------------------------------------------------------
    Weighted average number
     of shares - basic        31,290,278  26,954,083  31,123,501  26,954,083
    -------------------------------------------------------------------------
    Weighted average number
     of shares - diluted      43,790,278  26,954,083  43,623,501  26,954,083
    -------------------------------------------------------------------------

    * Unaudited financial information is available at www.sedar.com.

    (xx) EBITDA is not a measure of performance under Canadian GAAP. EBITDA
    should not be considered in isolation or as a substitute for profit nor
    as a measure of operating performance or profitability.
    

Commenting on the results for the three and six months ended March 31st, Chairman and CEO Reuben Klein stated, "As expected, second quarter revenue was lower than the comparable prior year period as shipments of next generation product to a major customer which occurred in the second quarter of the prior year are expected to occur in the third quarter of the current year. Still, year to date we are ahead of the prior year in terms of profitability. Declines in International revenue were offset by growth in our Digimerge professional division and our in-house web division as we continued to see benefits from a focused effort on our North American business."

About LOREX Technology Inc.:

LOREX Technology Inc. ('LOREX') (NEX:LOX.H) provides businesses and consumers with leading edge video surveillance security solutions and sells its products under the LOREX and Digimerge brands. The LOREX brand, which caters to both small business and consumer markets, is available in thousands of retail locations across North America. The Digimerge division distributes its products through major distributors in North America. Both brands concentrate on the sale of wired, wireless and IP security surveillance equipment including cameras, digital video recorders and all-in-one systems.

LOREX subsidiaries include; LOREX Canada Inc., LOREX Corporation and Strategic Vista Corporation Limited, Hong Kong.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information included in this news release contains statements that are forward-looking, such as statements relating to anticipated future revenues of the Company and the success of product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company.

SOURCE LOREX Technology Inc.

For further information: For further information: Jordan Schwartz, Chief Financial Officer, LOREX Technology Inc., Phone: (905) 946-8589 ext 168, jordan.schwartz@lorexcorp.com, www.lorextechnology.com

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LOREX Technology Inc.

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