Notify Technology Provides Updated Financial Guidance For Fiscal Fourth Quarter
SAN JOSE, CA – August 28, 2002– Notify Technology Corporation (NASDAQ: NTFY), announced today an updated financial guidance statement for the current fourth fiscal quarter. The Company is now projecting revenues to range from $1.1 million to $1.4 million for its fourth fiscal quarter, which ends September 30th. The Company believes that its operating expenses for the current quarter will be near the levels reported in the previous quarter which, combined with the improved revenue for the fiscal quarter, will decrease its net operating loss for the current quarter. Orders for the Company's Visual Got Mail products now total over 300,000 units for the current fiscal year, although not all orders will be fulfilled within the fiscal year. Once the Visual Got Mail units are shipped to customers, Notify receives, in addition to the sale of the voice mail notification device, a monthly recurring revenue stream as long as the voice mail customer subscribes to the telephone company voice mail service.
"We are pleased to report this positive outlook to our shareholders for the fourth fiscal quarter," said Paul F. DePond, President and CEO of Notify Technology Corp. "Our recent reduction in force, combined with our improved sales, will help the Company to move toward overall financial stability."
Notify Technology Corporation
Founded in 1994, Notify Technology Corp, (NASDAQ: NTFY) Notify Technology is an innovative communications company offering wireless and wireline products and services. Notify Technology is quickly becoming a leading consumer, SOHO, and Enterprise environment provider of mobile wireless software and services for Over-The-Air synchronization and management of email and PIM (contacts, calendar, tasks) independent of device and network. Notify's wireline solution provides consumer voice mail notification to customers of CLECs in multiple states. Notify sells its products through wireline carriers and wireless carriers. The company is headquartered in San Jose, Calif. For more information, visit www.notifycorp.com or contact 408-777-7920.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The statements in this press release regarding our ability to become financially stable, current expectations and projections for revenues, operating expenses and for revenues in the fourth fiscal quarter, are forward-looking statements based on current information and expectations. Achievement of the results projected above is subject to a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those projected are: failure or interruption of third party services; interruption in the manufacture of product; cancellation or delay in the underlying voice mail program; market acceptance of the product; actual level of operating expenses; or compatibility of software solutions with certain networks or 2way wireless devices.
For more information concerning these and other possible risks, please refer to the company's Form 10-KSB filed on December 28, 2001, filings on Form 10-QSB and other filings with the Securities and Exchange. These filings can be accessed over the Internet at www.sec.gov # # #.
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