SOURCE: Stellar Technologies, Inc.

June 21, 2006 15:03 ET

Stellar Technologies, Inc. Announces Results for Quarter Ended March 31, 2006

NAPLES, FL -- (MARKET WIRE) -- June 21, 2006 -- Stellar Technologies, Inc. (OTCBB: SLLR), a leading provider of Internet Access Management and Security solutions, reported revenues of $181,687 and $702,155 for the three and nine-month periods ended March 31, 2006. The reported revenues represent a decrease of $16,192 and an increase of $51,929 respectively, over the corresponding periods in 2005. Stellar Technologies reported losses from operations of $1,092,234 and $ 2,586,035 for the three and nine-month periods ended March 31, 2006. The reported losses from operations represent an increase of $382,109 and a decrease of $141,900 respectively, over the corresponding periods in 2005. Research and development expenses increased by $234,062 and $292,009 for the three and nine-month periods ended March 31, 2006.

On or about May 10, 2006, the Company concluded it was necessary to restate its financial results for the fiscal years ended June 30, 2005 and 2004 and for the interim periods ended September 30 and December 31, 2004 and 2005 and March 31, 2005 to reflect additional non-operating gains and losses related to the classification of and accounting for (1) various warrants issued in 2003, 2004 and 2005, and (2) the conversion features of the Company's $1.6 million convertible note payable issued in April 2005 and $1.5 million convertible notes payable issued in June 2004. In July 2004 the later $1.5 million convertible notes were converted into shares of common stock.

About Stellar Technologies, Inc.

Stellar Technologies, Inc. (OTCBB: SLLR) is a leading provider of Internet Access Management solutions offering a full range of management and security products to business and government organizations. Stellar's solutions enable organizations to manage employee Internet access while increasing compliance with industry and corporate policy by providing powerful content filtering, reporting, archiving and data retrieval. Stellar Technologies is also the leading provider of enterprise e-mail migration and synchronization solutions. The eMail Shuttle provides a complete migration and coexistence solution from simple migration of inboxes and personal folders, to complex high performance gateways and directory synchronization to and from any e-mail system. For more information, visit www.stellartechnologies.com.

Forward-Looking Statements:

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained herein, including without limitation, statements regarding the Company's future financial position, business strategy, budget, projected revenues, projected costs and plans and objectives of management for future operations are forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," "may," "will," "should," "could," or "would," the negative of such terms or similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial position to differ materially from those included within the forward-looking statements. These factors include, but are not limited to, the acceptance of the Company's products in the marketplace, competition, the Company's ability to generate additional financing, as well as those factors set forth in the Company's Reports on SEC Form 10-KSB for the period ended June 30, 2005 and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

Contact Information

  • PRESS CONTACT
    Valerie McCausland
    239-592-1816 Ext. 202
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