SOURCE: Axium Technologies, Inc.

March 26, 2008 08:00 ET

Axium Technologies Completes Financial Statements for 2007 and Announces Record Results

2007 Revenues of $2.5 Million Up More Than 400% Over 2006

PASADENA, CA--(Marketwire - March 26, 2008) - Axium Technologies, Inc. (PINKSHEETS: AXGI) today announces that it has completed its un-audited financial statements for all four quarters and for the year-ending 12/31/07. As previously announced, the delay in reporting historical financial results was due to accounting translation issues revolving around its South Korea-based R&D center. To handle these challenges and enable the Company to release future financial reports on a timely basis, the Company hired Bruce Lee as its acting Chief Financial Officer in January of 2008. In approximately 60 days Mr. Lee was able to compile the historical financial statements and the Company expects to file future financial statements within 45 days after the end of each quarter and within 90 days from the end of each year-end.

WonSoo Chung, CEO of Axium Technologies, commented, "I'd like to thank Mr. Lee for completing our financial statements in such a short period of time. Getting the Company's financial reports up-to-date is the last step before beginning an audit and the process to become a fully reporting company."

To access these reports visit the Company's website at and select "Financial Statements" under the "Investor" section or go to at: and select the "Filings" tab.

Mr. Chung further stated, "I'm very pleased with the collective efforts from Axium's management team and strong revenue growth from 2006 to 2007. Sales of our TaggerTrap graffiti detection system lead the way of 2007 revenues. Equally important, the Company's MAXIMUM software sales started to boost up from last November, which ended approximately $100,000 sales for November and December. These revenues generate very high gross margins and should provide consistent revenue growth and cash flows as more and more leading manufacturers embed our proprietary software into their DVRs and other Internet Protocol (IP) devices. We hope to become the industry standard operating platform in the security industry for video and recording devices like Microsoft has for PCs."

Stay up-to-date with current events by joining Axium Technologies' E-Mail Alert List. Join by clicking the link below:


Axium Technologies, Inc. is a leading provider of surveillance security systems software and hardware. The Company maintains its corporate presence in Pasadena, CA and its Research and Development Facility in South Korea. The Company's primary products include MAXIMUM Surveillance Software, which is the key solution providing interoperability for numerous digitalized security and surveillance products from diverse manufacturers.

The Company's Digital Video Recorders (DVRs) and Network Video Products (NVPs) are targeted at the security and surveillance segments of the gaming industry. The Company's newest product "TaggerTrap" is a state of the art graffiti detection product, which detects, records and alarms local police of graffiti activity. The estimated cost of graffiti clean-up in North America is $1.0 billion annually and millions of dollars have been budgeted over the past year by large metro police departments to detect and apprehend graffiti taggers.

FORWARD-LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the sustainability of recent growth rates in the Security and Surveillance industry; the positioning of Axium products in the market; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether Axium Technologies can successfully develop new products and the degree to which these products gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release.

Contact Information