Concierge Technologies Posts Net Profit for First Time
SAN FRANCISCO, Nov. 15, 2011 /PRNewswire/ — Concierge Technologies, Inc., (OTCBB: CNCG) posted a profit for the first time in its quarterly report filed on SEC form 10Q today. Net profit was $11,899 on quarterly revenues of $276,777. Concierge, who attributes the income to its majority owned subsidiary Wireless Village dba/3rd Eye Cam, transitioned from a development stage company to planned operations during the quarter ended December 31, 2010. Since that transition 3rd Eye Cam has provided over $1 million in revenues derived from mobile incident reporting and related digital video recording technology sales.
3rd Eye Cam (www.3rdeyecam.com) has been successful marketing its product, the Janus V2, to taxi cab and limousine companies throughout the U.S. and expects sales to continue to grow in the near future as a result of increasing exposure through trade show attendance and industry acceptance of the device as an effective tool to lower insurance claim costs, improve driver safety, increase vehicle operation economy and provide business owners with a means to monitor vehicle travel routes. The cameras provide full motion video and audio recording inside and outside the vehicle with GPS tracking of speed, location and time stamping for unparalleled mobile incident reporting. The cameras are sold as a unit with no recurring costs and users maintain control and ownership of all recorded data.
David Neibert, Concierge CEO, commented “We are extremely pleased with the progress 3rd Eye Cam has made over the course of the last year. For Concierge shareholders the quarter just ended was a watershed event as we posted a profit for the first time in the history of the company. Looking forward, we hope to establish distribution channels for our products and to make them available to the everyday consumer. We have seen such a tremendous benefit to our business customers that we believe the product would afford equal benefits to the owners and insurers of private vehicles as well as vehicles for hire and delivery services.”
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of our future performance, acquisitions or dispositions of interests, debt obligations, additional financing requirements, the effect of economic conditions generally and in the communications and information technology markets specifically, and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
For further information contact:
Concierge Technologies, Inc.
3rd Eye Cam
SOURCE Concierge Technologies, Inc.