SOURCE: Remote Surveillance Technologies, Inc.

February 01, 2007 08:00 ET

Remote Surveillance Technologies Retains Certified Public Accountants and SEC Legal Counsel to Attain Reporting Status With the SEC and Upgrade Its Listing Status

Corbin & Company, LLP to Perform Audit and Richardson & Patel, LLP to Provide Legal Services

IRVINE, CA -- (MARKET WIRE) -- February 1, 2007 -- Remote Surveillance Technologies (PINKSHEETS: RSUR) (www.rsttech.com) is pleased to announce it has retained Corbin & Company, LLP to audit the balance sheets of the Company as of December 31, 2005 and 2006, and the related statements of operations, stockholders' equity and cash flows for each of the years in the two year period then ended. The Company is currently scheduled to complete the audit by the end of first quarter of 2007 and file for reporting status with the SEC in April. In addition, Richardson & Patel, LLP has been retained to provide legal services for the Company in connection with SEC compliance work and with the Form 10 filing as well as other legal matters requested by the Company. The Company plans to have Form 10 filed by the end of the first quarter of 2007, with trading on the Bulletin Board 60 to 90 days thereafter and moving to the NASDAQ by year end 2007.

Corbin & Company, LLP, located in Irvine and San Diego, California, currently has 8 partners and principals and approximately 40 staff, including approximately 25 CPAs. The firm has extensive SEC audit and accounting experience and are registered with the Public Company Accounting Oversight Board. The firm is rated as a top 50 SEC firm and the 10th fastest growing firm in the nation of all firms doing SEC audit work.

The attorneys at Richardson & Patel LLP, operating out of offices in Los Angeles and New York, serve a diversified base of clients with a principle focus on corporate and securities law, mergers, acquisitions, corporate finance and business and employment litigation. They currently have 33 attorneys who service over 100 public companies across a broad range of industries and in several different countries, including Germany, Canada and China.

Dr. Laurence Harper, President and CEO of RST, in describing the retention of the two firms stated, "I am very impressed with the Principals of each organization and look forward to working with them, utilizing their expertise to help ensure the Company maintains the highest standards of corporate governance and reporting to the SEC as well as our shareholders. We look forward to completing our audit and the filing of the Form 10 timely, as it was never the Company's intention to have RST trading over the counter for an extended period of time. Our goal is to be trading on the NASDAQ by year end 2007, and will execute the necessary steps to achieve that goal."

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ABOUT REMOTE SURVEILLANCE TECHNOLOGIES

Remote Surveillance Technologies is a full-service electronic security systems integrator and remote surveillance monitoring company. RST provides security analysis, systems design, equipment purchase, installation, and integration for off-site video monitoring. RST revenue is generated from both recurring video monitoring fees and systems installations. The monitoring advantages offered by RST to its clients include: the elimination of false alarms; incident verification at physical plant and with corporate vehicles; immediate notification to law enforcement; description and physical location of perpetrator(s) to law enforcement during the crime; immediate voice interaction with perpetrator(s); 24/7 on-site digital image recording and storage; redundant recording of events at monitoring station to preserve evidence, alarm indicator points for ease of reviewing incidents; and the significant lowering of the clients' security costs by reducing or eliminating on-site guard personnel.

The Company spent most of 2006, its initial year of business operations, developing the Company's infrastructure, building the 24/7 monitoring facility and soliciting contracts and accounts. Clients of the Company currently include: SC Fuels, Cajon Valley School District, Charriol Geneve Jewelers, Southland Transit and two very large high-tech companies in Southern California. The Company projects reaching $4.6 million of gross sales in 2007 and $16,500,000 of gross sales in 2008. Gross margins should exceed 40% in both 2007 and 2008, with the Company realizing net profits of $300,000 in 2007 and $1,600,000 in 2008.

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 RST 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 RST can successfully gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release.

Contact Information

  • CONTACT INFORMATION:

    Remote Surveillance Technologies, Inc.
    Dr. Laurence Harper
    (949)829-9300
    harper@rsttech.com

    INVESTOR RELATIONS CONTACT:

    Wall Street Resources, Inc.
    Messrs. Gerald Kieft and Ryan Audin
    2646 SW Mapp Road, Suite 303
    Palm City, Florida 34990
    (772)219-7525
    http://www.wallstreetresources.net