SOURCE: TouchIT Technologies, Inc.

TouchIT Technologies Homepage

August 18, 2010 04:19 ET

TouchIT Technologies Inc. Reports 445% Growth in Second Quarter 2010

ISTANBUL, TURKEY--(Marketwire - August 18, 2010) -   TouchIT Technologies, Inc. (OTCBB: TUCN), a leading manufacturer of touch-based visual communication products, is pleased to report financial results for the three and six month periods ended June 30, 2010. For the three and six month periods ended June 30, 2010, net sales for the Company were $1,125,535 and $2,171,000, respectively. Net sales for the first six months of 2010 increased 445%, as compared to the same period of 2009. This puts the Company's growth rate at more than ten times that of its market.

Gross profit was $752,123, or 35% of net sales, as of June 30, 2010, up from $79,408 in the same period in 2009. Net income was $271,788 for this period, an increase of $451,740, as compared to the six month period ended June 30, 2009.

TouchIT Technologies is also pleased to announce an increase in its cash balance and accounts receivable. The current ratio was 1.05, as of June 30, 2010. Additionally, the Company has no long-term debt, and has recently received financing as a result of a reverse merger transaction.

"I am pleased to report a second consecutive profitable quarter with increased revenue and improved earnings," said President of World Wide Operations and CFO Andi Brabin. "We are now entering the two most active quarters of the year for education purchasing, so we are confident in living up to our revenue projections," he added.

Having recently doubled production capacity, increased employees, and undergone a factory refit, TouchIT Technologies starts the third quarter in a strong position.

About TouchIT Technologies

TouchIT Technologies designs, produces and markets touch-based visual communication products. We manufacture a large range of touch screen and touch board products to suit all types of application from small LCD touch-screens to large interactive whiteboard displays and audience response systems. The manufacturing facilities are located in Istanbul, Turkey and Sales Offices in London, UK, Co. Limerick, Ireland and Boston, Massachusetts, USA.

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