CTX Virtual Technologies, Inc. (Pink Sheets: CTXV) a technology company that manufactures and distributes mobile telecommunication, IT data management, virtual imaging and mobile data input accessories today released its audited annual financial results for the year ending December 2010 and 2 nd quarter ending June, 2011.
For the year ending December 31, 2010, CTX reported consolidated revenue of $34.3 million with a gross profit of $6.2 million. After one time Non-operating expenses of $9.2 million relating to research and development, investment banking cost and present value of stock issuance, CTX had a net loss of $6.4 million or $(1.8) per basic and diluted share.
For the 2 nd quarter ending June 30, 2011, CTX reported consolidated revenue of $22.4 million with gross profit of $4.1 million. Accounting for the reversal of charges relating to the stock issuance valuation, CTX accrued a net profit of $5.6 million or $1.5 per basic and diluted shares.
Clifford M. Rhee, CEO, stated, “With the completion by BDO of our financial audit for 2010, we are poised to elevate the company to the next level and execute on a number of strategic business and corporate objectives for 2011 and beyond.”
“The completion of our audited financials has been long awaited but finally we are at a strategic position to file our application to uplist our stock which in turn we hope will enhance and maximize shareholder value,” said Jerry Feldman, Chairman of the Board of CTX.
CTX Virtual Technologies, Inc.
CTX Virtual Technologies, Inc., through its subsidiaries, is a virtual telecommunications technology company with facilities in the U.S., China, Canada, and Korea. For more information about the Company, please visit the Company's web site at www.ctxtechnologies.com.
Forward-Looking Statements -- The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address CTX's expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which CTX currently operates, but because of risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to our ability to obtain orders and fill orders on a timely basis, our ability to obtain funding as and when needed, market acceptance of new products incorporating our technologies, the success of our product design and research and development efforts, intense competition, risks of doing business in China and other foreign markets, our ability to manage growth and our ability to successfully protect and enforce our intellectual property rights.
