Access Devices, Inc. Announces UK Subsidiary's 2004 Annual Results and New CFO.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Access Devices, Inc.'s (Pink Sheets:ACDJ) (www.accessdevices.co.uk) London-based subsidiary, Access Devices Digital Limited, developer of DVB (Digital Video Broadcasting) An international digital television (DTV) standard that is the European and Far Eastern counterpart of the North American ATSC standard. (Digital Video Broadcast) and IPTV (Internet Protocol TV) Also called "TV over IP," IPTV delivers scheduled TV programs and video-on-demand (VOD) via the IP protocol and digital streaming techniques used to watch video on the Internet. (Internet Protocol Television) set-top boxes, announces its audited financial results for the year ended December 31, 2004. Strong revenue growth: Revenues for the year rose to GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.7 million (US$ 3.3 million at current exchange rates), in line with management's expectations. Gross margins were higher than expected at 22.6%, while the loss after taxation was held below GBP 2 million (US$ 3.7 million at current exchange rates). Access Devices, Inc. holds 70% of the share capital of Access Devices Digital Ltd. The full financial statements, which have been prepared under United Kingdom Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , have been filed with and are directly available from Companies House in the United Kingdom. Anthony S. Walton, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "These results are extremely satisfying, especially when considering that our key products were only available to ship in the last quarter of the year. Keeping the loss below GBP 2 million through tight internal controls was an important goal for the management team as we concentrated on improving our working capital position. As a result, we are well placed to deliver our planned growth in 2005." Appointment of new CFO See Chief Financial Officer. - Stephen Grist Access Devices, Inc. is also pleased to announce the appointment of its new Chief Financial Officer, Stephen Grist. "I am delighted to welcome Stephen Grist to our management team," said Anthony S. Walton. "He brings a wealth of experience in the related telecommunications and software sectors and possesses the personal and professional qualities to help Access Devices meet its planned growth and business development challenges. Stephen is already making an essential contribution to the executive team." About Access Devices Digital Limited: Access Devices Digital designs, controls manufacture, and sells Digital TV (DVB) access equipment and Internet Protocol TV (IPTV) equipment, generically referred to as set-top boxes (STBs). The company has a range of designs, including: Digital Video Broadcast Digital Terrestrial TV decoder (DVB-T See DVB. ) products for the UK Freeview service and variants for European TV services. Digital Terrestrial TV decoder (DVB-T) products with conditional access (CA) for access to premium TV content, such as that broadcast by TopUpTV in the UK and various developing premium services in Europe. DVB-T Personal Video Recorders -- with and without conditional access -- for UK and European markets that are expected to follow the US example and show rapid and substantial growth. Internet Protocol TV IPTV (Internet protocol TV) products providing video-on-demand over DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary . Combination DVB-T decoder with an IP delivery/return path. Access Devices Digital's IPTV products enable 'on-demand,' 'time shifted' services and true real-time interactivity. The company's products can seamlessly combine the TV broadcast and IP delivered content to enable broadcasters to develop new services across entertainment and commerce. |
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