Signature Devices, Inc. Provides Business Update and Progress for 2nd and 3rd Quarter 2011
22 Luglio 2011 - 8:07PM
Marketwired
Signature Devices, Inc. (PINKSHEETS: SDVI) today announced its
business update and progress report for 2nd Quarter of 2011.
In an effort to keep shareholders up to date, the current
financials for Signature Devices, Inc. have been posted to
www.otcmarkets.com.
Sales for the 2nd Quarter came in at the tail end of June,
thereby shifting the majority of profits into the 3rd Quarter. This
is due to the time it takes to manufacture the products. Typically
the products are purchase order financed which pays for the cost of
goods, and then when the goods are delivered to our customers we
book the invoices as income. Our Q2 interim financial statements
reflect this process, showing an outstanding liability to Wells
Fargo of $421,752.72. This amount is 45% or less than total
invoices for those shipments. Upon delivery to our customers, we
invoice our customers and this amount is paid off and the invoicing
amount converts to the profit column. The current outstanding
receivables as of July 21, 2011 are $895,544.49.
The company is also working on shipping more product into brick
and mortar stores and is in the process of pitching products to
major retailers, including WalMart, Best Buy, Toys R Us and others
for a back to school promotion for the August/September timeframe.
If successful in placing this product the company anticipates the
outstanding receivables to at least double.
Graffiti Entertainment, Inc. will be holding a proxy vote to
authorize a merger with Signature Devices, Inc. and combine the two
entities into one entity before filing an S1 registration
statement. In turn, Signature Devices, Inc. will hold a proxy vote
to authorize the merger with Graffiti Entertainment, Inc. The
merged company will operate under Graffiti Entertainment, Inc. and
will file the S1 registration for the U.S. market. Graffiti
Entertainment Europe will then also proceed to file on the
Frankfurt exchange.
There will be a video conference call today at 2:00 p.m. PDT.
The video conference call can be viewed at
http://www.ustream.tv/channel/SDVI-shareholder-update.
The auditing process for Signature Devices, Inc. is taking a lot
longer than anticipated, but is still in process. More information
can be obtained from the video conference call.
About Signature Devices, Inc. Based in
Redwood City, Calif., Signature Devices, Inc. creates and develops
social networking systems include social networking server
software, social networking games and console games. Signature
Devices also works with Graffiti Entertainment, Inc.
(www.graffitientertainment.com), a publisher of interactive
entertainment software for advanced entertainment consoles to
publish video games for the console market.
The information in this press release includes certain
"forward-looking" statements within the meaning of the Safe Harbor
provisions of Federal Securities Laws. Investors are cautioned that
such statements are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including 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. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release, and the
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events, or
circumstances after the date of this release except as required by
law.
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