-- Revenues of $717 thousand up 131% from $310 thousand in the 1st quarter of 2007. -- Gross profit of $205 thousand or 29% of revenue. -- Operating expenses of $333 thousand down 38% from $460 thousand in the 1st quarter of 2007. -- Net losses from operations of ($158 thousand) down 38% from ($219 thousand) in the 1st quarter of 2007. -- Nine unique brands and 42 devices integrated into MAXIMUM software up from zero in the first quarter of 2007. Equally important, three brands and eleven machines were added in the first quarter of 2008.
WonSoo Chung, CEO of Axium Technologies, commented, "We are very pleased with our first quarter which is typically our weakest quarter due to seasonal ordering patterns. Once again our sales of TaggerTrap comprised the highest percentage of sales and new orders continue to come in as more and more cities become aware of our very effective anti-graffiti security system. It is also important to note that we integrated eleven additional IP devices into our Maximum software and that revenues from this division continue to grow while generating gross margins of approximately 90%.
To access this report, visit the Company's website at http://www.axiumtech.net and select "Financial Statements" under the "Investor" section. Within a couple of days following this release, you may also access this report by going to PinkSheets.com at: http://www.pinksheets.com/pink/quote/quote.jsp?symbol=axgi and select the "Filings" tab.
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ABOUT AXIUM TECHNOLOGIES, INC.
Axium Technologies, Inc. www.axiumtech.net is a leading provider of surveillance security systems software and hardware. The Company maintains its corporate presence in Pasadena, CA and its Research and Development Facility in South Korea. The Company's primary products include MAXIMUM Surveillance Software, which is the key solution providing interoperability for numerous digitalized security and surveillance products from diverse manufacturers.
The Company's Digital Video Recorders (DVRs) and Network Video Products (NVPs) are targeted at the security and surveillance segments of the gaming industry. The Company's newest product "TaggerTrap" is a state of the art graffiti detection product, which detects, records and alarms local police of graffiti activity. The estimated cost of graffiti clean-up in North America is $1.0 billion annually and millions of dollars have been budgeted over the past year by large metro police departments to detect and apprehend graffiti taggers.
FORWARD-LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the sustainability of recent growth rates in the Security and Surveillance industry; the positioning of Axium products in the market; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether Axium Technologies can successfully develop new products and the degree to which these products gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release.
CONTACT INFORMATION Corporate Inquiries: Won Soo Chung 626-351-1200 Email Contact Investor Inquiries: Gerald Kieft/Ryan Audin Wall Street Resources, Inc. 772-219-7525 Email Contact www.wallstreetresources.net