SOURCE: Southern ITS International, Inc.
LAS VEGAS, NV--(Marketwired - Jan 28, 2014) - Southern ITS International, Inc. (PINKSHEETS: SITS) announced today its plan for the Fiscal year 2014. In 2013 SITS did not issue any common shares and did the contrary by doing a rescission of 160,000,000 shares from management to increase PPS. SITS issued 5,000,000 preferred shares during 2013 to maintain management control of the company. The unchanged outstanding number of common shares is 188,217,382 with a float of 146,816,982 common shares. SITS' plan for 2014 does not include at this time any issuance of new shares. SITS' plan is to reduce its number of authorized shares from 500,000,000 to 250,000,000, and also is planning to start to buy back some of its float after the first quarter.
SITS' business strategy is to continue to build on its gaming market and is now targeting revenue for that market to be approximately $3 million dollars for 2014. In regards to the other markets such as retail, government, logistics and other, the objective is to achieve over $1 million dollars in sales. Finally, SITS will roll out a new product for the correctional market after the first quarter of 2014, that will also include services to produce recurring revenues.
Jason Bell, Chief Executive Officer of Southern ITS International, Inc., noted, "Last year our sales objectives were almost met. This year we are planning to double our revenue. We have several important large contracts under negotiation that can make our objective easy to achieve. We feel good about our core team and our capacity to execute the plan. Our acquisition plan is still part of our 2014 objective, but it depends on the performance of our share price and how the investment community values our company. This coming year will be exciting and we will make some additional announcements soon."
About Southern ITS International, Inc.
Southern ITS International, Inc. is committed to the mission of providing total systems integration projects by maintaining cost effectiveness while providing high end voice, data, surveillance and audio/visual systems. We are represented throughout the world by leading individuals within the digital surveillance and IT integration industry. We are providing digital video recording solutions and integrating our technological solutions with other existing systems, which results in a significant capital savings and TCO for our clients. Southern ITS International is positioning itself to be a leading force in this business space.
Precautionary and Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected."