NEW YORK, Dec. 08, 2003 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
Investrend Research analyst Justin Canivet, CFA, has issued an Update on VirTra Systems Inc. (OTCBB:VTSI), assigning the company a "Speculative Buy" and a 12-18 month Target Valuation of $0.75.
"The Company has enjoyed four consecutive quarters of financial improvement. Revenue for Q3, 2003 was up 85% over the same quarter last year," noted Canivet, adding "for the first nine months of 2003, revenues were up 111% compared to the first nine months of 2002, and loss from operations improved by 38% over the same period.
"Given the growing market demand for virtual technology products and services, and the strength of VirTra's product footprint, we are very excited about the Company's future revenue potential. Despite this, we are remaining cautious with our short-term forecast."
The analyst added, "We expect sequential growth in revenue to be modest over the next couple of quarters and our forecast for profitability has now been pushed back to 2005."
Justin Canivet, CFA, is a member of the Association for Investment Management Research (AIMR) and the Toronto Society of Financial Analysts (TSFA). He has served on the buy-side as Portfolio Administrator for Sceptre Investment Counsel, on the sell-side as Equity Research Associate for Yorkton Securities, and prior to that, worked for State Street Trust Company in Toronto. He is currently working as an Equity Research Consultant for Mundus Investment Research. He is a graduate of Wilfrid Laurier University with an Honours degree in Economics and holds the Chartered Financial Analyst (CFA) designation. Mr. Canivet has specialized in research coverage for several different industry sectors.
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