Allwest Systems International, Inc. Secures $2.7 Million in Contracts for Security System Installation.DENVER--(BUSINESS WIRE)--Oct. 26, 1998--Allwest Systems International, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AWTE) today announced they have secured a contract with the state of Missouri to install a $1.47 million security system in a state correctional facility. This particular contract calls for Allwest Systems to install an electronic security system in the South Central Correctional Facility South Central Correctional Facility is a medium security prison located in Clifton, Tennessee. This prison is currently in operation and is administrated by Corrections Corporation of America, making it a privately run prison. , located outside of St. Louis, Missouri. In addition, Allwest announced the Company received multiple contracts of approximately $1.3 million, which includes a contract from the United States Air Force United States Air Force (USAF) Major component of the U.S. military organization, with primary responsibility for air warfare, air defense, and military space research. It also provides air services in coordination with the other military branches. U.S. . Steven Pickett, 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. of Allwest Systems, Inc., stated, "Allwest has continued to build momentum in an effort to expand our market. These smaller projects are just as key to the success of Allwest as our large contracts. We are able to add to the Company's cash flow quickly and increase important contacts in the process. Our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of contracts now totals $7.8 million." Pickett continued, "With the recent additions to our sales force and our strategic decision to expand into other national regions, we are extremely pleased to receive the South Central contract from the state of Missouri and anticipate similar contracts to this in the future. The fact that we were able to go into a new market and secure such a large contract demonstrates our ability to expand into new locales and brings us one step closer to our long-term goal of becoming a national force in the systems integration marketplace." Allwest Systems International, Inc. is a holding company for the Allwest group of companies, with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of $12.7 million. The Allwest group is committed to providing integrated life safety systems, which include fire, security, and sound systems for commercial and public facilities such as hospitals, schools, prisons, and military bases. Founded in 1953, Allwest Systems International, Inc. has seen a 600% increase in revenues since Steve Pickett became CEO in 1990, growing from $1.8 million to $12.7 million in annual revenues. See our web page at www.allwestsystems.com. Included in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations reflected in such forward-looking statements will prove to be correct. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including sales levels, distribution and competition trends and other market factors. |
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