Electronic Sensor Technology, Inc (ENSR.OB), a leading provider of innovative homeland security and environmental solutions, announced that the company has been awarded with a purchase order from Petroleum Services Company in Kuwait. Petroleum Services Company has purchased the company’s leading zNos products.
Barry S. Howe, President and CEO, stated, “This order is another example that the zNose® is an excellent tool for explosive detection. The zNose® not only detects traditional explosives but also many other types, including liquid explosives, the type used by the infamous ‘shoe bomber.'” Mr. Howe added, “This order brings our 2008 year to date orders to just over $400,000, as compared to revenues for the entire first quarter of 2007 of $477,000.”
Howe added, “The company expects to report revenues for all of 2007 of $2,200,000, approximately at the same level as 2006. We are off to a good start in 2008 and have developed several prospects in the security markets that have the potential to generate substantial volume of business later in the year. In addition, we continue to make progress in increasing our sales into the food, flavors and fragrance markets, an area that the zNose® is perfectly suited to.”
Howe also commented, “However, as we stated in our 2007 3rd Quarter 10-Q, the company’s cash balance is not expected to be adequate to fund operations beyond the first quarter of 2008. The company is in discussions with potential investors to provide additional capital and is hopeful that such discussions will be successful and a new capital investment will be concluded before the end of the first quarter of 2008. As noted our current report on form 8-K filed on December 28, 2007, the company’s debenture holders postponed the first principal payment, originally due January 1, 2008, for three months while the company is working with the potential investors.”
Electronic Sensor Technology develops, manufactures, sells, and supports a product line of patented chemical vapor analyzers. The company’s products utilize high speed chromatography coupled with leading solid state detectors that enable analysis of any odor, fragrance, or chemical vapor within ten seconds.
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