SOURCE: Somerset International Group, Inc.

August 14, 2008 09:30 ET

Somerset International Group Revenues and Gross Margins Increase in Second Quarter

Increases Reflect Successful Acquisition Strategy

BEDMINSTER, NJ--(Marketwire - August 14, 2008) - Somerset International Group, Inc. (OTCBB: SOSI), http://www.somersetinternational.com, a security technology holding company, reported the Company's financial results for the quarter ended June 30, 2008.

Financial Highlights:

--  Revenues for the three months ended June 30, 2008 increased to
    $1,273,477 from revenues of $477,703 for the three months ended June 30,
    2007.  Revenues for the six months ended June 30, 2008 increased to
    $2,524,933 from revenues of $1,118,065 for the six months ended June 30,
    2007.
    
--  Gross margin increased to $796,517 or 62.5% of revenue for the three
    months ended June 30, 2008 from a gross margin of $193,537 or 40.5% of
    revenue for the three months ended June 30, 2007.  Gross margin for the six
    months ended June 30, 2008 increased to $1,542,413 or 61.1% of revenue from
    a gross margin of $532,086 for the six months ended June 30, 2007 or 47.6%
    of revenue.
    
--  The net loss attributable to common shareholders for the quarter was
    $415,366, or $0.02 per share, compared with $458,261, or $0.06 per share in
    last year's second quarter.  Net loss attributable to common shareholders
    for the six months ended June 30, 2008 was $1,102,834, or $0.05 per share,
    compared with $691,835 or $0.10 per share for the six months ended June 30,
    2007.
    

Somerset's quarterly revenues can vary significantly depending upon the timing of delivery of customer projects. Accordingly, the revenues reported in any one quarter are not necessarily indicative of what full year results will be.

"Our results for the second quarter of 2008 and our year to date results reflect the contributions from our successful acquisition of Meadowlands and Vanwell in June 2007 and Fire Control in October 2007," commented John X. Adiletta, President of Somerset. Mr. Adiletta concluded, "As part of our growth strategy, we remain focused on continuing to expand our portfolio of security technology companies through additional synergistic acquisitions. Our goal remains to expand our portfolio of companies, increasing cross-selling opportunities and operating efficiencies, and ultimately achieve profitability."

About Somerset International Group, Inc.

Somerset International Group, Inc. finds undervalued technology investments aligned around the exponential growth in concern and demand for security and the acquisition of profitable and near-term profitable private small- and medium-sized businesses that provide proprietary security products and solutions for people and enterprises -- from personal safety to information security. Additional information about the company is available at: http://www.somersetinternational.com.

About Secure System, Inc.

Secure System, Inc. provides personal alarm systems, wireless transmitters and receivers, and personal alarm locators. The company currently serves colleges and universities and medical and mental health facilities. Its products are also easily adaptable for office campuses, residential facilities, and correctional facilities. The system works by providing an individual with a wireless personal alarm locater with which they can summon help and be located by the pressing of a button. Additional information about the company is available at: http://www.securesysteminc.com.

About Meadowlands Fire, Safety, and Electrical Supply Co., Inc./Vanwell Electronics, Inc.

Meadowlands and Vanwell specialize in the distribution, sale, installation and maintenance of fire and security equipment and systems that include fire detection, video surveillance, and burglar alarm equipment. Meadowlands and Vanwell have similar product availability from distinct manufacturers. Vanwell exclusively distributes Siemens Building Technologies, Inc. products and Meadowlands distributes other brands of fire and security equipment. This affords the opportunity to provide a wide array of specified equipment with the flexibility to offer cost effective alternates when appropriate. The products encompass complete lines of fire, CCTV (closed circuit TV), communications and PA systems; services include maintenance contracts, monitoring services and system engineering. Additional information about the company is available at: http://www.meadowlandselec.com.

About Fire Control Electrical Systems, Inc.

Fire Control Electrical Systems, Inc. specializes in the distribution, sale, installation, and maintenance of Honeywell Life Safety fire and security equipment and systems that include fire detection, video surveillance, sound systems, and burglar alarm equipment. Additional information about the company is available at: http://www.firecontrols.com.

Safe Harbor Statement

Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth under the caption "Risk Factors" in our most recent Registration Statement on Form SB-2 dated December 6, 2006 filed with the SEC and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.

Contact Information

  • Contact:

    Somerset International Group, Inc.
    John X. Adiletta
    908-719-8909