Electronic Sensor Technology Awarded Security Order and Provides Business Update
Friday, February 8, 8:30 am ET
NEWBURY PARK, Calif.--(BUSINESS WIRE)--Electronic Sensor Technology (EST) (OTCBB:ESNR - News), a leading provider of innovative homeland security and environmental solutions, announced that it has been awarded an order for 4 zNose® Model 4300’s to be used for security applications in the Middle East. The order was placed through our distributor in Kuwait, Petroleum Services Company W.L.L.
Barry S. Howe, President and CEO stated “This order is another example that the zNose® is an excellent tool for explosive detection. The zNose® not only detects traditional explosives but also many other types, including liquid explosives, the type used by the infamous “shoe bomber”. Mr. Howe added, “This order brings our 2008 year to date orders to just over $400,000, as compared to revenues for the entire first quarter of 2007 of $477,000. The company expects to report revenues for all of 2007 of $2,200,000, approximately at the same level as 2006. We are off to a good start in 2008 and have developed several prospects in the security markets that have the potential to generate substantial volume of business later in the year. In addition, we continue to make progress in increasing our sales into the food, flavors and fragrance markets, an area that the zNose® is perfectly suited to.”
“However, as we stated in our 2007 3rd Quarter 10-Q, the company’s cash balance is not expected to be adequate to fund operations beyond the first quarter of 2008. The company is in discussions with potential investors to provide additional capital and is hopeful that such discussions will be successful and a new capital investment will be concluded before the end of the first quarter of 2008. As noted our current report on form 8-K filed on December 28, 2007, the company’s debenture holders postponed the first principal payment, originally due January 1, 2008, for three months while the company is working with the potential investors.”
About Electronic Sensor Technology:
Electronic Sensor Technology develops, manufactures, sells, and supports a product line of patented chemical vapor analyzers. The ultra high-speed gas chromatography coupled with a solid state detector enables analysis of nearly any odor, fragrance, or chemical vapor within ten seconds. We believe that the Company's product line is strategically positioned to address key needs of the homeland security market, environmental and quality assurance applications, and product quality of food and beverage.
SEC Filings and Forward Looking Statements
Certain statements in this release, including those relating to revenue expectations; the company’s plans regarding business and product development; product sales and distribution; the sufficiency of the company’s resources to satisfy operation cash requirements; and future capital investment by prospective investors are 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, as amended. These forward-looking statements may contain the words “believe,” “anticipate,” “expect,” “predict,” ”hopeful,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include: failure to come to terms with prospective investors, failure to come to terms with our debenture holders, risks related to changes in technology, our dependence on key personnel, our ability to protect our intellectual property rights, emergence of future competitors, changes in our largest customer’s business and government regulation of homeland security companies, and other factors described under the heading “Risk Factors” in our Registration Statements on Form SB-2 File Nos. 333-130900 and 333-138977, effective as of November 21, 2006 and December 21, 2006, respectively, as amended and supplemented. The forward-looking statements speak only as of the date they are made. We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Contact:
Electronic Sensor Technology
Frank Zuhde (805) 480-1994 X135
AI
