Avatar Systems’ Revenues Rise for 2nd Quarter and Six Months
Avatar Systems Inc. (OTCBB: AVSY)
– 2nd Quarter Revenues Increase in Excess of 70% –
FRISCO, Texas, July 19 /PRNewswire-FirstCall/ — Avatar Systems, Inc. (OTC Bulletin Board: AVSY – News) announced today that the Company’s revenues for the three months ended June 30, 2006 increased in excess of 70% over the 1st quarter of 2006 and increased in excess of 24% over the 2nd quarter of 2005. For the six months ended June 30, 2006 revenues are up in excess of 30% over the corresponding period of 2005.
Chuck Shreve, President and Chief Executive Officer of Avatar Systems commented, “We have experienced across the board increases in all revenue segments; software sales, ASP sales, hardware sales and consulting services. We expect this trend to continue for the 3rd quarter and that 2006 will be a very good year for Avatar. Our oil and gas company customers are taking the opportunity to upgrade their technology while they experience high oil prices.”
Avatar Systems, Inc. is based in Frisco, Texas. The company provides enterprise resource solutions for companies engaged in the petroleum exploration and production industry. Currently, Avatar has a growing customer base of 360 on its Petroware(TM) products, approximately 50 customers utilizing the Company’s Avatar400(TM) IBM AS400 product, and 100 subscribers utilizing its ASP services. Three years ago, Avatar released its new 32 bit Windows based product, Petroware 2000(TM), which has had over 150 users since its release. Avatar launched its ASP (Application Service Provider) “RAPID”(TM) product in 1998. Avatar’s product portfolio provides excellent assistance in the crucial function of effectively managing a business in the petroleum industry.
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 expectations 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.
Source: Avatar Systems, Inc.
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