LAS VEGAS, Jan. 3, 2007 (PRIME NEWSWIRE) -- ASI Technology Corporation (OTCBB:ASIT) reported today on its fiscal 2006 financial results.
For the fiscal year ended September 30, 2006 the Company reported revenues of $261,612, over ten times revenue of $23,986 for the nine-month transition period ended September 30, 2005. The net loss of $13,967 (nil per share) for fiscal 2006 was a substantial improvement from the loss of $266,792 ($0.07 per share) for the prior nine-month period. Cash flow from operations improved in fiscal 2006 to $52,848. The Company's working capital was $2,057,795 at September 30, 2006 including $1,785,000 in notes receivable, an increase of 136% from $755,000 in note investments at September 30, 2005. The Company's primary source of revenue is interest income on note investments.
The Company's specialty finance component generated net income of $138,484 during fiscal 2006 and its technology development component produced a $35,910 loss, both components before unallocated expenses of a net of $116,541.
Jerry E. Polis, ASI President stated, "Late last year we completed a $2 million financing that allowed us to expand our specialty finance business. We have focused on short-term, one year or less, high interest bridge loans to a residential builder. The dramatic improvement in fiscal 2006 results reflects increased interest income and low overhead. We are focused on growing our specialty finance business in 2007. We also continue to test and evaluate our plasma technology for sterilization and decontamination. Research sponsored by us during fiscal 2006 continues to evidence the effectiveness of this technology."
The company's annual report on Form 10-KSB, filed with the SEC on December 19, 2006, provides additional information on fiscal 2006 results and the Company's business and operations.
About ASI Technology Corporation (www.asiplasma.com) -- ASI is a finance and investment company that provides specialty finance loans and invests in new technologies. ASI has innovated new applications of plasma in the areas of antennas, communication links, electronic shielding, noise reduction and decontamination.
The ASI Technology Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3174
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This document contains forward-looking statements relating to future performance and technology development that may affect future results of the company. Actual results could be affected or differ materially from those projected in the forward-looking statements as a result of risks and uncertainties, loan and development results, competition, general economic factors, and other factors identified and discussed in the Company's most recent filings with the Securities and Exchange Commission. The Company's short-term investments are subject to many risks including default and nonpayment. Failure to collect on loans or investments could have an adverse effect on the Company's operations. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from the Company's current expectations.