SOURCE: Somerset International Group, Inc.

May 15, 2008 11:37 ET

Somerset International Group Revenues and Gross Margins Increase in First Quarter 2008

Increases Reflect Successful Acquisition Strategy

BEDMINSTER, NJ--(Marketwire - May 15, 2008) - Somerset International Group, Inc. (OTCBB: SOSI) (http://www.somersetinternational.com), a security technology holding company, reported the Company's financial results for the first quarter ended March 31, 2008.

Financial Highlights:

--  Revenue for the three months ended March 31, 2008 increased to
    $1,251,456 from revenues of $640,362 for the three months ended March 31,
    2007.
    
--  Gross margin increased to $745,896 or 59.6% of revenue for the three
    months ended March 31, 2007 from a gross margin of $338,549 or 52.9% of
    revenue during the three months ended March 31, 2007
    
--  The net loss attributable to common shareholders for the quarter was
    $687,473, or $0.03 per share, compared with $233,574, or $0.03 per share in
    last year's first quarter
    

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 first quarter of 2008 reflect the contributions from our successful acquisition of Meadowlands in June 2007 and Fire Control in October 2007," commented John X. Adiletta, Chief Executive Officer 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