SOURCE: F3 Technologies, Inc.

F3 Technologies, Inc.

April 04, 2011 10:36 ET

F3 Technologies Revenue Growth Continues to Accelerate

ALPHARETTA, GA--(Marketwire - April 4, 2011) - F3 Technologies, Inc. (PINKSHEETS: FTCH) posted annual financial results for 2010, including revenue of $26,378 for the 4th quarter, a gain of 48 percent from the prior quarter and 191 percent from 4th quarter 2009. Annual revenue for 2010 was $73,197, a 10 percent decrease year over year. Excluding previously reported revenue of $49,832 in 2009 from a consulting contract whose conclusion F3 previously disclosed, annual revenue increased 135 percent.

The growth in 4th- quarter revenue comes from the FargoTube ™ entertainment platform and from new clients for Interaction Community Systems™ HOA management and networking software.

"We are extremely pleased with our revenue growth in 2010. This was an exciting year for F3 Technologies, as the Interaction Community System began to generate advertising revenue, work was completed on the initial launch of FargoTube and Interactive Defense LLC saw the adoption of the platform by two (2) municipal governments in Georgia. Our growth reflects new customers and exciting prospects across all of our business lines," Chief Executive Officer Frank Connor said. "Our focus has shifted to software platforms that generate recurring revenue, and newly automated processes for acquiring customers will allow us to continue the growth trends without commensurate increases in expenses."

"It's especially significant that Fargotube has begun to attract substantial numbers of musicians and other entertainers, and to generate revenue," Connor continued. "FargoTube is building an ecosystem of partners in the brave, new world of the music business to ensure that its growth continues to accelerate."

Other 4Q Highlights:

  • 4th-quarter revenue was in line with expectations and guidance F3 provided in December 2010.
  • Growth in FargoTube, an online platform for the profitable distribution of music and videos, continued to strengthen. As of late March, several hundred content partners and 650 subscribers were using the platform.
  • Interaction Community Systems refocused its marketing efforts on property managers with multiple communities, a strategy aimed at cutting customer-acquisition costs relative to revenue. The new focus coincides with new pricing, a newly automated sign-up process, and other new features.
  • The Interactive Defense System™ signed a second client, the Clarkston (Georgia) Police Department. More than 1,400 households in the city of Dunwoody, Georgia, have registered themselves for the service since its official launch in early October, with Clarkston residents expected to begin using the platform in the 2nd quarter of 2011.

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.

Follow us on Twitter and at f3technologies.wordpress.com.

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