TORONTO, Nov. 23, 2011 /CNW/ - LOREX Technology Inc. ("LOREX" or the
"Company") (TSXV: LOX) announces revenue guidance for the fiscal year
ended September 30, 2011.
LOREX Technology is pleased to announce that its total revenue was $62.7
million (unaudited) for its fiscal year ended September 30, 2011; a 34%
increase over the prior year total revenue of $46.8 million. Chairman
and CEO, Reuben Klein stated that "the Company's revenue growth is
completely organic; and was achieved by introducing and continuing
development of affordable, consumer-friendly and innovative digital
wireless recording solutions." The Company previously reported that
projected revenues for the year ending September 30, 2011 would be in
the range of $58 million to $60 million.
About LOREX Technology Inc.:
LOREX Technology Inc. ('LOREX') (TSXV: LOX) 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 complete surveillance systems.
LOREX subsidiaries include; LOREX Canada Inc., LOREX Corporation and
Strategic Vista Corporation Limited, Hong Kong.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy of accuracy of this release.
Cautionary Statement on Forward-Looking Information
This news release contains certain statements that may be deemed
"forward-looking statements". Forward-looking statements are statements
that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Forward-looking statements in this press
release relate to the Company's unaudited revenue. The forward-looking
information reflects expectations and does not in any way reflect a
guarantee. Factors which could cause actual results to differ from
current expectations include, among other things: competitive
conditions in which the Company participates; changes in consumer
spending; general economic conditions; customer preferences towards
product offerings. The Company cautions that this is not an exhaustive
list of factors that may affect the forward-looking information
contained in this press release. Potential investors and readers are
urged to give careful consideration to all of these factors in
evaluating any forward-looking information and are cautioned not to
place undue reliance on such information. While the Company believes
that its expectations are reasonable, results predicted in this
forward-looking information may differ materially from actual results.
The Company disclaims any obligation to update forward-looking
information, except as may be required by law.
SOURCE LOREX Technology Inc.
For further information:
Chairman and Chief Executive Officer
LOREX Technology Inc.
Phone: (905) 946-8589, extension 120