SOURCE: F3 Technologies, Inc.

F3 Technologies, Inc.

November 15, 2010 17:22 ET

F3 Technologies Q3 Revenue Growth Shows Continued Strength

ALPHARETTA, GA--(Marketwire - November 15, 2010) - F3 Technologies, Inc. (PINKSHEETS: FTCH) today announced financial results from the third quarter of 2010. The company posted quarterly revenue of $17,799, up 6 percent from the prior quarter and 42.5 percent from third quarter 2009.

The gains come from continued growth in F3's Interaction Community Systems™ HOA management and networking software, and from a new contract for web development services.

Commenting on the results, Chief Executive Officer Frank Connor said: "This growth reflects a growing customer base that generates recurring revenue, and also a new development client with exciting growth prospects. We expanded our software sales to yet another quarterly high -- fully 50 percent higher than in the year-earlier quarter -- as ICS continued to prove its value to our HOA and property-management customers.

"We're also enjoying growing demand for both of our newer software platforms," Connor continued. "FargoTube's pool of entertainment content partners has grown substantially, and the key first client for Interactive Defense System is helping to generate buzz and news coverage that bode well for future growth.

"Customer growth has helped to generate user feedback that makes all three platforms more powerful and easier to use," Connor added.

The third-quarter results include revenue from an ongoing contract for web development services that F3 and Tivus, Inc., of Omaha, Nebraska, signed in September. Tivus is developing an entertainment system for hotels nationwide.

Other 3Q Highlights:

  • FargoTube™, an online platform for the profitable distribution of music and videos, began growing at a faster pace, and as of November 12 claimed 100 content partners -- also known as "tube owners" -- and 300 end users who generate revenue for the site.
  • Interactive Defense System™ completed its pilot phase in the city of Dunwoody, Georgia. More than 1,300 Dunwoody households have registered themselves for the service since its official launch in early October.
  • During the 3rd quarter, Interaction Community Systems added 10 new customers, including 1 property-management company and 9 HOAs.
  • Advertising, an important source of revenue on all three platforms, continued to enjoy strong demand.

ABOUT F3 TECHNOLOGIES, INC. (http://www.f3technologies.com)

F3 Technologies is a software innovator that creates specialized social networks for groups ranging from homeowners associations to music fans. Its products include Interaction Community Systems™, an online tool for homeowners associations and other member groups; and Interactive Defense System™, for police and other municipal departments; and FargoTube™, an online distribution and social-networking platform for musicians, record labels, filmmakers, video-based instructors and other media content owners.

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Forward-Looking Statements
Certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as anticipate, believe, expect, future, may, will, would, should, plan, projected, intend and similar expressions. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors.

Contact Information

  • For more information, contact:
    Paul Campbell
    chief operating officer
    (770) 521-8930

    Steve Haag
    investor relations
    (832) 413-6206