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Argus Reports Strengthened Results

  • 27 October, 2005 15:00

<p>Argus Solutions (ASV), the world leader in the development and delivery of iris recognition applications and solutions, has reported a strong start to the new financial year with more than 300% quarter on quarter growth in sales for the first quarter of 2006, to shareholders at its Annual General Meeting in Sydney today.</p>
<p>Argus Solutions Chief Executive Officer, Bruce Lyman, said that the company had achieved a number of milestones which positioned it to build on the momentum generated in the second half of 2005.</p>
<p>“We concluded our product development and responded to demand for multi-modal solutions (iris, face and fingerprints) for identity management. Our capability to satisfy this demand makes us unique in the Asia Pacific region.”</p>
<p>“We also established a Singapore sales base through the acquisition of the ImageWare Systems Inc (IWS) business there.</p>
<p>“The deal was particularly significant because it included exclusive distribution rights in the region for IWS products, allowing us to address multimodal opportunities in law enforcement and health markets, gave us contracts in Singapore, and entre to markets in Malaysia, Indonesia, Cambodia and Sri Lanka where that company was delivering products. It also set the framework for our market penetration in the US, with IWS to support the establishment of our sales force in the US. The positioning of Argus products through the five domestic IWS sales offices in the US, Canada and South America is already underway,” said Bruce Lyman.</p>
<p>Argus Solutions has also achieved a key objective of diversifying its sales. Remarkably, it secured sales into every segment which it targeted in 2005 and expanded into additional markets in which it intends to grow.</p>
<p>“In the first quarter of 2006 we have increased the segments we sell into and we’ve recorded the largest offshore sales performance in our history.”</p>
<p>“Through our partner reseller arrangements, we have increased our sales reach while at the same time protecting our margins,” he said.</p>
<p>About Argus Solutions Limited</p>
<p>Argus Solutions Ltd is an Australian listed company focused on identity management using its proprietary iris recognition software and its state of the art facial recognition technology. The company sells packaged solutions to its clients such as the military, government departments and blue chip companies seeking absolute assurance of identity in its access control functions, and to clients in specialist areas such as hospitals where controlling the dispensing of controlled substances via careful identity management is critical.</p>
<p>- ENDS -</p>
<p>For further information, please contact:</p>
<p>Argus Solutions Limited</p>
<p>Lindsay Yelland, Chairman +61 418 447 964
Bruce Lyman, CEO +61 408 200 333</p>

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