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Novex Announces First Quarter Results and Sales Progress with Home Depot.

Business Editors

CLIFTON, N.J.--(BUSINESS WIRE)--Oct. 24, 2001

Novex Systems International, Inc. (OTCBB:HARD) announced is 1st quarter results for the period ending August 31, 2001. In this three month period Novex' sales increased 20% over the previous quarter to $595,699 and its net loss from operations decreased by 22%. Novex' earnings before interest, taxes, depreciation and amortization charges was a negative $18,895. The 1st quarter results marks the highest level of sales for any one quarter since the business unit was acquired from The Sherwin-Williams Company.

Novex CEO, Daniel Dowe stated "much of our business development plans are ahead of us and with the recent hiring of a new Vice President of Sales we are able to execute much faster. We just surpassed the $75,000 mark of sales to Home Depot since late July and we are anticipating much higher sales growth in the 2nd quarter. If we can secure additional Home Depot stores at the rate we have been going, we should be able to achieve profitability in the 2nd quarter. Our plans to acquire additional companies to expand our product line are progressing. We are looking at opportunities where we can merge the acquired business into our Clifton, New Jersey operating facility to generate profits sooner."

When asked about Novex's low stock price, Mr. Dowe stated that "we are very cognizant of our low stock price. We do believe that our stock should trade at much higher levels especially when you compare us to other small publicly-held companies, but our focus still needs to be on achieving profitability and sustainable business growth which will ultimately create value for all shareholders. Anything else would be putting the cart before the horse."

Statements made in this press release include forward-looking statements that include risk and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including the risks that Novex is unable to produce and market certain products and services and other risks detailed in Novex's reports filed with the United States Securities and Exchange Commission.
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Publication:Business Wire
Date:Oct 24, 2001
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