SAN FRANCISCO, Feb. 16, 2011 (GLOBE NEWSWIRE) -- Concierge Technologies, Inc. (OTCBB:CNCG) reports in its Form 10Q for the period ending December 31, 2010 that it has transitioned from a development stage company to planned operations. As a result the reporting disclosures have been altered minimally as the need to disclose certain historical data are no longer required. The transition from an accounting and disclosure perspective was due to the success of the recently announced refocus of the Wireless Village, a majority owned subsidiary of Concierge, business from wireless Internet provisioning to that of mobile incident reporting and related digital video recording technologies.
Wireless Village, doing business as 3rd Eye Cam ( www.3rdeyecam.com ), has secured sales of its Janus V2 camera to a host of taxi cab companies operating in Los Angeles, San Francisco and other major metropolitan areas in the U.S. totaling over $250,000 in sales for the quarter ending December 31, 2010. The cameras provide full motion video and audio recording inside and outside the vehicle with GPS tracking of speed, location and time stamping for unparalleled mobile incident reporting. The installation results for users have already proven valuable in providing key data for analyzing traffic accident events and identifying robbery suspects. Wireless Village is continuing to expand its market presence through establishment of a distribution network and gaining regulatory compliance for its product line in other jurisdictions.
Concierge, by conveying 49% of its stock holdings in Wireless Village to acquire industry expertise and exclusive product rights, has taken a $149,137 one-time charge to its quarterly earnings to reflect the estimated value of the Wireless Village equity that was relinquished. This charge negated what would have been positive earnings for the quarter and, coupled with other finance charges associated with the convertible debenture noted in the previous quarter, contributed to the reported loss of $141,001 for the quarter on net revenue of $259,004.
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of our future performance, acquisitions or dispositions of interests, debt obligations, additional financing requirements, the effect of economic conditions generally and in the communications and information technology markets specifically, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
CONTACT: David Neibert Concierge Technologies, Inc. dneibert@conciergetech.net