VirTra Systems Files 2006 Annual ReportApril 17, 2007HOUSTON, TX - April 17, 2007 - VirTra Systems, Inc. (OTCBB: VTSI) today filed its audited 2006 10-KSB annual report with the Securities and Exchange Commission.
Total revenue reported for the year was $1,887,768, up 93% compared to
$977,358 one year ago. Net loss for 2006 improved by 26% to
$(1,473,507), or $(0.02) per share, compared to net loss of $(1,995,056)
or $(0.03) per share, in 2005.
"Sales orders increased significantly during the last two quarters ending the year stronger than ever before," stated Major General Perry V. Dalby (USA-Retired), VirTra Systems' chief executive officer. "During 2006, VirTra Systems expanded its simulator customer base to include every branch of the United States military, received strong international sales, completed an important strategic sales and marketing partnership, gained new Immersa-Dome™ advertising/promotional system orders, developed new products, enacted effective corporate streamlining initiatives, and increased its authorized capital after shareholders overwhelmingly approved the measure in a successful proxy vote.
"Sales orders during the latter part of 2006 increased significantly. VirTra Systems received IVR® small arms simulator orders from the United States Marine Corps and the Navy, and upgrade orders from the Army and Air Force. In addition, orders received from Raytheon Missile Systems, the U.S. Marshals Service, and better than expected sales from Mexico made 2006 the best year ever with orders in excess of $2.5 million.
"Our strategic partnership with Ti Training saw VirTra Systems' entry into the single-screen simulator market and the receipt of its first order for 10-systems. Moreover, sales orders in general have continued increasing into the first quarter of 2007.
"New promotional sales during 2006 included projects for Fortune 500 clients and the U.S. Navy as well as returning customers such as Pfizer Pharmaceutical. Also, VirTra Systems' application of virtual reality for medical treatment simulation with its specially modified IVR 180 simulator for Case Western Reserve University's speech pathology treatment and training research project was installed and received important press coverage from PBS (clip available at www.virtra.com), and continues to be a very promising new application of our immersive technology.
"New product innovation continued in 2006 with the completion of a new feature-rich single-screen simulator, and the release of Threat-Fire™ belt version 2.0 with improved features. Plus, our research and development led to the 2007 launch of our new borderless screen technology.
"Additionally, with an increase to our authorized capital passing during the last quarter of 2006, we have set the stage to fund increased production and fuel future corporate growth. Important progress was also made in the area of corporate streamlining including the sale of our Phoenix location and the subsequent move to our improved Tempe production facility and showroom.
"With sales order momentum continuing into this year, and our unique Immersive Virtual Reality™ systems gaining important footholds in diverse markets worldwide, I remain optimistic this trend will continue into the fall 'high-season,' and expect continued growth during 2007," Major General Dalby concluded.
About VirTra Systems
Utilizing patented technology, VirTra Systems sells situational awareness firearms training systems to military agencies such as the U.S. Army, Navy, Air Force, Marines, and Department of Defense, and to national and international law enforcement agencies. The company also produces multisensory promotional virtual reality systems and 3-D theaters for clients such as General Motors, Pennzoil, Red Baron™ Pizza, and the U.S. Army. For more information, visit www.virtra.com.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. VirTra Systems urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
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