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F3 Technologies Inc. Reports Financial Results for the First Quarter 2010

  //house-home.news-articles.net/content/2010/05/1 .. inancial-results-for-the-first-quarter-2010.html
  Published in House and Home on Wednesday, May 19th 2010 at 7:40 GMT by Market Wire
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ATLANTA, GA--(Marketwire - May 19, 2010) - F3 Technologies Inc. (PINKSHEETS: [ FTCH ]) today announced financial results for the first quarter 2010. F3 Technologies posted quarterly revenues of $12,651, a decrease of $28,595 year-over-year, compared to first quarter revenues of $40,832 in 2009 and a 38.5% increase compared to fourth quarter revenues of $9,070 in 2009.

Excluding revenue of $37,832 received from a consulting contract that completed in the 2^nd quarter 2009 with Roulac Global Places LLC, financial results compared year-over-year, increased by $9,237 or approximately 308%.

Commenting on the results, F3 Technologies CEO Frank Connor said: "These are exciting times for us as we begin transitioning our revenue from consulting to recurring software sales. The 1^st quarter of 2010 represented our highest quarterly Software Sales ever and we saw the beginning of revenue from advertising sales which have been in the works for the past 9 months. Excluding Roulac, our 308% year-over-year organic revenue growth and 38.5% quarter-over-quarter growth is evidence that we are well positioned in the membership management industry. I am also extremely excited as we work to launch our latest solutions, Interactive Defense and FargoTube 2.0, in the second quarter of 2010. Both of these solutions have market changing potentials and the company is very focused on the successful release of both products."

Other Highlights:

• During the 1^st Qtr, F3 Technologies Interaction Community System added 23 new customers including 4 property management companies, 14 HOA's, 3 Churches and 2 Member Associations.
  
  
• During the 1^st Qtr, page views on the Interaction Community System have increased an average of 106% quarter over quarter and visits within the private area of the system have increased 145% quarter over quarter. This explosive growth continues to demonstrate the value people place on social based community websites.
  
  
• For the 1^st Qtr, TLEHS Publishing closed 3 advertising deals and continues to aggressively expand the number of communities on TLEHS Interaction as well as their advertising campaign.
  
  
• During the 1^st Qtr, F3 Technologies expanded the staff to include 3 new sales positions (1 part-time and 2 outside sales representatives) as well as add 1 full-time operational support position to ensure we are meeting and exceeding expectations of our new customers.

About F3 Technologies, Inc. -- Founded in 2003, F3 Technologies Inc. (FTCH) delivers on-demand internet solutions to member associations, consumers, small businesses, video content and distribution owners and municipal governments.

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Forward-Looking Statements

Certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as anticipate, believe, expect, future, may, will, would, should, plan, projected, intend and similar expressions. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors.