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Tuesday, April 04, 2006 - QI Systems Announces Preliminary Third Quarter Revenues; Results Show Major Uptick in Companys Busine
Dallas, TX & Richmond, BC April 4, 2006 QI Systems, Inc. (OTCBB: QIIIF), a leading developer of electronic cash card applications for self-service devices, announced today the Companys preliminary third quarter revenues totaling just under $250,000. These quarterly results represent a significant step-up in the Companys business; previous annual revenues have been significantly lower. Third quarter results reflect the Companys new focus on expanding its core business in parking applications.
QI Systems also announced today the completion of the production and final shipment of its current orders for smart-card payment terminals to Cale Systems Inc., a leading parking-revenue systems developer based in Montreal, Quebec.
Robert McLean, QI Systems’ CFO stated, “Most of the revenue gains came in our parking segment. We saw our expansion efforts bear fruit, with our technology recently installed in New Haven, Connecticut parking operations during the quarter. Early response there has been very positive and we expect the momentum from these types of projects to increase.”
Mr. McLean continued, “We appreciate the business we receive from Cale Systems. They have been a valued QI customer for several years and we look forward to maintaining this relationship. Growth in this segment should continue, and perhaps accelerate. We also intend to move forward with our diversification plans into other market segments. With several new projects under development, we believe that our revenue growth in the coming fiscal year should be substantial.”
QI Systems Inc. designs and sells card payment solutions for various industries. Products and core competencies include smart cards and stored value systems, security protocols, data communications, software design and hardware manufacture.
Matters discussed in this press release may include “forward-looking statements” which are subject to certain risks and uncertainties. Consider all risk factors carefully when evaluating forward looking statements as actual results may differ materially from those expressed herein. QI Systems is protected from litigation regarding forward looking statements and undertakes no obligation to publicly update such forward-looking statements.
Robert McLean, QI Systems’ CFO stated, “Most of the revenue gains came in our parking segment. We saw our expansion efforts bear fruit, with our technology recently installed in New Haven, Connecticut parking operations during the quarter. Early response there has been very positive and we expect the momentum from these types of projects to increase.”
Mr. McLean continued, “We appreciate the business we receive from Cale Systems. They have been a valued QI customer for several years and we look forward to maintaining this relationship. Growth in this segment should continue, and perhaps accelerate. We also intend to move forward with our diversification plans into other market segments. With several new projects under development, we believe that our revenue growth in the coming fiscal year should be substantial.”
QI Systems Inc. designs and sells card payment solutions for various industries. Products and core competencies include smart cards and stored value systems, security protocols, data communications, software design and hardware manufacture.
Matters discussed in this press release may include “forward-looking statements” which are subject to certain risks and uncertainties. Consider all risk factors carefully when evaluating forward looking statements as actual results may differ materially from those expressed herein. QI Systems is protected from litigation regarding forward looking statements and undertakes no obligation to publicly update such forward-looking statements.
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