SOURCE: NexTech Solutions, Inc.

October 02, 2007 08:01 ET

NexTech Solutions Completes Audit for Year End 2006

Announces Results for Year End 2006 and First Quarter 2007

AUSTIN, TX--(Marketwire - October 2, 2007) - NexTech Solutions, Inc. (PINKSHEETS: NXSN) is pleased to announce that it has completed the audit of its financial statements for the fiscal year ending 2006. NexTech is also pleased to announce its consolidated financial results for the year end 2006 and the first quarter of 2007.

Revenues for the year end 2006 were $1,439,213 with a net loss of $1,093,261. Revenues for the first quarter of 2007 were $1,558,941 with a net income of $611,070. The first quarter of 2007 reflects a record quarter for sales of the company's automated optical inspection (AOI) systems. The company's revenues increased primarily due to revenues from sales of the NexTStar NanoScan™ G4 (AOI) system introduced for high-performance applications.

Copies of the audited financials for year ending 2006 and copies of the unaudited financials for the first quarter of 2007 can be found at: http://pinksheets.com/pink/quote/quote.jsp?symbol=nxsn#getFilings.

About NexTech Solutions and FAS Technologies

NexTech Solutions, Inc. delivers advanced metrology and automation solutions to the global semiconductor and flat panel display (FPD) industries. NexTech's mission is to create greater shareholder value through advanced technology development of products targeted at large, fast-growing markets. The company is headquartered in Austin, Texas, with facilities in San Mateo, Calif. NexTech's stock is quoted on the Pink Sheets under the symbol NXSN. For more information, see: http://www.nxts.com.

FAS Technologies, LLC is a Texas Limited Liability Company with offices in Dallas and Tokyo. FAS Technologies is a pioneering company widely recognized in the industry for the development of digital fluid dispensing a patented spinless coating technology known as "FAS-Coat," which has become the de-facto standard in the coating process of FPD substrates during manufacture. The company is engaged in the design, development, manufacture, integration, sale and servicing of advanced, high-precision coating systems for the microelectronics industry. For more information, see: http://www.fas.com.

NexTech and FAS have announced plans to combine the two companies in a two-step transaction. The companies will consolidate operations into a joint venture which is expected to close in late September 2007, subject to closing conditions. Following necessary approvals of stockholders and regulatory authorities, the companies will be combined in a merger transaction and reincorporated in Delaware.

Forward-Looking Statements

Statements in this release that are not strictly historical may be "forward-looking" statements. The actual results may differ from those described in this release due to risks and uncertainties that exist in NexTech's operations and business environment, including delays in new product development, product performance and quality issues, the need for additional financing and the dilutive effects of such financing, the inability to integrate the operations of NexTech and FAS and the acceptance of current and new products in NexTech's markets. NexTech undertakes no obligation to publicly release the results of any revisions to any forward-looking statements that reflect events or circumstances arising after the date hereof.

Contact Information

  • Investor Relations Contact:
    Wendy Prabhu
    Mercom Capital Group, llc
    1-512-215-4452
    Email Contact