1. Most Discussed
  2. Gainers & Losers
ECS 0.5¢

Small cap positioned to rocket

  1. ECSI LIMITED 2002-07-31 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    Leading security technology company, ECSI Limited (ASX: ECS) today released its Appendix 4C for the June Quarter showing a strong cash position of A$11.6 million.

    Cash expenditure for the quarter was $0.4 million, principally incurred on rolling out its security monitoring enhancements in China.

    No cash revenue for the quarter was reported, however this is expected to quickly change as ECSI's wholly owned Chinese subsidiary, EC21 Limited, collects proceeds from previously announced sales.

    Additional sales are expected to be announced shortly.

    ECSI Chief Executive Officer, Graeme Green, said that the company was very satisfied with the result and its progress in China given that it only listed on the ASX in April 2002.

    "I have just returned from China and am pleased to announce that substantial progress has been made on the rollout of the National Alarm Response system (NAR system) and our monitoring enhancements in China."

    "This progress has been achieved with minimal impact on the proceeds from our April fund raising through a combination of vendor financing and tight control of corporate expenditure".

    "The company remains well capitalised to meet its objectives in China and the expected long term vendor financing agreement presently being finalised will have a significant positive impact on future working capital requirements".


    ABOUT ECSI LIMITED

    ECSI Limited is an electronic security technology company, which provides security-monitoring enhancements to complement the NAR system currently being rolled out by its Chinese partner, Jeton.

    ECSI Limited listed on the ASX in April this year after raising approximately $13.5 million from a share issue and convertible note.

    The company announced earlier this year that it had received the first order under the 10-year contract with Jeton. Further orders are expected to be announced shortly as Jeton connects clients to the NAR
    system in Chengdu, Dalian, Beijing and Wuxi.

    As previously announced, the company is finalising advanced negotiations with several global computer equipment manufacturers who are keen to enter into sales, financing and servicing agreements over the 10-year term of the agreement with Jeton. An announcement to this effect will be made shortly.


    For enquiries please contact:

    Simon Owen
    Chief Financial Officer and Company Secretary
    (02) 6241 3311

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top