VirTra Inc (VTSI)

[CharlieBunny]

VirTra Systems Files 2004 Annual Report
Tuesday March 22, 6:25 pm ET


ARLINGTON, Texas, March 22 /PRNewswire-FirstCall/ -- VirTra Systems, Inc. (OTC Bulletin Board: VTSI - News) today filed its audited 2004 10-K annual report with the Securities and Exchange Commission.
Total revenue reported for the year was $1,328,180, up 35% compared to $984,490 one year ago. Net profit for 2004 was $1,612,569, or $0.03 per share, up from net loss of ($1,536,669), or ($0.04) per share, in 2003.

"Whether viewed superficially or analyzed in depth, this annual report is proof-positive of the company's remarkable progress," stated L. Kelly Jones, VirTra Systems' chief executive officer. "In 2004, we unveiled innovative new products, penetrated our markets, and dramatically improved our balance sheet. This resulted from the concentrated effort of our entire organization -- our board of directors, management, sales team, and engineering staff.

"Largely responsible for the 2004 profit was the elimination of $6.8 million, or almost 90%, of our shareholder and leaseholder debt through a favorable debt-for-equity conversion, placing the company in a greatly improved financial position. Even after consolidation of our Phoenix production facility into our financials, we reduced our shareholders' deficit by $5.6 million, or 64%.

"2004 witnessed the launch of groundbreaking products in both markets. The IVR(TM) series of advanced training simulators led to our description as a 'rising star in the military training industry,' and resulted in initial sales and deliveries to the U.S. Air Force, U.S. Army, and the Department of Defense.

"We also in 2004 unveiled the Immersa-Dome(TM), and announced sales to Buick, Red Baron® Pizza, and the U.S. Army Recruiting Command.

"The foundation for corporate success has been laid. We eagerly look forward to the opportunities which lay ahead in 2005 and beyond," Jones concluded.

About VirTra Systems

Utilizing patented technology, VirTra Systems sells situational awareness/judgmental use-of-force firearms training systems to military agencies such as the U.S. Air Force, Army, and Department of Defense, and to national and international law enforcement agencies. The company also produces custom promotional virtual reality systems and 3-D theaters, using the sensations of motion, touch, sound, and smell, for clients such as General Motors, Pennzoil, Red Baron(TM) Pizza, and the U.S. Army. For more information, visit the company's website at http://www.virtra.com .

This press release contains certain forward-looking statements. Forward- looking statements are generally preceded by the words such as "plans," "expects," "believes," "anticipates," or "intends." Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. VirTra Systems urges investors to review in detail the risks and uncertainties contained within its filings with the Securities and Exchange Commission.


Media Relations:
VirTra Systems, Inc.
Steve Haag, vice-president
of investor relations
Arlington, Texas
[phone]
[e-mail]




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Source: VirTra Systems, Inc.