LocatePLUS Posts Record Preliminary First Quarter Revenues of $2.9 Million
June 01 2005 - 5:30PM
PR Newswire (US)
LocatePLUS Posts Record Preliminary First Quarter Revenues of $2.9
Million -- Revenues Up 126% Year-over-Year; EBITDA Positive for the
First Quarter -- BEVERLY, Mass., June 1 /PRNewswire-FirstCall/ --
LocatePLUS Holdings Corp. (OTC Bulletin Board: LPLHA; LPLHB;
LPLHW), an industry-leading provider of business-to-business and
business-to-government investigative solutions, announced today its
preliminary financial results for the three month period ended
March 31, 2005. The Company reported preliminary revenues of
$2,898,677 for the first quarter of 2005, which represents an
increase of 126% compared to revenues of $1,284,976 reported in the
first quarter of 2004 and 26% higher than the $2,279,322 reported
in the fourth quarter of 2004. The Company also announced a
preliminary EBITDA profit. Total assets as of March 31, 2005 were
$6,445,689 with total current assets of $2,842,500 and cash and
cash equivalents totaling $100,453. Current liabilities were
$6,363,918 as of March 31, 2005. LocatePLUS CEO Jon Latorella
stated, "The first quarter of 2005 marked a major turning point of
being EBITDA positive, and validates our ongoing business strategy.
Now that we have turned EBITDA positive, we will devote our
continued efforts to increasing our profit during the remainder of
this year with an acceleration to bottom line profit in 2006 and
beyond." About LocatePLUS LocatePLUS and its subsidiaries are
industry-leading providers of public information and investigative
solutions that are used in homeland security, anti-terrorism and
crime fighting initiatives. The Company's proprietary,
Internet-accessible database is marketed to business-to-business
and business- to-government sectors worldwide. LocatePLUS' online
customer base exceeds 16,500 members, including over 2,000 law
enforcement agencies and many major police departments across the
country. Clients include leading U.S. agencies, including the FBI
(Federal Bureau of Investigation), ATF (Bureau of Alcohol, Tobacco,
Firearms and Explosives) and DEA (Drug Enforcement Administration).
Channel partners include Loislaw, Earthlink, Imaging Automation,
AssureTec, Metro Risk Management LLC, and the nation's leading
recruitment site. For more information, visit the Company's Website
at http://www.locateplus.com/. For investor information, visit
http://www.otcfn.com/lplha. Safe Harbor Statement from LocatePLUS:
Statements in this press release concerning the Company's business
outlook or future economic performance, anticipated profitability,
revenues, expenses or other financial items, and network or service
offering growth, together with other statements that are not
historical facts, are "forward-looking statements" as that term is
defined under the Federal Securities Laws. Any forward-looking
statements are estimates, reflecting the best judgment of the party
making such statements based upon currently available information
and involve a number of risks and uncertainties, including the
timing of any expansion of the Company's database, and other
factors which could cause actual results to differ materially from
those stated in such statements. Risks, uncertainties and factors
which could affect the accuracy of such forward-looking statements
are identified in the public filings made by the Company with the
Securities and Exchange Commission, and forward-looking statements
contained in this press release or in other public statements of
the Company should be considered in light of those factors. For
more information, contact: At LocatePLUS: Investor Relations: James
Fields Rick McCaffrey LocatePLUS Holdings Corp. OTC Financial
Network 978-921-2727 x124 781-444-6100 x625 DATASOURCE: LocatePLUS
Holdings Corp. CONTACT: James Fields of LocatePLUS Holdings Corp.,
+1-978-921-2727 ext. 124, ; or Rick McCaffrey of OTC Financial
Network, +1-781-444-6100 ext. 625, Web site:
http://www.locateplus.com/ http://www.otcfn.com/lplha
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