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Electronic Sensor Technology Awarded
Security Order and Provides Business Update Friday, February 8, 8:30 am ET NEWBURY
PARK, Calif.--(BUSINESS WIRE)--Electronic Sensor Technology (EST) (OTCBB:ESNR - News), a
leading provider of innovative homeland security and environmental solutions, announced that it has been awarded an order
for 4 zNose® Model 4300’s to be used for security applications in the Middle
East. The order was placed through our
distributor in Kuwait, Petroleum Services Company W.L.L. Barry S.
Howe, President and CEO stated “This order is another example that the zNose®
is an excellent tool for explosive detection.
The zNose® not only detects traditional explosives but also many other
types, including liquid explosives, the type used by the infamous “shoe
bomber”. Mr. Howe added, “This order
brings our 2008 year to date orders to just over $400,000, as compared to
revenues for the entire first quarter of 2007 of $477,000. The company expects to report revenues for
all of 2007 of $2,200,000, approximately at the same level as 2006. We are off to a good start in 2008 and have
developed several prospects in the security markets that have the potential
to generate substantial volume of business later in the year. In addition, we continue to make progress
in increasing our sales into the food, flavors and fragrance markets, an area
that the zNose® is perfectly suited to.” “However, as we stated in our 2007 3rd
Quarter 10-Q, the company’s cash balance is not expected to be adequate to
fund operations beyond the first quarter of 2008. The company is in
discussions with potential investors to provide additional capital and is
hopeful that such discussions will be successful and a new capital investment
will be concluded before the end of the first quarter of 2008. As noted our current report on form 8-K
filed on December 28, 2007, the company’s debenture holders postponed the
first principal payment, originally due January 1, 2008, for three months
while the company is working with the potential investors.” About Electronic Sensor Technology: Electronic
Sensor Technology develops, manufactures, sells, and supports a product line
of patented chemical vapor analyzers. The ultra high-speed gas
chromatography coupled with a solid state detector enables analysis of nearly
any odor, fragrance, or chemical vapor within ten seconds. We believe that
the Company's product line is strategically positioned to address key needs
of the homeland security market, environmental and quality assurance
applications, and product quality of food and beverage. SEC
Filings and Forward Looking Statements Certain
statements in this release, including those relating to revenue expectations; the company’s
plans regarding business and product development; product sales and
distribution; the sufficiency of the company’s resources to satisfy operation
cash requirements; and future capital investment by prospective investors are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.
These forward-looking statements may contain the words “believe,” “anticipate,”
“expect,” “predict,” ”hopeful,” “estimate,” “project,” “will be,” “will
continue,” “will likely result,” or other similar words and phrases. Risks and uncertainties exist that may
cause results to differ materially from those set forth in these
forward-looking statements. Factors
that could cause the anticipated results to differ from those described in
the forward-looking statements include: failure to come to terms with
prospective investors, failure to come to terms with our debenture holders,
risks related to changes in technology, our dependence on key personnel, our
ability to protect our intellectual property rights, emergence of future
competitors, changes in our largest customer’s business and government
regulation of homeland security companies, and other factors described under
the heading “Risk Factors” in our Registration Statements on Form SB-2 File
Nos. 333-130900 and 333-138977, effective as of November 21, 2006 and
December 21, 2006, respectively, as amended and supplemented. The forward-looking statements speak only
as of the date they are made. We do
not undertake to update forward-looking statements to reflect circumstances
or events that occur after the date the forward-looking statements are made. Contact: Electronic Sensor
Technology Frank Zuhde (805)
480-1994 X135 |