MONTREAL--(BUSINESS WIRE)--Nov. 16, 2004--C-Chip Technologies Corporation (OTCBB:CCHI) (FRANKFURT:CCHI) (Frankfurt WKN: 255471) is pleased to report its results for the first quarter ended September 30, 2004. Results are in line with management expectations. For the first quarter ended September, 2004, we achieved consolidated revenue of $640,030 compared to none in the same period last year. For the first 3-month period ended September 30, 2004, our net loss per share was $0.02 compared to $0.06 in the prior year. As of September 30, 2004, our working capital stood at almost $1.2 million which compared to a working capital slightly higher than $1.5 million as of June 30, 2004.
Since our acquisition of the C-Chip technology in January 2003, our company is involved in M2M (machine to machine, mobile to machine) communications with a focus on security solutions and services targeting businesses. On the technology side, we develop solutions which use integrated wireless communications, RFID technology, transaction processing, software applications and the Internet, and when location is required, Global Positioning System (GPS) technology to enable users to efficiently access, control, manage and monitor remote assets. Our solutions are designed to be easy-to-use and cost-effective.
We offer our customers the use of our website to remotely access, control, locate and monitor different types of equipment or services, essentially for increased security. Our solutions allow users to remotely control and/or monitor the use of certain targeted equipments, or to track the whereabouts of personnel, from anywhere to almost anywhere in North America. We believe our security solutions provide significant value to business users by increasing the efficiency of their operations and lowering their costs.
Our security solutions are within the "telemetric" industry. Telemetric refers to the ability to remotely access, control, locate and manage different products or services. The telemetric sector is a new and emerging industry poised for explosive growth over the next 3-5 years.
Our Security Services
In February 2004, to ensure that we would be able to provide a wide range of security services to businesses, we purchased Canadian Security Agency (2004) Inc., a private Montreal-based business established in 1984 that provides security services to large corporate accounts. With this acquisition we now are able to offer large and medium sized corporations a wide range of security services, including guards, surveillance and investigation, undercover and electronic monitoring operations. Further, the addition of Canadian Security Agency has given us instant access to an established clientele and, hence, potential cross marketing opportunities for our telemetric solutions that we have developed and are now marketing for the security industry. This is a business strategy that we intend to pursue further.
Currently, the security industry is estimated to be generating $100 billion in revenue in North America alone, growing at an annual rate of 15% per year according to industry experts. With thousands of companies presently in operation, the security industry is highly fragmented and, in our view, prone to consolidation. Since 9/11 and its aftermath, world events have reinforced our opinion that the security industry offers significant opportunity for growth and our goal is to quickly attain a leading position within this industry, both from internal growth and through acquisitions. We have already identified different potential acquisitions in the security sector and we are currently in discussions with a number of interesting candidates to conclude a transaction.
Since our acquisition of the C-Chip technology in January 2003, our company is involved in M2M (machine to machine, mobile to machine) communications with a focus on security solutions and services targeting businesses. On the technology side, we develop solutions which use integrated wireless communications, RFID technology, transaction processing, software applications and the Internet, and when location is required, Global Positioning System (GPS) technology to enable users to efficiently access, control, manage and monitor remote assets. Our solutions are designed to be easy-to-use and cost-effective.
We offer our customers the use of our website to remotely access, control, locate and monitor different types of equipment or services, essentially for increased security. Our solutions allow users to remotely control and/or monitor the use of certain targeted equipments, or to track the whereabouts of personnel, from anywhere to almost anywhere in North America. We believe our security solutions provide significant value to business users by increasing the efficiency of their operations and lowering their costs.
Our security solutions are within the "telemetric" industry. Telemetric refers to the ability to remotely access, control, locate and manage different products or services. The telemetric sector is a new and emerging industry poised for explosive growth over the next 3-5 years.
Our Security Services
In February 2004, to ensure that we would be able to provide a wide range of security services to businesses, we purchased Canadian Security Agency (2004) Inc., a private Montreal-based business established in 1984 that provides security services to large corporate accounts. With this acquisition we now are able to offer large and medium sized corporations a wide range of security services, including guards, surveillance and investigation, undercover and electronic monitoring operations. Further, the addition of Canadian Security Agency has given us instant access to an established clientele and, hence, potential cross marketing opportunities for our telemetric solutions that we have developed and are now marketing for the security industry. This is a business strategy that we intend to pursue further.
Currently, the security industry is estimated to be generating $100 billion in revenue in North America alone, growing at an annual rate of 15% per year according to industry experts. With thousands of companies presently in operation, the security industry is highly fragmented and, in our view, prone to consolidation. Since 9/11 and its aftermath, world events have reinforced our opinion that the security industry offers significant opportunity for growth and our goal is to quickly attain a leading position within this industry, both from internal growth and through acquisitions. We have already identified different potential acquisitions in the security sector and we are currently in discussions with a number of interesting candidates to conclude a transaction.
