GRASS VALLEY, CA--(Marketwired - Nov 17, 2016) - Simlatus Corporation (OTC PINK: SIML) manufactures its own product line of commercial audio and video systems that offer advanced applications used within the Broadcast Industry and other industries where such applications are required. The company products are sold through a global distribution network of established audio/video equipment retailers that have been selling the Simlatus products for the past 18 years.
The company filed its quarterly financial statement for the period ending September 30, 2016. The Company's revenues for the three months ended September 30, 2016 and September 30, 2015 were $58,365 and $0, respectively. The increase is due to new product sales. The Company's gross profit for the three months ended September 30, 2016 and September 30, 2015 was $49,702 and $0, respectively. Net profit (loss) for the three month periods ended September 30, 2016 and 2015, was $22,734 and $(642,939) respectively. The increased profit is due to the sales revenue and debt forgiveness. As of September 30, 2016, the Company had total liabilities of $4,781,873 compared with $10,214,753 as of March 31, 2016. The decrease in total liabilities was primarily attributed to the cancellation of promissory notes.
The Company, respectively, sells approximately 55 different audio/video products, and is preparing to market its newest audio/video product referred to as SyncPal™ with projected sales of $30M. In addition to the Company's traditional line of audio/video products, it has commenced the research & development of its Immersive Broadcast System (IBS), referred to as the Simlatus-IBS™. The Simlatus-IBS™ will include commercial augmented reality and virtual reality applications for studio engineers. These applications, both hardware and software, will allow the customer to control and manage the studio audio/video systems from anywhere in the world. These products are being developed to serve a market segment that is presently being strongly embraced by consumers and is forecasted, by some of the most widely recognized tech companies in the world, as becoming a multi-billion dollar market in the very near future. The Market Analysis and IP Portfolio will include new patents specifically developed for these products and owned by the Company.
ABOUT SIMLATUS: www.simlatus.com
Simlatus Corporation designs, manufactures and sells commercial audio and video broadcast equipment worldwide. The company has a current expanding revenue base in the broadcast industry with long-term national and international distribution. Our customers include large broadcast giants such as CBS, NBC, ABC, FOX, ESPN and DIRECTV, as well as many smaller broadcast customers which include religious facilities, international broadcast facilities, colleges, and radio stations. The new Simlatus-IBS™ will allow the company to capitalize in the $120B growing industry of augmented/virtual reality.
Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.