SOURCE: Labwire, Inc.

October 11, 2006 09:00 ET

Labwire Gross Revenue Up 52 Percent Year to Date

HOUSTON, TX -- (MARKET WIRE) -- October 11, 2006 -- Labwire, Inc. (PINKSHEETS: LBWR), a leading provider of employee screening solutions and canine security and surveillance services, is pleased to announce year to date and third quarter revenue results.

For the nine months ended September 30, 2006, Labwire's gross revenue was $2,674,767 compared to $1,758,132 during the same period in 2005. This represents an increase of $916,635 or 52%. The Company experienced growth during the first nine months of 2006 across: (i) employee screening services, which increased 29% compared to the same period in 2005; (ii) canine security and surveillance, which increased 314% compared to the same period in 2005; and (iii) management services, which generated $14,967 compared to zero revenue during the same period in 2005.

For the quarter ended September 30, 2006, Labwire reported gross revenue of $781,009 compared to gross revenue of $724,008 in the third quarter of 2005, an increase of $57,001 or 8%. The Company experienced growth during the third quarter of 2006 across: (i) employee screening services, which increased 11% over the same period in 2005 and (ii) management services, which generated $5,000 compared to zero revenue during the same period in 2005. The Company experienced a decline in revenue within its canine security and surveillance business, which decreased 25% in the third quarter of 2006 compared to the same period in 2005. This decrease in revenue can be attributed to the unusually high and non-recurring revenue recorded in August and September 2005 as a result of increased security and surveillance requests following Hurricanes Katrina and Rita.

About Labwire, Inc.

Labwire, Inc. is headquartered in Houston, Texas and provides secure and compliant employee drug screening and background checking services to Fortune 500 corporations via the Labwire™ Platform. Labwire™ is a proprietary, Web-based application that streamlines the complex regulatory and record management activities associated with employee screening, delivering accurate timely results while eliminating service calls and paper trails. This comprehensive solution to managing employee screening services is the most efficient and cost-effective platform in the industry. For additional information about Labwire, Inc., please visit www.labwire.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

Contact Information

  • Contact:

    S.D. Torrey Hills Capital, Inc.
    James Macdonald
    Investor Relations
    (858) 456-7300