Avatar Systems Inc. (OTCBB: AVSY)
FRISCO, TX–(MARKET WIRE)–Oct 5, 2006 — Avatar Systems, Inc. (OTC BB:AVSY.OB – News) announced today that the Company had added nine new customers and upgraded sixteen existing customers during the just completed 3rd Quarter. All core revenue components improved for the quarter including hardware sales. The Company has continued to add new services and products to its portfolio.
The recent acquisition of Questa Software Systems, Inc., a private company based in Midland, Texas, supports Avatar’s growth strategy. The acquisition added 256 oil and gas companies to Avatar’s current customer base of 360 companies.
Avatar’s President and Chief Executive Officer, Chuck Shreve, stated, “This acquisition provides us with the opportunity to cross sell our document imaging, remote backup/disaster recovery services, hardware and software products into a larger customer base of over 620 oil and gas companies nationwide.”
Avatar’s product divisions reported new sales as follows for the quarter are: Integra product division added 2 new software sales, Petroware also added 3 new customer software sales. Avatar-On-Demand division added 4 new Remote Backup Services customer sales. Upgrades for each division were as follows: Integra added 11 customers upgrade sales, Petroware reported 4 upgrade sales and Avatar-On-Demand made 1 iSynergy Document Imaging upgrade sale.
Avatar Systems’ Headquarters are in Frisco, Texas, USA with branch offices in Midland and Tyler, TX. The Company provides ERP / Accounting Software and Computing Infrastructure Solutions for companies engaged in the petroleum exploration and production industry. Avatar has a growing customer base on its Petroware(TM), Integra(TM) products for Microsoft Windows, Avatar400(TM) on the IBM AS400 platform, and subscribers utilizing its (SaaS) On-Demand ASP services. Avatar’s products and services provide an excellent resource for critical information management requirements of the petroleum industry. Avatar also provides document imaging/document management systems, disaster recovery services and remote backup services for all vertical markets.
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectation or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties.
Contact:
Investor Relations Contact:
The Eversull Group, Inc.
972-991-1672
972-991-7359 (fax)
Email Contact
Source: Avatar Systems, Inc.
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