SAN FRANCISCO, Oct. 17, 2012 -- Concierge Technologies, Inc. (OTCBB: "CNCG") filed its annual report this week on form 10K. Overall, consolidated net revenues of $2,431,687 for the year ending June 30, 2012 were up $1,485,946 from $945,741 for the year ending June 30, 2011, an increase of 157%. The increase was due to the increasing sales revenues of camera hardware by Concierge's majority owned subsidiary Wireless Village throughout the just completed fiscal year. Concierge's wholly owned subsidiary, Planet Halo, did not contribute to the consolidated revenues as it was engaged in new product research and development throughout most of fiscal year.
Concierge Technologies, through its subsidiary Wireless Village, now doing business as " Janus Cam " (www.januscam.com), is engaged in the design, distribution and sale of mobile incident reporting devices generically known as black boxes or drive cameras. The state-of-the-art devices integrate high definition dual cameras that capture full motion video inside and outside the vehicle along with GPS tracking and audio. Data is stored on high capacity SD cards or on external media such as solid state or hard drives that can also be wirelessly uploaded to customer servers for extended archiving. Report functions allow users to search on incidences of over speeding, sudden stops, sudden starts, impacts, idle time, and emergency events as well as replaying video and audio recordings from any point in time the camera was in operation. The taxi cab industry in particular has embraced the Janus product as a significant deterrent to crime and a valuable management tool for improving driving behavior while reducing insurance cost through reduction of fraudulent claims.
Concierge Technologies, formerly a provider of wireless Internet services, began operations in the camera business during 2010 by securing the commitment of several key professionals and a foreign manufacturer by conveying to them in the aggregate 49% of its Wireless Village subsidiary. On August 31, 2012 Concierge announced that an agreement had been reached in principal with these minority shareholders in Wireless Village that will result, when consummated, in the exchange of their shares in Wireless Village for shares of Concierge stock. That proposed transaction is progressing forward and is expected to close later this year. David Neibert , CEO of Concierge, commented "We are confident that with Wireless Village once again a wholly owned subsidiary of Concierge we will be better positioned to integrate other synergistic providers of software platforms and technology development into the company while enhancing the retained earnings for our stakeholders. We have been successful in nearly doubling our annual revenues over the past several years and we believe the opportunity to establish a significant and sustainable presence in the marketplace can be realized through continued consolidation and partnering within the industry. With the process already begun, we're looking forward to continued growth in the current fiscal year."
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of our future performance, acquisitions or dispositions of interests, debt obligations, additional financing requirements, the effect of economic conditions generally and in the communications and information technology markets specifically, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
FOR FURTHER INFORMATION CONTACT:
CONCIERGE TECHNOLOGIES, INC.
SOURCE Concierge Technologies, Inc.