Somerset International Group Reports Results for the Year Reflecting Successful Acquisition Strategy
BEDMINSTER, NJ–(Marketwire – April 1, 2009) – Somerset International Group, Inc. (OTCBB: SOSI) (http://www.somersetinternational.com), a security technology holding company, reported the Company’s financial results for the year ended December 31, 2008.
Financial Highlights:
-- Revenues for the twelve months ended December 31, 2008 increased by
22% to $4,732,444 from revenues of $3,879,312 for the twelve months ended
December 31, 2007.
-- Gross Margin for the twelve months ended December 31, 2008 increased
to $2,971,201 from a gross margin of $2,099,023 for the twelve months ended
December 31, 2007.
-- Net loss attributable to common shareholders for the twelve months
ended December 31, 2008 was $2,007,719, or $0.09 per share, compared with
$1,753,078 or $0.15 per share for the twelve months ended December 31,
2007.
“Our results for the twelve months of 2008 reflect the contributions from our successful acquisitions of Meadowlands, Vanwell, and Fire Control completed during 2007,” commented John X. Adiletta, President of Somerset. Mr. Adiletta concluded, “As part of our growth strategy, we remain focused on continuing to expand our portfolio of security technology companies through additional synergistic acquisitions. Our goal remains to expand our portfolio of companies, increasing cross-selling opportunities and operating efficiencies, and ultimately achieve profitability.”
About Somerset International Group, Inc.
Somerset International Group, Inc. finds undervalued technology investments aligned around the exponential growth in concern and demand for security and the acquisition of profitable and near-term profitable private small- and medium-sized businesses that provide proprietary security products and solutions for people and enterprises — from personal safety to information security. Additional information about the company is available at: http://www.somersetinternational.com.
About Secure System, Inc.
Secure System, Inc. provides personal alarm systems, wireless transmitters and receivers, and personal alarm locators. The company currently serves colleges and universities and medical and mental health facilities. Its products are also easily adaptable for office campuses, residential facilities, and correctional facilities. The system works by providing an individual with a wireless personal alarm locater with which they can summon help and be located by the pressing of a button. Additional information about the company is available at: http://www.securesysteminc.com.
About Meadowlands Fire, Safety, and Electrical Supply Co., Inc./Vanwell Electronics, Inc.
Meadowlands and Vanwell specialize in the distribution, sale, installation and maintenance of fire and security equipment and systems that include fire detection, video surveillance, and burglar alarm equipment. Meadowlands and Vanwell have similar product availability from distinct manufacturers. Vanwell exclusively distributes Siemens Building Technologies, Inc. products and Meadowlands distributes other brands of fire and security equipment. This affords the opportunity to provide a wide array of specified equipment with the flexibility to offer cost effective alternates when appropriate. The products encompass complete lines of fire, CCTV (closed circuit TV), communications and PA systems; services include maintenance contracts, monitoring services and system engineering. Additional information about the company is available at: http://www.meadowlandselectronics.com.
About Fire Control Electrical Systems, Inc.
Fire Control Electrical Systems, Inc. specializes in the distribution, sale, installation, and maintenance of Honeywell Life Safety fire and security equipment and systems that include fire detection, video surveillance, sound systems, and burglar alarm equipment. Additional information about the company is available at: http://www.firecontrols.com.
Safe Harbor Statement
Statements about our future expectations are “forward-looking statements” within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words “may,” “will,” “should,” “anticipate,” “believe,” “appear,” “intend,” “plan,” “expect,” “estimate,” “approximate,” and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth under the caption “Risk Factors” in our most recent Registration Statement on Form SB-2 dated December 6, 2006 filed with the SEC and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.