Xenonics Receives Audit Warning and $1.5 Million in Follow-On Purchase OrdersXenonics Holdings, Inc. Press Release
FlashlightNews.org - 1/09/2007
Follow-on order for flashlights addresses auditor concerns about company's long-term outlook
Xenonics NightHunter ext
CARLSBAD, Ca.. - XENONICS HOLDINGS, INC. (AMEX:XNN), a leader in advanced illumination and low-light viewing technologies, announced today that it has received follow-on purchase orders totaling approximately $1.5 million for its NightHunterII high-intensity illumination devices from the Defense Logistics Agency (DLA) and the U.S. Army 1st Cavalry Division.
The Defense Logistics Agency (DLA) order for 241 NightHunterII systems valued at approximately $547,000 was shipped in December 2006. This follows a DLA order for 804 units that were shipped in September 2006.
The U.S. Army 1st Cavalry Division has ordered 400 NightHunterIIs valued at approximately $1 million, which were shipped in January 2007. This follows an initial purchase order from the 1st CAV, 4th BCT for 150 NightHunterII systems that was shipped in September 2006.
"We are pleased to continue to support the requirements of our military for our life-saving NightHunter products," said Chairman Alan Magerman. He noted that Xenonics had expected to receive and ship the 1st CAV follow-on order in December, which would have contributed to Xenonics' fiscal 2007 first quarter operating results; instead, the order will be reflected in results for the second fiscal quarter ending March 31, 2007.
Xenonics Receives Audit Opinion
As required by Section 610(b) of the Amex Company Guide, XENONICS HOLDINGS, INC. (AMEX:XNN) announced today that it has received an audit opinion which contained a going concern qualification as disclosed in its Form 10-K for fiscal 2006 that was filed on December 15, 2006.
Editor's Note: A 'going concern' qualification is an accounting term meaning that the firm lacks enough money to meet its financial obligations over the next 12 months, unless certain events like additional sales, lender financing or additional investment in the company occur.
Xenonics develops and produces advanced, lightweight and compact ultra-high intensity illumination products for military, law enforcement, public safety, and commercial and private sector applications. Currently, NightHunters are in use by every branch of the U.S. Armed Forces as well as a wide variety of law enforcement and security agencies. Using its breakthrough patented technology, Xenonics provides innovative solutions for customers that demand the ability to see farther so that they can do their job better and safer. Xenonics' products deliver a quantum leap in performance over other illumination technologies and represent the next generation in small, high intensity, high efficiency illumination systems.
Visit Xenonics on the web at www.xenonics.com.