DALLAS, May 12 -- AXCESS International Inc. (BULLETIN BOARD: AXSI) , a leading provider of Radio Frequency Identification (RFID) solutions and Real Time Location Systems (RTLS), today reported results for the first quarter ended March 31, 2006.
"Our record first quarter can be attributed to the continued evolution of the RFID market space and our reaction to those improved market conditions. We have a complete and proven system including hardware, middleware, and flexible software options for providing enterprise solutions in active RFID and RTLS. Prospective end users and integrators are becoming more aware of our capabilities every day. In the quarter, we continued to take a more aggressive approach in selling our solutions directly to customers, while still supporting our growing system integrator relationships. Our vertical market application successes are now more easily replicated as the awareness of our unique RFID's capabilities have spread," said Allan Griebenow, President and CEO of AXCESS.
"For the second consecutive quarter we achieved record levels of revenue. In addition, significant progress was made in every aspect of managing the Company. We completed financial transactions that raised $2.1 million for working capital and development, and reduced our debt and interest service. With improved business activity and an improved balance sheet, we invested more on research and development as the needs of the market and the trends have become clearer. We believe the Company is well positioned to capitalize on existing opportunities as well as exploit the growing demand as the use of RFID technology continues to gain acceptance. We expect to see a number of our integrator programs and large account implementations become significant growth platforms in the near future and further enable our long term growth."