ST. PETERSBURG, Fla.,
Oct. 17, 2011 /PRNewswire/ -- Infrax
Systems, Inc. (OTCBB: IFXY), a global provider of unified Smart
Grid-related products and services for the energy and utility
industries, announced the release of its Annual Report for the
period ending June 30, 2011. The
report, on Form 10K as filed with the Securities and Exchange
Commission, is also posted in the Investor Relations section on the
Company's website http://infraxinc.com/about-us/investor-relations.
This year's annual report filing also contains composite schedules
and footnotes reflecting the positive impact of the acquisition of
majority interest in Lockwood Technologies, which was completed in
April 2011.
"Infrax Systems is pleased with the technical progress made in
the past year in the development of our smart grid security and
communications products. We had a significant increase in revenue
and product development costs during the period. Our revenues
exceeded $500,000.00 for the period
for the first time in our history, up from $10,000.00 in the same period last year. Product
Development costs also increased significantly during the period,
and the results of this development will be seen in subsequent
quarters," states Paul J. Aiello,
President & CEO, Infrax Systems, Inc. "As we move through the
field trial stage of our secure network interface card, the revenue
projections for this product, along with GridMesh, our Asset
Management offering and the UMAX product line remain strong."
During the period, the Company also purchased controlling
interest in Lockwood Technologies, solidified its relationship with
Itron, entered into strategic partnership arrangements, enhanced
its product portfolio and more recently successfully completed a
reverse split of the Company's stock. It continues to focus
on completing its portfolio and the recapitalization of the
Company. The Company continues to release its products after
successful completion of lab and field trials. The UMAX
product designed for cost effective substation communications is
now commercially available, and the enhanced UMAX+ will be
available within the next 30 days.
The Company continues to work toward the completion of the
acquisition of Southern Power & Controls (SPC), the preeminent
specialty control company in the Southeastern United States. As part of
this effort, the Company has been actively working with several
investment institutions to raise the capital required to both
complete the acquisition and fund future growth, both organic and
acquisition related. On a projected consolidated basis, the
combination of Infrax and SPC should generate revenues of
approximately $20,000,000 in the
first year of combined operations and be EBITDA positive.
Additionally, during the period there have been significant
developments among our competitors which should prove positive for
Infrax and the entire smart grid sector. Ambient Corp successfully
completed its reverse and up listed to the NASDAQ exchange, and
Silver Spring Networks filed an S-1 signaling its intent to IPO and
join the select few publically traded smart grid providers focused
on advanced metering solutions. We view these developments as
extremely positive to Infrax.
"Looking forward, we will continue our efforts to secure the
energy grid by bringing to market the most advanced and secure
products available. Our products continue to be well received in
the sector and our relationships with utilities continues to
strengthen," added Aiello. "We will continue to strive to exceed
the expectations of our customers, partners and shareholders as we
progress through the coming year."
About Infrax Systems
Infrax Systems offers a series of interrelated operational
management, communications, and grid security related products and
services known as Secure Intelligent Energy Platform (SIEP). Our
products enable a comprehensive and unified solution for
communications and applications management of the Smart Grid. SIEP™
incorporates a wide array of communications, security, device and
data management tools for Smart Grid applications such as advanced
metering solutions and grid optimization. SIEP platform creates a
unified solution to securely manage Advanced Metering
Infrastructure (AMI) and distribution automation. Infrax's secure
smart grid platform, incorporates a communications transport and
management system, (Grid Mesh™), device and data security
management, and ultimately secures intelligent endpoint devices
(SIED). The secure management of the "last mile" backhaul will be
necessary for utilities to implement Smart Grid applications
including AMI, real-time pricing, Demand Side Management (DSM),
Distribution Monitoring and Automation. When combined, these
applications can offer economic, operational and environmental
benefits for utilities, and ultimately the utility's customers.
For INFRAX Systems information,
contact Investors@Infraxinc.com or
visit www.infraxinc.com.
Forward-Looking Statements
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products and services that we may not produce
today and that meet defined specifications. When used in this press
release, the words "plan," "expect," "believe," and similar
expressions generally identify forward-looking statements. These
statements reflect our current expectations. They are subject to a
number of risks and uncertainties, including, but not limited to,
changes in technology and changes in pervasive markets.
Contact:
Contact:
Media Contact:
Infrax Systems, Inc.
investors@infraxinc.com
727-498-8514
SOURCE Infrax Systems, Inc.