PowerLinx Inc (PWNX)

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SeaView: 3 Quarters Of Consecutive Profit Improvement
BUSINESS WIRE - November 13, 2001 20:36
ST. PETERSBURG, Fla., Nov 13, 2001 (BUSINESS WIRE) -- SeaView Video Technology, Inc. (OTCBB:SEVU) today posted 3rd quarter financial results for the period ended September 30, 2001. Although a slowing economy and reduced consumer confidence had an adverse effect on sales, cost reductions and operating efficiencies helped to push net income figures ahead of last year, and the Company showed profit improvement for the third consecutive quarter. While sales slipped to $184,745 [from $212,592] for the quarter, and to $891,216 [from $968,780] for the year to date, operating expenses dropped nearly 50 percent to $602,768 [from $1,223,576] for the quarter and $1,459,575 [from $3,369,566] for the nine-month period. Net income rose by $322,777 in a 49% improvement.

Less advertising expenditure, and the company's shift of primary focus to the retail sector for sales growth, contributed to these results. Slowing economic conditions, exacerbated by recent world events, caused retailers to slacken or delay ordering products. "We felt the effects along with everybody else," remarked SeaView CEO George Bernardich III. "However, we continue to build out the commercial sales sector, primarily with the SecureView Parking Lot Surveillance System, while the retail sector is turning around."

The Company's team of independent manufacturers sales representatives continues to work with major retailers, mall management companies, fast food restaurants and Fortune 500 companies. These efforts have resulted in beta-testing programs involving several significant customers. The beta site installations are projected for completion in the first half of 2002, based on those customers' capital appropriations timelines.

Quoting from the quarterly filing, "The Company continues the process of positioning the Company for anticipated sales and profit growth. The main efforts focus on the basics of business with emphasis on two key components: building the product; and selling the product. In addition, the company is reviewing capital financing options to fund increased company operations, production, advertising and marketing."

Advertising in USA Today will feature SeaView and SecureView new-product pricing this week. The regionally-tailored campaign through the holidays will be seen by up to 1,000,000 readers in the selected markets. The ads will also feature special purchase incentives. "Based on our initial response from the Costco Connections B-2-B direct mailer, we should see a significant sales increase," said COO Michael Ambler. "And since this is a direct sales effort, margins will be above average." The company's suppliers are in position to increase production as needed to meet demands from the two ad campaigns.

ABOUT SEAVIEW VIDEO TECHNOLOGY INC.

SeaView Video Technology, Inc. is the largest manufacturer of Infrared Underwater Camera Systems. The SeaView Marine Division has over 12,000 systems in service with fishermen, divers, the US Coast Guard, US Customs, environmental scientists, and police and fire department dive rescue teams.

SecureView, the Company's innovative "camera in a light bulb," incorporates proprietary IRFS (tm) technology to transmit live video through the electrical wiring of any home, office, or building. SecureView eliminates expensive installation costs, drilling and cables. SecureView DC (tm) uses the same principles to transmit live video through the electrical systems of vehicles, trucks, buses, ships, and railway rolling stock. A version of IRFS capable of LAN/WAN data transmission over power lines has also been introduced.

The Company's marine and security products are GSA listed. Its technology is covered under 14 patents granted and two patents pending. SeaView trades under the OTC BB symbol SEVU.

website: http://www.sevu.com email: [e-mail]

THIS PRESS RELEASE contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, the ability of SeaView Video Technology Inc. to accomplish its stated plan of business. Although SeaView Video Technology Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by SeaView Video Technology Inc. or any other person that the objectives and plans of SeaView Video Technology Inc. will be achieved.

editors: for more information, contact J R Cox at 727-866-3660 email: [e-mail]

CONTACT: SeaView Video Technology, Inc., St. Petersburg J R Cox, 727/866-3660 email: [e-mail]