WWVD Secures Revenues!Culpeper, VA - (OTCBB NEWS NETWORK) - April 22, 2002, World Wide Video, Inc. (WWVD: .08) announced that it has signed an agreement to supply engineering expertise and prototype systems to a government contractor, and has received the first of several payments to begin work on what promises to be a long term project.
Under the agreement, World Wide Video (WWV) will receive monthly installments for the duration of the commitment totaling in the mid to upper six digits, with plans for continuing the work well into the future.
The project, known as "Project W", calls for WWV's engineering team to develop and implement a new ultra high performance video compression system to support sophisticated target acquisition, tracking and identification technology. The team has been developing and perfecting this version of the video compression algorithm for over five years, and began the implementation phase under this contract in March of 2002.
"Project W marks a highlight for our company as its first source of substantial and consistent revenues," remarked CEO John Perry. "We've been perfecting our way to this point, and now that we've completed our state-of-the-art mass production facility offering the ability to produce in large quantities, we are able to fulfill large orders and with our seasoned engineers and our prior work in this area, close contracts such as this."
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